Former Deyaar chief embezzled funds for personal use, Dubai court told

The former chief executive of the property developer Deyaar allegedly used company money for lavish personal expenses, including hiring a private jet for Dh173,000 (US$47,000), a court heard yesterday.

The executive, ZS, and nine other employees are accused of creating an intricate web of land deals and questionable transactions involving about Dh800m.

Mohammed Mustafa Hussain, the investigator appointed by Sheikh Mohammed bin Rashid, Ruler of Dubai and Vice President of the UAE, told the Dubai Court of First Instance that ZS had failed to provide receipts and ledgers for expenses such as the cost of hiring the private plane for a day.