Deyaar former CEO wins two acquittals | GulfNews.com:
"Deyaar’s American ex-CEO has won acquittals in a list of four graft cases lodged against him in a span of two days.
The Dubai Cassation Court on Monday confirmed that 48-year-old American-Lebanese Z.S. is innocent of causing a deliberate loss in public funds [as Dubai Islamic Bank owns 41 per cent in Deyaar’s shares] worth Dh1.2 million.
On Sunday, the Dubai Appeal Court cancelled a 15-year imprisonment against Z.S. and acquitted him of abusing his office and deliberately causing a loss of Dh30 million in public funds by pushing through an illegal tender.
Since April 2008, the former CEO has been standing trial before Dubai courts’ different stages [First Instance, Appeal and Cassation] facing four different corruption cases in which he has been charged with committing financial irregularities worth more than Dh350 million in total."
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