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  • RSS Dubai United Arab Emirates Property Real Estate Debt Fraud Developer Investor Court News

    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
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Archive for the ‘Dubai Properties’ Category

Sheikh Maktoum Hasher admits slowdown hasn’t been easy for anyone

Posted by 7starsdubai on December 1, 2010


Sheikh Maktoum Hasher Maktoum admitted that the slowdown hasn’t been easy for anyone in Dubai property, even Al Fajer Properties, which he said had seen a high default rate on some of its buildings.

We shifted our customers from five buildings into 2.5 buildings – which means cheaper service charges for everyone,” he said.

The other two buildings (Jumeriah Business Centre) , we’re looking at shutting them down until someone buys us out,” the website reported.

source Emirates Business 247

read also…..

Criminal Complaint filed against Al Fajer Properties CEO Maktoum Hasher Maktoum

Al Fajer Propreties CEO Sheikh Maktoum committed a Fraud. He suggested a German couple to devliever them an Apartment in a Residential Tower on Plot H3 in Jumeirah Lake Towers, but in reality he never panned to built this Tower as a Residential Building. Sheikh Maktoum mislead the German couple until end 2008. It was uncovered that Sheikh Maktoum alsready in March 2008 sold all Units on Plot H3 as commercial offices, the Tower is named today Jumeirah Business Centre 8 ( or also known as Ebony Ivory Towers)

After have been mislead, deprived of their property rights by illegal actions and extortion  ,financial and mental extremely damaged by receiving several threats from Al Fajer Properties since 2008 upon 2009,  a criminal complaint was filed in Germany already in August  2009 against the CEO and President of Al Fajer Properties, Maktoum Hasher Maktoum Juma Al Maktoum. The witness hearings and investigations in Germany are still going on. I can be assumed that Maktoum Hasher Maktoum also mislead his lawyers during the period on which he used them for correspondence to commit this fraud.

Several attempts to end the case by paying the debts failed, correspondence sent to Al Fajer Properties from December 2011 to March 2012 , remain unanswered. No doubt Al Fajer Properties is in full legal obligations to pay this debts to the couple , Al Fajer Properties CEO Sheikh Maktoum Hasher Maktoum prefer to remain silent.

Details

Posted in Al Fajer Properties, Dubai Properties, Jumeirah Business Centre, Sheikh Maktoum Al Maktoum | Tagged: , , | Comments Off

Dubai seize properties from off-plan investors

Posted by 7starsdubai on May 5, 2010


original published The National – Angela Giuffrida Dubai-  Abu Dhabi 25 April

The Dubai Land Department may begin seizing off-plan properties whose owners are in default.

The authority has started notifying investors who have defaulted that if they fail to make their outstanding payments within two weeks that 40 per cent of any money they have paid so far will be confiscated, and the properties will be sold at auction.

The confiscated money, along with any profits from the auctions, will be handed over to the developers. The rule applies to projects that are 80 per cent or more complete.

The move, according to Mohammed Sultan Thani, the department’s assistant director general, is intended to spur the completion of unfinished projects. “The idea is to see what we can do before the property is cancelled,” he said.

During the property boom, many developers depended on the off-plan model, whereby a property is sold before building work starts to provide finance for construction. Many analysts say the model fuels speculative buying and inflates prices.

A number of developers, including Kuwait’s Al Mazaya Real Estate, which has eight projects in Dubai, have had such cancellation notices issued to investors.

Omar Ramaznouf, a Russian investor who has so far paid Dh10 million (US$2.7m), 60 per cent of the total price, towards 16 office units at Mazaya Business Tower in Jumeirah Lake Towers, recently received one of the Land Department’s notices.

Mr Ramaznouf, who has not made any payments on his development since December 2008, was told in the letter that the developer would be allowed to “sell the related unit[s] by auction in conformity with common regulations, and with the price asked for by the developer in addition to expenses”, unless he paid the next 20 per cent instalment within two weeks.

The final instalment is due when the properties are handed over.

Mr Ramaznouf said he has been unable to pay some instalments because of “cash-flow problems” brought on by the financial crisis. He has been trying to extend his payment plan with Al Mazaya, according to Medhi Guliyev, his business partner.

“But now he’s being told ‘you don’t own this property anymore,’” said Mr Guliyev.

George Ezman, a businessman from the Czech Republic who bought several office units in Jumeirah Business Centre 5, a project by the Dubai developer Al Fajer Properties, has received a similar notice. He has paid 30 per cent of the total cost and is due to pay the remainder on completion.

Mr Ezman complained, however, that the developer breached its agreement by delivering the property more than a year late.

He said that, according to his contract, he had the right to cancel the contract and receive a refund if the property was late.

The building was supposed to be finished in 2008, he said. “I’m not paying any more because the agreement to cancel our contract and get a refund has been ignored. This, along with the fact that they can take our money and keep our property, is insane.”

Spokesmen for Al Mazaya and Al Fajer were unavailable for comment yesterday.

Lawyers working for investors such as Mr Ezman say that while the Land Department can issue cancellation notices, a property agreement can only be officially cancelled by the courts.

Mr Thani said the authority had yet to auction any properties and did not believe there would be many such cases. “Very few people will opt for not completing payments if the building is almost ready.”

Posted in Al Fajer Properties, Dubai, Dubai Legal - Real Estate Lawsuits, Dubai Properties, Real Estate Scandal Dubai, Rera Dubai, Sheikh Maktoum Al Maktoum | Tagged: , , , , | Comments Off

 
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