x Abu Dhabi, UAETuesday 16 January 2018

Former CEO of Dubai's Deyaar cleared of corruption charge

The Criminal Court has cleared businessman Zack Shahin on a charge of causing intentional loss of public funds.

DUBAI // A former Deyaar chief executive and his colleague have been cleared of a corruption charge.

The Criminal Court today cleared the American-Lebanese businessman Zack Shahin, 48, and the German M?G, 44, on charges of causing an intentional loss of public funds while renting a building.

They were accused of renting a residential building owned by Dubai International Financial Centre's former governor, the Emirati O?B, for more than it was worth and thereby incurring a loss of Dh4.5 million to the company between 2008 and 2010.

The pair were cleared, but the decision can be appealed.

Mr Shahin remains in custody pending five other chargesagainst him, including one of jumping bail. He has also been charged with approving bids in return for bribes between 2004 and 2007, and in one case accepting a bribe of Dh20m.

He was granted bail in July last year after spending four years in jail waiting for trial. Mr Shahin then fled the country but was arrested in Yemen one month later.