UNITED ARAB EMIRATES – Ex-CEO gets 15 years jail in fraud case

The former CEO of real estate firm Deyaar, Zack Shahin has been sentenced to 15 years in prison by a UAE court after being found guilty of fraud. Dubai’s Criminal Court found Shahin guilty of accepting almost USD5.5m 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 USD7.8m.

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.

Zack Shahin