An almost year-long investigation into alleged criminal activity by the former chief executive of the developer Deyaar, Zack Shahin, and three co-accused is nearing its end, the Dubai Attorney General said yesterday.
In a statement released by the state news agency WAM, Issam al Humaidan said the charges against Mr Shahin and his co-accused include forgery, embezzlement and fraud. Authorities said they had also uncovered evidence supporting an additional charge of money laundering.
The announcement provided the most detailed look yet into the case that first came to light 10 months ago. Prosecutors allege the co-accused transferred millions of dirhams in misappropriated funds between banks in Lebanon, Switzerland and the US.
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