Former Deyaar CEO accused of exploiting position and committing fraudulent operations
Yemen has confirmed the extradition to the UAE of Zack Shahin, the former CEO of Deyaar, the Dubai based property developer, who is accused in a number of corruption cases.
Shahin had been detained by Yemeni authorities after fleeing the UAE last month while on bail. Essam Issa Al Humaidan, the UAE Attorney General has confirmed Shahin’s extradition and said that the prosecution detained him after obtaining approval of Dubai Criminal Court on its request for cancelling his $1.4m bail, according to Emirates 24-7.
Media reports said in August that US authorities were seeking the approval of the Yemeni government to deport Shahin back to the US, rather than returning him to the UAE to face fraud charges.
The former chief executive is accused of exploiting his position and, in collusion with five of the company’s executives, committed a series of violations and fraudulent operations by submitting misleading information in a study related to the purchase of land in the USA.