Former Deyaar CEO gets 25 years in jail

The Dubai Court of Cassation upheld on Monday two convictions against former CEO of Deyaar in two graft cases, according to which he will spend a total of 25 years behind bars.
The two rulings of Dubai's highest court are final and irrevocable.
In one case, the US citizen of Lebanese origin has had his 15-year jail sentence upheld over charges of misuse of power and Dh 56.3 million fraud.
Two other accused (senior staff of a private realty firm in the US) have each had their 15-year jail sentence upheld in absentia on criminal complicity and fraud charges.
According to prosecution documents, the 52-year-old ex-CEO abused his powers at Deyaar back in November 2007, and committed many financial irregularities. He submitted to the chairman of the board a misleading feasibility study on the purchase of a plot in Houston, Texas, USA, causing the property developer to lose Dh 56.3 m in the price of the plot.
The three convicts were (again) ordered to pay jointly Dh 56.3 m in fines and also to return the same amount to the plaintiff. The court ruling states they be deported. 
The court upheld the acquittal verdict for five former Deyaar staff including head of the legal affairs section (Malaysian), finance manager (Pakistani), deputy head of the engineering department (Australian), director of the department of international projects (Lebanese) and the COO (Indian), of any wrongdoing.
 In the other case, the Court of Cassation upheld a 10-year jail sentence against the former CEO.
Two other accomplices (an Indian and an Argentinean businessman)had each their ten- year jail term upheld.

The court ordered them and the ex-CEO to return Dh 35,568,42 to the company and pay jointly a smilar amount in fines.
Another Indian's three- year jail sentence was also upheld.
The court ordered (again) the ex-CEO and the two Indians to return Dh 6,443,165 and pay jointly an equal sum in fines.
He was also ordered to repay Dh 530,000 and an equal fine.
The criminal case against an Emirati defendant, a former minister was closed since his demise.
All the convicted accused will be deported after completing their jail terms.
Apart from embezzling millions of dirhams, the former CEO was also accused of damaging Deyaar's interests with losses of more than Dh21.5 million through private bargain deals he had done with contracting companies.
He caused Deyaar to incur huge losses by giving discounts to some customers giving them priority over others who were ready at the time with cash to buy units at the market value.
He is accused of forging documents to raise the price of some projects by manipulating the prices of units and taking the difference amounts for himself including one in Turkey in which alone he misappropriated Dh 6 million.
The former Deyaar senior executive (detained) has been on trial for over nine years in connection with four cases of fraud and abuse of power involving more than Dh300 m.

source: Khaleejtimes