Top Dubai real estate CEO under arrest for alleged embezzlement
Posted on 18 April 2008 with no comments from readers
The former CEO of one of Dubai’s largest real estate developers, publicly listed Deyaar has been detained for three weeks and may face charges for alleged embezzlement of around $33 million, Gulf News reported today.
Zack Shahin was forced to resign as CEO late last month and a restructuring of the board was announced on March 29th. He led the very successful $1.6 billion Deyaar IPO in May 2007 and has been frequently quoted in the press for his bullish views on Dubai realty.
However, the detention of Deyaar’s CEO has not prevented sell-out sales at Deyaar’s recent project launches over the past few weeks. Off-plan sales at partly completed projects have proven a hit with buyers worried by slow starts to some Dubai off-plan projects.
Gulf News reported that Mr. Shahin denies the alleged embezzlement and maintains he is innocent.
