nabil_8

CEO of Dubai property developer Deyaar detained
Gulf News
Published: April 17, 2008, 13:09

Dubai: The CEO of Deyaar, Dubai's second-largest property developer by market value, has been detained and is under investigation for alleged financial irregularities, the company and Dubai authorities said.

Deyaar said in a statement that Chief Executive Officer Zack Shahin had resigned.

An official at the Dubai Public Prosecution confirmed Shahin had been detained and was under investigation.

The company named Adnan Tareen, head of finance, as acting CEO.

admon

Now where was that guy from earlier who said he would be happy with a 50% profit on his investment..

We've got a hot one for you....

IndieG

Hmmmmmmm - this guy was the CEO of Citibank when the Solo Industries scam happened - go figure that one out now...

nabil_8

From 7days

The board of directors at Dubai developer Deyaar will meet on Sunday to discuss the resignation of chief executive officer Zack Shahin, who has been detained by police. Deyaar announced Shahin’s resignation in an official statement to the Dubai Financial Market (DFM) yesterday, adding that head of finance Adnan Tareen has been appointed acting CEO until a replacement is found.

Media reports had earlier suggested Shahin had been jailed - and Deyaar chairman Nasser Al-Shaikh yesterday confirmed this was the case in an email statement to 7DAYS. “Deyaar would like to state that an investigation is being conducted for certain questionable measures taken by its previous CEO Zack Shahin,” Al-Shaikh said yesterday.
“In the interest of the company and its shareholders, the matter has been referred to the public prosecutor. The company is fully cooperating and providing the necessary support in facilitating this investigation,” he added.
Al-Shaikh had earlier told newswire Reuters: “He’s been detained... he did something he was not a supposed to do.” Al-Shaikh would not be more specific about the allegations, saying only that they were “financial” in nature. “From our side, we saw a few things that raised our concern,” he said. “Whatever is going on right now, it will not have any real impact on Deyaar profitability.”
Deyaar’s shares, however, yesterday closed down 0.85 per cent on the DFM. The company announced earlier this week that its projects at Dubai Silicon Oasis had completely sold out on the first day of their launch.

thebeekeeper

No he was with Mashreq Bank... not Citibank. You've got your guys mixed up.

Eva

So you joined specially to tell us that?
Indiegirl is a proven source here.
The way things change it is easy to get a bit mixed up- What's your own track record?

IndieG

I have indeed - he was with Mashreq for 4 years prior to 2003. I thought he was with Citi before that...

Was crazy just how much money the three banks had lost then (of course pales in comparison to what they lost in the sub-prime mess!)- Citibank, down £30 million, followed by ABN Amro (£16 million) and Barclays (£13 million).

lionheart

Interesting "news" item. By the way, did you hear about those planes crashing into the twin towers in New York the other day?

The Dean

Are those 'local' amounts? Because globally surely they should be 'billions'??

IndieG

This is the money they lost in the Solo scam. In pounds...

The Dean

Ah got you........ sorry, I misread your post.

I'll get me coat..........

thebeekeeper

No, I joined because I'm interested to know what's going on with the case from an outsider's point of view.

I'm Zack's cousin, what's your track record - is it making remarks to people you know nothing about?

Eva

Oh that's easy to do here;its Pixelville afterall.My track record? successful enough if a bit dull. PM me if you would like to know more.

doceja

Have association with Zack's brother and am advised that the length of the delay suggests that the government has no case against him and is trying to find a way out of the potential embarrasment if no prosecution goes forward. On the other hand, the judicial process in Dubai seems to favor the state and minimize the "innocent until proven guilty" concept.