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Dubai court releases former Deyaar CEO on $1.4m bail

Dubai Courts judge sets July 15th and 17th for judgement in two of the cases pending for Zack Shahin, who has been awaiting trial since March 2008 on charges of theft and fraud

A Dubai court has ordered bail be set for the former chief executive of real estate developer, Deyaar, who has been awaiting trial since March 2008.

American citizen Zack Shahin was released on a $1.4m bail pending trial for charges of theft and fraud involving more than $81m, said Shahin’s US-based attorney Eric Akers.

Another judge set July 15 and July 17 for judgment in two of the cases pending for Shahin. An Ohio, US educated business management graduate, Shahin joined Deyaar in 2003.

Following his detainment, the board of Deyaar appointed Markus Giebel, the former CEO of Vedera Capital, a UAE-based investment firm specialising in real estate and financial services.

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