Dubai Attorney General Essam Essa Al Humaidan said yesterday that investigation in the case involving Al Deyaar Development is almost complete.
He said there are new developments in the investigation and that the probe in the case against Zak Shaheen and others held in this connection is "close to completion". He noted that the list of charges against them include forgery, embezzlement, fraud and could also involve money laundering as the investigation has unveiled new evidence.
Investigations have led to new evidence of the alleged illegal transfer of embezzled funds to some banks in several countries including in Switzerland, Lebanon and the US. Al Humaidan said these financial institutions are in the process of being contacted officially to provide the necessary information ahead of referring the case to the courts.
A report by the Dubai Financial Control Department last November includes information concerning Shaheen's alleged embezzlement of Dh31.5 million. It also noted that the total amount allegedly embezzled by Shaheen and his associates exceeded Dh98m, according to the investigations to date.
Shaheen is still being held according to a court order pending his trial. The attorney general said UAE laws allow the prosecution to hold suspects for up to 21 days but this period can be extended according to probe requirements.
Al Humaidan said the defendant's lawyer is aware of all details of the case and visits him regularly. Also representatives of the defendant country's consulate have visited him. They are being informed of details according to the laws and procedures in force.