Ex-Deyaar CEO sentenced to 15 years for fraud

Dubai court finds Zack Shahin guilty of accepting bribes

NEWS, Business

Zack Shahin, former CEO of real estate firm Deyaar, has been sentenced to 15 years in prison by a UAE court after being found guilty of fraud.

The case of Shahin has rumbled on for five years and had previously seen the Lebanese born US businessman go on hunger strike while in jail and at one point jump bail and flee to Yemen before being recaptured.

Dubai's Criminal Court found Shahin guilty of accepting almost US$5.5m in bribes while at the helm of Deyaar, a developer based in the emirate, between 2004 and 2007. He denied all charges.

He and three co-defendants have also been handed fines totalling more than US$7.8m.

While awaiting trial last year, Shahin stage a three-day hunger strike before being granted bail on the back of US pressure in summer 2012. After being released on bail, he fled to Yemen, before being returned to the UAE.

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