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Dubai’s property debacle continues
A renegade real estate agent was caught, Nakheel slashed 400 jobs, Deyaar's former CEO is accused of taking bribes and Dubai's property sales are half of what they used to be. What's next?
July 9, 2009 2:44 by Dana El Baltaji
A real estate agent on the run for 25 days was arrested by Dubai Police for issuing AED203 million worth of bad checks, reported Khaleej Times on Wednesday.
“The police received information that the suspect, who is a holder of a British passport, was trying to escape from the UAE. The police launched a search for the suspect who worked as a real estate broker and who was wanted by Interpol for issuing dud checks to clients, including soccer players of various teams,” said Ahmed Thani bin Ghalita, director of the anti-crime department of Dubai Police.
Thirty-nine people lodged complaints against the suspect.
“The suspect was stunned when he was arrested by the police in a coffee shop in the Murraqabat area – he thought that the police would not recognize him,” Ghalita said.
There’s more: Zack Shahin, Deyaar’s former CEO, is charged with taking bribes amounting to six million shares in Deyaar, 380,000 shares in Tamweel, 145,000 shares in Dubai Islamic Bank, on top of the AED 17.9 million he took from his co-defendant Mohammed Khalfan bin Kharbash, a former UAE minister.
The Dubai courts clearly have their hands full.
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