Deyaar's former CEO released on Dh2m bail

Former CEO of Deyaar Real Estate, Zack Shahin, was yesterday released on Dh2 million bail after appearing at Dubai Criminal Court on charges of corruption and embezzling $26.6 million (Dh97.9m).

Shahin, 43, an American citizen of Lebanese origin, appeared with Muhammad Khalfan bin Kharbash, 52, a former UAE Minister of State for Finance and Industry, the company's former president. Bin Kharbash faces the same charges, and both of them deny the accusations.

A warrant has been issued for the arrest of JD, an Indian national, who is on the run. Others have been charged on other counts but their cases are being heard in a different court.