Sunday, May 29, 2016
Dubai: Deyaar’s former chief executive officer has been jailed for 15 years for abusing his office and misappropriating Dh56.3 million over sale of a plot in Texas in November 2007.
In his former job as Deyaar’s CEO, the 52-year-old American-Lebanese, Z.S., conspired with his two countrymen executives, M.J. and G.B., who represented the US-based company that owned the relevant plot, committed financial irregularities and pushed through to sell the land to Deyaar in 2007.
When he showed up before the Dubai Court of First Instance, Z.S. pleaded not guilty and strongly refuted prosecutors’ accusations that he had abused his office, forged documents and used them, and profited illegally from Deyaar through committing financial irregularities and embezzlement.
M.J. and G.B., who remain at large, did not enter a plea since they were tried in absentia.
Presiding judge Mohammad Jamal convicted the American trio [Z.S., M.J. and G.B.] of committing financial irregularities to the tune of Dh56.3 million and jailed them for 15 years each.
According to Sunday’s ruling that came following four years at Dubai Courts, the three defendants were ordered to repay Dh56.3 million to Deyaar and jointly fined a similar amount.
“The convicts will have to pay Dh201,000 in civil temporary compensation to Deyaar. They will be deported following the completion of their punishments,” said presiding judge Jamal in court.
In the charge sheet that Dubai’s Public Funds Prosecution issued in May 2012, prosecutors accused the American trio, Deyaar’s former head of legal department, a Malaysian; the ex-financial manager, a Pakistani; the former engineering department’s ex-vice chairman, an Australian; the ex-director of international projects, a Lebanese; and the operations’ ex-chief, an Indian, of involvement in the graft case.
Prosecutors said Z.S. abused his authority and conspired against Deyaar when he submitted a feasibility study that was full of irregularities pertaining to the purchase of the plot in Houston, Texas from the American owner [the company that M.J. and G.B. represented].
Records said the defendant submitted the tender to buy the plot to Deyaar’s late board chairman, who consented to the purchase, after the defendants used a tampered contract, in which it was falsely mentioned that the seller had the title deed.
Among the list of eight suspects, four [including M.J. and G.B.] were tried in absentia.
According to Sunday’s ruling, the American trio were convicted while the remaining five suspects were acquitted for lack of evidence.
The former CEO had been in custody since April 2008 before he stood on various trials.
He has been acquitted in most cases besides Sunday’s ruling, which he has already appealed.
Another case [the major Deyaar graft case] remains pending before the Court of First Instance’s presiding judge Urfan Omar.
By Bassam Zaza Legal and Court ?Correspondent
Gulf News 2016. All rights reserved.
