Friday 18, April 2008 by Mike Gallagher

Deyaar chief executive arrested in financial irregularities probe

The chief executive of Deyaar, Zack Shahin, has reportedly resigned from his position at one of the largest real estate companies in the GCC after having been arrested in a probe over alleged financial irregularities at the company. The reason for Shahin’s resignation was not made public. Deyaar’s shares closed down nearly 1 per cent after the reports of the investigation became known. Deyaar shares closed at $0.63 cents. Deyaar’s shares fell by almost 5 per cent after the story broke, before making a comeback. Shahin was pivotal in Deyaar’s nearly $900 million IPO in 2006.

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