Monday, 13 August 2012

UAE debt case: Shahin takes flight | beyondbrics

The extraordinary case of Zack Shahin, the ex-chief executive of Deyaar, a Dubai-based real estate company, took a dark turn this week after reports emerged that he had fled to Yemen whilst on bail and was re-arrested there.

“Shahin is still being detained by the security apparatus,” a Yemeni security source, who declined to be named, told Reuters on Sunday. “We expect that the man will be deported to the UAE before the end of the week.”

Shahin was caught up in a corruption investigation that swept across state-linked developers and financial companies before Dubai’s real estate boom imploded. He was released from prison on July 12 after facing three years of inconclusive trials.

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