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Deyaar’s Former CEO May Be Released on Bail July 10, Lawyer Says

July 8 (Bloomberg) -- Zack Shahin, former chief executive officer of Dubai’s Deyaar Development PJSC, may be released on bail by July 10 after he obtained 5 million dirhams ($1.4 million) as a guarantee, his U.S.-based lawyer said.

The bail amount is being deposited at the court today, Eric Akers said in a phone interview. An Emirati friend of Shahin, who is a U.S. citizen, agreed to guarantee his presence in Dubai and both of them will surrender their passports to the authorities, the lawyer said.

Shahin, jailed since March 2008 on charges of corruption and embezzlement, has been on a hunger strike protesting his detention while defending against five separate cases.

To contact the reporter on this story: Zainab Fattah in Dubai at zfattah@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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