Former Deyaar CEO misses first hearing
Embattled former chief executive is ill and receiving treatment at a local hospital, lawyers tell court
Zack Shahin, the former CEO of Deyaar has not attended his first court hearing at the Court of First Instance in a new case against him by the Public Prosecution over submitting a misleading feasibility study on a plot and causing $15m in losses.
Shahin is accused of forging a feasibility study on land purchase in the US State of Texas, using distorted facts and false data pertaining to real market value of a specific plot, which included a higher price exceeding the original value by $14m.
Additionally, other former department heads at Deyaar accused of assisting and abetting Shahin include the finance manager, head of legal affairs, deputy head of the engineering department, COO and department of international projects director.
The former chief executive, who was released on a $1.4m bail last week,was ill and receiving treatment at a local hospital, his lawyers told the court.
