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      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 […]
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      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 […]
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      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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Archive for February 12th, 2009

Laid-Off Foreigners Flee as Dubai Spirals Down – Mass of abandoned cars in Dubai. One report said 3,000 cars were sitting abandoned at the Dubai Airport.

Posted by 7starsdubai on February 12, 2009


 One report said 3,000 cars were sitting abandoned at the Dubai Airport.

http://www.nytimes.com/2009/02/12/world/middleeast/12dubai.html?_r=2

NewYork Times February 2009

 takeoffdubaiSofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.

Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.

“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.

The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.

No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.

Instead of moving toward greater transparency, the emirates seem to be moving in the other direction. A new draft media law would make it a crime to damage the country’s reputation or economy, punishable by fines of up to 1 million dirhams (about $272,000). Some say it is already having a chilling effect on reporting about the crisis.

Last month, local newspapers reported that Dubai was canceling 1,500 work visas every day, citing unnamed government officials. Asked about the number, Humaid bin Dimas, a spokesman for Dubai’s Labor Ministry, said he would not confirm or deny it and refused to comment further. Some say the true figure is much higher.

“At the moment there is a readiness to believe the worst,” said Simon Williams, HSBC bank’s chief economist in Dubai. “And the limits on data make it difficult to counter the rumors.”

Some things are clear: real estate prices, which rose dramatically during Dubai’s six-year boom, have dropped 30 percent or more over the past two or three months in some parts of the city. Last week, Moody’s Investor’s Service announced that it might downgrade its ratings on six of Dubai’s most prominent state-owned companies, citing a deterioration in the economic outlook. So many used luxury cars are for sale , they are sometimes sold for 40 percent less than the asking price two months ago, car dealers say. Dubai’s roads, usually thick with traffic at this time of year, are now mostly clear.

Some analysts say the crisis is likely to have long-lasting effects on the seven-member emirates federation, where Dubai has long played rebellious younger brother to oil-rich and more conservative Abu Dhabi. Dubai officials, swallowing their pride, have made clear that they would be open to a bailout, but so far Abu Dhabi has offered assistance only to its own banks.

Why is Abu Dhabi allowing its neighbor to have its international reputation trashed, when it could bail out Dubai’s banks and restore confidence?” said Christopher M. Davidson, who predicted the current crisis in “Dubai: The Vulnerability of Success,” a book published last year. “Perhaps the plan is to centralize the U.A.E.” under Abu Dhabi’s control, he mused, in a move that would sharply curtail Dubai’s independence and perhaps change its signature freewheeling style.

For many foreigners, Dubai had seemed at first to be a refuge, relatively insulated from the panic that began hitting the rest of the world last autumn. The Persian Gulf is cushioned by vast oil and gas wealth, and some who lost jobs in New York and London began applying here.

But Dubai, unlike Abu Dhabi or nearby Qatar and Saudi Arabia, does not have its own oil, and had built its reputation on real estate, finance and tourism. Now, many expatriates here talk about Dubai as though it were a con game all along. Lurid rumors spread quickly: the Palm Jumeira, an artificial island that is one of this city’s trademark developments, is said to be sinking, and when you turn the faucets in the hotels built atop it, only cockroaches come out.

“Is it going to get better? They tell you that, but I don’t know what to believe anymore,” said Sofia, who still hopes to find a job before her time runs out. “People are really panicking quickly.”

Hamza Thiab, a 27-year-old Iraqi who moved here from Baghdad in 2005, lost his job with an engineering firm six weeks ago. He has until the end of February to find a job, or he must leave. “I’ve been looking for a new job for three months, and I’ve only had two interviews,” he said. “Before, you used to open up the papers here and see dozens of jobs. The minimum for a civil engineer with four years’ experience used to be 15,000 dirhams a month. Now, the maximum you’ll get is 8,000,” or about $2,000.

