UAE to release American hunger striker on bail
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Fri July 6, 2012 8:59 am

UAE. A court in the United Arab Emirates has offered to release on bail an American businessman accused of embezzlement who has been on hunger strike in jail since May, the U.S. embassy said on Thursday.

Washington has repeatedly called for Zack Shahin's case to be resolved. He has been detained since he was arrested in 2008 while at the helm of Dubai real estate firm Deyaar. There have been hearings in his case in Dubai, but no judgment.

Last week, the United States said it had "serious concerns" over Shahin's health and urged the UAE to release him on bail. It has also asked for more transparency in the case.

"I can confirm that conditions for bail have been set at AED5 million (US$1.36 million)," a spokesman for the U.S. embassy in Abu Dhabi told Reuters.

Shahin's lawyer said he hoped to secure his release early next week.

"There was a concern whether he would be able to accumulate the money. But we are certain now that the funding can be arranged," Erik Akers told Reuters.

He said that some funds had already been transferred and the remaining amount needed to come from the United States.

"With the weekend coming, he may not be released until Sunday or Monday," he added.

Shahin is due to have two court hearings later this month when a verdict could be handed down in his case, the lawyer said.

In May, four other expatriates jailed in Dubai said they had gone on hunger strike to protest against the lengthy prison sentences handed down to them for bouncing cheques - a criminal offence in the UAE.

The men, most of them real estate developers and businessmen who worked in Dubai during its economic boom, fell into debt when the emirate's property bubble burst after the 2008 global credit crisis.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 29, 2014
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
date:Posted: October 29, 2014
UAE. Significant increase in inflows of private capital into UAE in 2014; UAE seen as hub between Africa and Asia; Political stability remains a major factor driving flows; UAE clear winner in the region, as other GCC countries see net outflows of private capital.
date:Posted: October 28, 2014
INTERNATIONAL. Foreign policy is what a president wishes would happen; foreign affairs are what actually happen; the problem that Obama has, which has crippled his foreign policy, is that his principles have not been defined with enough rigor to provide definitive guidance in a crisis.
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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