Former Deyaar real estate boss jailed for Dh56m theft and fraud | The National:
"The former chief executive of a large real estate development company and three others were each sentenced to 15 years in prison on Sunday for theft and fraud valued at more than Dh56 million in relation to a land deal in 2007.
Zack Shahin, the former boss of Deyaar who was present in court, and the others, who were sentenced in their absence, were found guilty by Dubai Criminal Court, which fined them Dh56m and ordered them to pay back the same amount to the Dubai property company.
The American businessman, 56, and eight other men including three former Deyaar executives, denied deceiving the company into paying an inflated price for a plot of land in Houston, Texas, on November 4 2007, and embezzling Dh56.3m from the deal."
'via Blog this'
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