Mr. Thiab was sitting in a Costa Coffee Shop in the Ibn Battuta mall, where most of the customers seemed to be single men sitting alone, dolefully drinking coffee at midday. If he fails to find a job, he will have to go to Jordan, where he has family members — Iraq is still too dangerous, he says — though the situation is no better there. Before that, he will have to borrow money from his father to pay off the more than $12,000 he still owes on a bank loan for his Honda Civic. Iraqi friends bought fancier cars and are now, with no job, struggling to sell them.

“Before, so many of us were living a good life here,” Mr. Thiab said. “Now we cannot pay our loans. We are all just sleeping, smoking, drinking coffee and having headaches because of the situation.”

Posted in Dubai | Tagged: , | Comments Off on Laid-Off Foreigners Flee as Dubai Spirals Down – Mass of abandoned cars in Dubai. One report said 3,000 cars were sitting abandoned at the Dubai Airport.

RERA chief Marwan bin Ghalita denies petition from worried investors

Posted by 7starsdubai on February 12, 2009


the-petition-to-rera-dubaihttp://www.arabianbusiness.com/546550-rera-chief-denies-petition-from-worried-investors

Arabian Business 12. February 2009

what-aboutDubai’s real estate watchdog on Thursday denied reports it had received a letter signed by 300 real estate investors voicing their concern over the fate of their investment.

It was claimed that the Dubai Property Investors Group, made up of more than 300 local and international investors, lawyers and real estate developers, had delivered a petition to the Real Estate Regulatory Authority (RERA).

It reportedly urged the watchdog to clamp down on “fly-by-night developers” who were unable to deliver projects amid tightening liquidity and project financing, even though they’ve taken down payments from investors.

But Marwan bin Ghalita, CEO of RERA, branded the petition story, published earlier this week by newswire Zawya Dow Jones, as “absolutely untrue”.

“Personally, I did neither receive a letter of this kind nor any call from the said news website or other,” he said in comments published by news agency WAM.

He added: “Maintaining a well-regulated market that provides protection to all stakeholders is one of our top priorities.”

He claimed that RERA had, since its creation about one year ago, been taking tremendous efforts to regulate the real estate sector by issuing flexible regulations with the highest possible level of transparency.

“Loss of investor’s rights is a red line…it has not happened and it will never happen in Dubai real estate market…RERA has completed registration of developers and brokers at its records to preserve their rights,” he added.

“We understand the feelings of worry resulted from the impact of the global financial crisis but we are against the unjustifiable panic, exaggeration and hitting under the belt by some for the sake of making illegitimate ends.”

He appealed to investors not to hesitate in calling RERA to know the update of any project and stressed that RERA would never allow developers to breach real estate laws, especially the escrow account system.

___________________________________________________________

For our readers:

Links to the Group who started the  Pettion in January 2009

http://groups.google.com/group/dubai-property-investors/browse_thread/thread/8efbb7983955fc97?hl=en

The Letter of the Petition to Marwan bin Ghalita RERA Dubai

http://dubai-property-investors.googlegroups.com/web/The+Petition144.pdf?hl=en&gda=bIHji0UAAABCDKK3M95qOHhW6MrAvHpOfz2RH571rD459OcQ3HKxoj-z-44yj33cbUGq43XpXhMcn8WIbWh5zqeDKtDBmq67Gu1iLHeqhw4ZZRj3RjJ_-A

 

 

 

 

Posted in Dubai | Tagged: , , | 1 Comment »

Affected Dubai Property Investors started Petition to RERA Dubai in January 2009

Posted by 7starsdubai on February 12, 2009


to get more information please click on this link:

http://groups.google.com/group/dubai-property-investors/browse_thread/thread/8efbb7983955fc97?hl=en

 

the link to the letter, hand delivered Petition, to RERA Dubai Januar 2009, against Real Estate Practices that harm Dubai

http://dubai-property-investors.googlegroups.com/web/The+Petition144.pdf?hl=en&gda=EtP61kUAAABCDKK3M95qOHhW6MrAvHpOv6-qWixPv2gLwjFoEVch5D-z-44yj33cbUGq43XpXhMcn8WIbWh5zqeDKtDBmq67Gu1iLHeqhw4ZZRj3RjJ_-A

or

http://groups.google.com/group/dubai-property-investors/files?hl=en

Posted in Dubai | Tagged: , , , | Comments Off on Affected Dubai Property Investors started Petition to RERA Dubai in January 2009

