Deyaar CEO being investigated

[jags]

hi

Deyaar CEO Zack Shahin has resigned . he is being investigated for financial irregularities.does anyone know whats going on? Deyaar is very reputable developer.will it shake the confidence in the market?

[Roshan]

Originally Posted by jags

hi

Deyaar CEO Zack Shahin has resigned . he is being investigated for financial irregularities.does anyone know whats going on? Deyaar is very reputable developer.will it shake the confidence in the market?

That's news to me. He was responsible for the success of Deeyar, but Deeyar has a strong reputation and does not run on the success of one man.

It will not shake the confidence of the market.

Regards

Roshan

[jags]

Deeyar CEO is charged with embezzelment n his detention has been extended.the amoun t involved is 480m AED.that is serious.

[Roshan]

Originally Posted by jags

Deeyar CEO is charged with embezzelment n his detention has been extended.the amoun t involved is 480m AED.that is serious.

He had everything going for him. Don't know what went wrong.

[DoBuy]

Originally Posted by Roshan

He had everything going for him. Don't know what went wrong.

Getting found out is what went wrong.

[Roshan]

Originally Posted by DoBuy

Getting found out is what went wrong.

Nice one Do buy, sometimes greed take the better of you.

Roshan

[beekeeper]

I don't know but it all sounds very fishy to me. If I were going to embezzle Dhs480 million, why would I stick around? Wouldn't you make a quick getaway? I've heard from people who know Zack personally that he'd been planning to resign for a while, and that he verbally announced it to Deyaar in February. He wanted an early retirement and to move back to the US in July (after his kids had finished school in June). Why would you stay in the country 5 months if you'd committed such a heinous crime? That's not an amount that would go unnoticed! Just think there are a lot of 'gaps' in the stories reported on the news. Am I being too naive??

[Roshan]

Originally Posted by beekeeper

I don't know but it all sounds very fishy to me. If I were going to embezzle Dhs480 million, why would I stick around? Wouldn't you make a quick getaway? I've heard from people who know Zack personally that he'd been planning to resign for a while, and that he verbally announced it to Deyaar in February. He wanted an early retirement and to move back to the US in July (after his kids had finished school in June). Why would you stay in the country 5 months if you'd committed such a heinous crime? That's not an amount that would go unnoticed! Just think there are a lot of 'gaps' in the stories reported on the news. Am I being too naive??

The buzz is that more than 1 person is involved. It must have been a group who were involved.

And, when a group is involved, it's hard to break links.

Regards

Roshan

[beekeeper]

I suppose the fact the other members involved are local means that Zack Shahin will take the blame for everything. Justice in the UAE at its' best! (The buzz over here as that it he is being used as a scapegoat).

[DoBuy]

GULF NEWS


Second person arrested in Dubai embezzlement case
By Bassam Zaza, Staff Reporter
Published: April 23, 2008, 11:08


Dubai: A 49-year-old Indian manager has been arrested and is being questioned in connection with alleged financial irregularities at Deyaar, a Dubai property developer, said Public Prosecution sources on Wednesday.

Deyaar last week said Chief Executive Officer Zack Shahin had been detained in connection with alleged financial irregularities. Deyaar said he subsequently resigned.

Sources told Gulf News that there could be more suspect involved and that they are investigating.