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    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
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    Jacques on Malika Karoum finally arrested…
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    • 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
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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German fund faces probe into Dubai hotel

Posted by 7starsdubai on May 18, 2008


original published GulfNews:
http://archive.gulfnews.com/articles/08/04/12/10204959.html

German real estate fund ‘Dubai-1000-Hotel-Fonds’ may cause severe losses to investors, according to lawyer Jens-Peter Gieschen of German solicitor’s office KWAG, which specialises in capital law and investor protection.

The fund was started in 2005 on the German grey capital market to finance a 1,000-room luxury hotel project in Dubai. The project, which should have been completed in July 2007, hangs in the balance.

The fund was scheduled to collect some 142 million euros from investors. Initiated by German investment broker Georg Recker, the fund promised annual returns between nine and 12 per cent.

“The yield prognosis of the fund has been entirely unrealistic,” Gieschen said. He visited the construction site of the luxury hotel in February and found nothing but a fence surrounding an excavation.

The site did not have a plot number or signs of contract companies, which is mandatory for building projects in Dubai, he said.

Public prosecutor Ina Holznagel from Dortmund, Germany, has ordered a probe as the fund is presumably still collecting money from investors.
Twelve investors have now launched an official complaint against Recker and his investment company Dubai 1000 Verwaltung.

German magazine Cash Online reported Recker as saying that the fund has been closed after collecting the targeted 142 million euros from investors, and the hotel project is developing according to plan.

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