DUBAI // The former chief executive of the property developer Deyaar allegedly used company money for lavish personal expenses, including hiring a private jet for Dh173,000 (US$47,000), a court heard yesterday. The executive, ZS, and nine other employees are accused of creating an intricate web of land deals and questionable transactions involving about Dh800m. Mohammed Mustafa Hussain, the investigator appointed by Sheikh Mohammed bin Rashid, Ruler of Dubai and Vice President of the UAE, told the Dubai Court of First Instance that ZS had failed to provide receipts and ledgers for expenses such as the cost of hiring the private plane for a day. Mr Hussain said that each of the nine who had worked under ZS were complicit in the alleged fraud. He added that in one deal, ZS and the other defendants had wilfully worked together and facilitated illegal practices that created a loss of Dh132m to Deyaar. Mr Hussain said ZS had requested power of attorney to make it easier for the company to buy and sell properties by not having each transaction approved by Deyaar's board. "He requested that he be authorised, and so he was," Mr Hussain said. "He was trusted by the board and given a power of attorney." Mr Hussain said ZS and the other defendants bought land below market prices, then sold it on to Deyaar for a profit. He said pay-offs, including Dh300,000 given to the brother of Deyaar's board chairman, were often made. He also spoke of a US$15m transfer to a Dubai start-up to pay for a property development in Turkey there that was worth only $13m. In June, ZS pleaded not guilty to accepting bribes in exchange for granting discounts and other facilities amounting to Dh56.6m to a former UAE minister of state. ZS, a US citizen of Lebanese origin, is charged with receiving in bribes six million shares in Deyaar, 380,000 shares in Tamweel, 145,000 shares in Dubai Islamic Bank, and Dh17.9m from his co-defendant, a former minister of state, MK, 52, to allow MK to take possession of money belonging to Deyaar and Dubai Islamic Bank. The presiding judge, Saeed Barghouth, yesterday adjourned proceedings until July 22, when he will begin to hear the defence attorneys plead their clients' cases before him. email@example.com
- A home of their own for Indian expats
- Five factors to consider when buying property in India
- Investor wins compensation from developer over stalled Abu Dhabi project
- ‘Ghost tower’ finally comes to life in Dubai’s JBR
- In pictures: Dubai ‘ghost tower’ gets breath of life
- Tamweel executives jailed 10 years for Dh46m Dubai Government land plot scam
- Most Viewed
- Most Commented
- Most Viewed
- Most Commented
- Dubai civic chief calls for tough curbs on car ownership
- Emirati teachers threaten to resign over new pay scale
- Federal Traffic Council approves proposal to lower UAE driving age
- Men ripped off woman’s clothes in bathroom, Abu Dhabi court hears
- Ties no longer mandatory for Dubai cabbies amid safety concerns
Central Bank chief warns Basel III capital rules could curb SME growth
The Basel bank industry regulations, unpopular with many bankers who see them as stifling growth, aim to prevent the kind of financial crash the world witnessed in 2008.
Abu Dhabi and Dubai among world’s fast growing premium property markets
Knight Frank says improved economic indicators and a more stable property market helped Abu Dhabi and Dubai to rise in the company's rankings.
In pictures: 2014 Geneva Motor Show displays the stylish and conceptual
The 84th edition of the show opens its doors with a vast array of stunning cars, and creative design and engineering.
Sailing Arabia appeals to Gulf’s seafaring heritage
An Arabian Gulf yacht racing series, backed by some heavyweight sponsors, is helping Abu Dhabi and the wider GCC expand its appeal as a top destination for competitive sailing.
In pictures: Top 10 countries with fastest growing potential for luxury spending
The UAE has the world’s second greatest potential for luxury spending growth after Qatar, according to the Knight Frank Wealth Report, published on March 5.
Rates report: Latest on UAE loans, accounts and credit cards
Souqamal.com brings you the latest interest rates on banking products in the UAE.