source Arabian Business
Dubai-based Deyaar Development on Sunday announced the appointment of a new chief executive four months after former CEO Zack Shahin resigned amid an investigation for alleged financial irregularities.
Deyaar said it has given the job to Markus Giebel, previously CEO of UAE-based investment firm Vedera Capital.
Deyaar Chairman Nasser bin Hassan Al-Shaikh said the appointment was "the beginning of a new phase in the ongoing growth of Deyaar".
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Shahin, two other company officials and a fourth person have been detained and questioned in connection with alleged fraud.
Two Deyaar board members have also resigned.
According to unconfirmed media reports, Dubai Public Prosecution is investigating company fraud valued at 120 million dirhams ($33 million).
Al-Shaikh said in May that the Public Prosecution was preparing to take the case to court.
Deyaar is an affiliate of Dubai Islamic Bank. Two senior executives at Dubai Islamic have also been detained and questioned in a separate probe into financial irregularities.
Tuesday, August 19, 2008
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