Court denies bail to main accused in Deyaar case

(EB FILE)

The main accused in a new case of financial irregularities in real estate developer, Deyaar, was denied bail by the Dubai Criminal Court yesterday.

ZS, Deyaar's former CEO, and the first defendant in the new case, had applied for bail citing severe illness and inability to get treatment in jail. The court told his lawyer, Ali Al Shamsi, that it found the grounds mentioned in the application insufficient to grant the bail.

The court also heard the testimony of Kamal Fanjani, Financial Manager of Ambiance Technology, which is owned by KM, the second defendant in the case, along with another testimony by Lieutenant Anas Abdullah from Dubai Police. Acceding to a defence plea, the court adjourned the case to February 17.

The defendants are: Deyaar's former CEO US national ZS, 45; Argentinean KM, 61, trade partner; Canadian FL, at large. They are accused of asking for a bribe of Dh30,515,750.

ZS and KM who are in custody, attended yesterday's hearing with their lawyers Ali Al Shamsi and Issa bin Haider respectively. Deyaar's legal representatives were Hassan Arafa and Khalid Al Hamrani and they continued to hear the testimony of audit expert Mohammed Mustafa Hussein, who compiled a report in the case.

Witness Abdullah said Dubai Police's economic control department received information about suspicious transactions between Ambiance Technology and Thermo, the first party, and Deyaar, the second. Permission was granted by the Public Prosecution to inspect Ambiance Technology and documents revealing fund transfers from Thermo to Ambiance Technology were seized. These documents were sent to the Financial Audit Department of the Dubai Ruler's Office.

Witness Fanjani said money was transferred from Thermo to Ambiance Technology, which is owned by second defendant KM. Transfers also took place from Ambiance Technology to secondary contractors and to another company called New Air, based in London. He estimated the value of the funds transferred to between Dh7 million and Dh8m.

The Public Prosecution had brought the defendants to trial for asking for a bribe of Dh30,515,750 from Thermo company for awarding the company some of Deyaar's projects. They are alleged to have violated their job duties, since the first defendant was Deyaar's CEO, the second defendant a partner at Ambiance Technology and the third defendant a projects manager at Thermo.

 

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