Bloomberg News

Former Deyaar CEO Shahin Released on Bail, Lawyers Say

July 13, 2012

American businessman Zack Shahin, the former chief executive officer of Dubai’s Deyaar Development (DEYAAR) PJSC, was released on bail after more than four years in jail, according to his lawyers.

Shahin, jailed since March 2008 on charges of corruption and embezzlement at the property company, has been on a hunger strike protesting his detention while defending against five separate cases. He’s spent four years, three months and 19 days in Dubai awaiting trial, his lawyers said today in an e-mailed statement.

“Following a seven-week hunger strike and thanks in part to the U.S. government publicly urging the U.A.E. government to grant bail, Shahin was released on bond after meeting bail conditions including posting a $1.4 million guarantee and surrendering his passport as surety,” his attorneys said.

Shahin said in the statement that “all I have asked for is the same treatment under the law as other Emirati defendants standing accused of similar charges. Now that Dubai authorities have taken the first step for equal due process for all defendants by granting my bail, I look forward to the opportunity to prove my innocence during a fair, transparent and open trial.”

To contact the reporter on this story: Donna Abu-Nasr in Beirut at dabunasr@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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