UAE- Former Deyaar CEO jailed over Dh56.3 million fraud
Date
5/29/2016 5:03:40 PM
(MENAFN- Khaleej Times) The former CEO of Deyaar, Z.S, has been sentenced to 15 years in jail over charges of misuse of power and a Dh56.3 million fraud.
Two other accused (senior staff of a private realty firm in the US) have also been sentenced to 15 years in jail each over criminal complicity and fraud charges. According to the prosecutors' case file, 51-year-old Z.S, an American citizen, misused his power as CEO of Deyaar back in November 2007, and committed many irregularities and fraud. He submitted to the chairman of the board a misleading feasibility study on the purchase of a plot in Houston, Texas, USA, causing Deyaar to lose Dh56.3 million in the price of the plot. The American representatives of the private firm collected Dh56.3 million from Deyaar, a price which was higher than the real market value of the plot, with the help of a purchase deal with distorted facts submitted by Shahin. The Court of First Instance ordered the three convicts to pay Dh56.3 million in fines and also to return the same amount to the plaintiff. They will be deported after completing their jail terms. The case also involved five former Deyaar staff, including head of the legal affairs section (Malaysian), finance manager (Pakistani), deputy head of the engineering department (Australian), director of the department of international projects (Lebanese) and the COO (Indian). They were cleared on Sunday of criminal complicity. The ex-CEO has been detained in Al Aweer Central Prison for more than eight years in connection with four cases of fraud involving more than Dh300 million and misuse of power. He had been released on bail once but was jailed again after breaching his bail terms by fleeing to Yemen. He was handed over to the authorities here after he was arrested. The verdict may be appealed.
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