Former Deyaar CEO faces new criminal charges

Former Deyaar CEO, Zach Shahin, who was freed on bail for charges of fraud and theft, is facing a new charge over a land deal, UAE daily The National reported on Monday.

The 52-year-old American businessman has been accused of embezzling AED 56.3 million ($15.3 million) after deceiving  the Dubai property firm into paying an inflated price for a plot in Houston, Texas in November 2007, the report added.

Three former Deyaar executives deny charges of aiding Shahin and a further two remain at large.

Shahin was arrested and imprisoned in 2008 for financial irregularities while at the helm of Dubai real estate firm Deyaar.

He went on hunger strike on May 14 this year, and was released last week on AED 5 million ($1.4 million) bail.

Shahin’s lawyer, Ali Al Shamsi, told Dubai Criminal Court on Sunday that he was in hospital and unable to walk, the report added.