Ex-CEO of Deyaar gets 25-year jail term, must pay $25m in fines
52-year-old American-Lebanese loses two appeals in graft cases of abusing office and misappropriating funds
The ex-chief executive officer of Deyaar, a Dubai-based real estate and property developer, has been sentenced to 25 years in jail after losing two appeals in graft cases of abusing office and misappropriating funds, it has been reported.
The 52-year old American-Lebanese was also told to pay a total of AED92 million ($25m) in fines after losing his fight for acquittal in the two graft cases, where he was accused of indulging in financial irregularities to the tune of $15.24 million and $9.80 million respectively, during his tenure at Deyaar, a Gulf News report said.
Saeed Salem Bin Sarm, the presiding judge on the case, rejected the former CEO’s appeals and upheld the two primary judgements, which stated that the accused would serve two jail terms of 15 and 10 years.
The ex-CEO pleaded not guilty in both cases and said that he firmly refuted the accusations of abusing his office, forging documents and using them, and profiting illegally from Deyaar through committing financial irregularities and embezzlement, the report added.
