DUBAI // Zack Shahin, the former Deyaar chief executive who was charged with earning Dh20 million by misusing his powers in a bidding process, was jailed for 10 years on Wednesday.
The American boss of the housing developer was sentenced to 15 years in March last year for approving bids from a company called Thermo in return for the vast amount.
But Dubai Court of Appeal acquitted him, only for that verdict to be overturned by the Court of Cassation, which in March this year ordered that the case be returned to the appeal court for hearing before a new panel of judges, which on Wednesday ruled that he should be jailed.
The panel convicted the 48-year-old of approving bids that were higher in price than others in return for a bribe, which caused damages to Deyaar between 2004 and 2007.
He has been incarcerated since March 2008 and the time served will be taken from his sentence.
Three others were convicted on charges of taking Dh10m in bribes and aiding and abetting Shahin. They are all at large.
The trio are Argentinian K M, 64, who worked at Ambyance Technologies, Canadian project manager at Thermo, F L, and Briton A S, who was the director general at Thermo, a mechanical, electrical and plumbing engineering company.
Each of them was sentenced to 10 years in prison and all four defendants were jointly fined Dh30m and ordered to repay the same amount to the companies they defrauded.
F L and A S were separately convicted of embezzling Dh500,000 each from Thermo. Dubai Criminal Court found them guilty and jointly fined them Dh500,000 and ordered them to repay the money.
However, the four were acquitted on a separate charge of forging and using bills.
All of the defendants had appealed and won their cases before facing a retrial at the appeals court. After Wednesday’s verdict, all face deportation after completing their sentences.
However, the court acquitted all of them from a charge of causing deliberate damages to Deyaar.
Shahin and K M were both granted bail in July 2011. Shahin tried to flee but was arrested in Yemen, while K M disappeared.
D K, a projects evaluation manager at Thermo, said that the offers for the bids were prepared by A S and F L before they were sent to Shahin at Deyaar.
A S had instructed all the senior employees at Thermo to not communicate directly with Deyaar, leaving communication to go exclusively through him and F L. D K said Thermo won three bids from Deyaar, the first in June 2005 for U1 and U2 towers in Jumeirah Lakes Towers, valued at Dh71.2m.
The second was in February 2006, for a tower in Business Bay valued at Dh76.126m and the last was in December 2006 for Metro Police Tower in Business Bay, a contract that was worth Dh55.775m.
The director of the Financial Audit Department, M M, said that while auditing the company records and the bank accounts of the defendants, he a total of Dh30.5m had been transferred to the defendants’ accounts.
He also said he found that cheques were issued to cover Shahin’s financial obligations, as well as money transfers to overseas accounts.
salamir@thenational.ae
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Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
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Price: From Dh219,000
On sale: Now
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Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
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Rating: 5/5
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
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Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
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At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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