News from Dynasty Zarooni and Al Fajer Properties – I’m the victim’, says property tycoon

Posted by 7starsdubai on February 12, 2009


http://www.thenational.ae/article/20090211/BUSINESS/886702850/1051

  • Last Updated: February 11. 2009 10:28PM UAE / February 11. 2009 6:28PM GMT
  • fraud1Kabir Mulchandani, an Indian property tycoon detained by police in Dubai, says people who are accusing him of fraud are trying to get out of investments that turned sour because of the property downturn.

    The chairman of Dynasty Zarooni is being held because more than 25 investors, with claims worth Dh280 million (US$76.2m), have accused him of fraudulently selling them property and running an illegal investment scheme, a lawyer for the investors said. Mr Mulchandani, 36, denies the accusations and says he is being targeted by a group of investors who are unable to meet their obligations as the property market deteriorates.

    “I am the victim here,” he said. “After Lehman Brothers went bust the world changed… The system is being misused by certain individuals who are just wanting money and wanting to get out of commitments they have made that they are not able to fulfil because the market has turned.”

    Mr Mulchandani said his case was likely to be a predecessor to a rash of similar cases caused by the decline in the property market. Dubai property prices have fallen by about 25 per cent since hitting a peak last year.

    “It is going to turn into a bloodbath of attacks by investors who just want to get out of obligations,” he said. “Do you think I would be sitting here had the market been OK?”

    Dynasty Zarooni, a joint venture between Mr Mulchandani and Hilal al Zarooni, an Emirati businessman, is one of the highest profile property companies to come under scrutiny by the authorities since the property market began to fall late last year. The company was the top newspaper advertising buyer in the Emirates last year, spending $14.6m and topping the likes of Nakheel and Emaar Properties, according to figures from the Pan Arab Research Centre. Its advertising spending ranked 10th across the Middle East.

    The company, founded in 2005, is a property resale and marketing operation. It has bought entire buildings off-plan from developers with a bulk discount and re-sold floors and units to investors at a premium. Then, as a service to these core investors, it would market the buildings prominently around the country to facilitate their resale to retail buyers. Usually, Dynasty Zarooni would play a middleman role for the first payments and then contracts would be issued between the buyer and the developer, cutting the company out of the deal.

    It sold 29 buildings in this way last year, according to executives. The business was profitable, with Mr Mulchandani planning a foray into New York City property before his arrest.

    He lives in the Emirates Hills development in Dubai.

    A group of investors, however, allege Mr Mulchandani built his company by misleading investors, according to Salem al Shaali, a lawyer representing several investors.

    One of the allegations is that Dynasty Zarooni displayed one building and sold another.Investors said they were shown buildings that were several storeys high, and told that they were the Ebony and Ivory towers. They bought dozens of units, and in some cases several floors, of the buildings. The buildings were also misrepresented in advertising, the investors say.

    One advertisement in a daily newspaper on July 23 last year showed 24 photographs of “round the work” progress on the Ebony and Ivory projects. A caption for the photographs reads: “Shot at location on 10th June 2008. Ebony & Ivory – Jumeirah Lakes Towers.”

     In fact, the images showed other buildings in the Jumeirah Business Centre complex that were further advanced in construction.

    Work on the Ebony and Ivory towers plots still has advanced only to shoring and piling. A contractor has yet to be chosen for the Dh2 billion project.

    sandhole-g32The Picture shows the construction Status of today 2009, Ivory Tower ( or named Juemirah Business Centre 9, Developer Al Fajer Properties, Jumeirah Lake Towers Dubai)

    Al Fajer Properties, the developer of Ebony and Ivory towers, said a construction contract would soon be signed for the towers, which it said were to be finished between next year and 2012.    An Al Fajer spokesman declined to comment on the issue.

    Mr Mulchandani said the advertisements were meant to show the larger Jumeirah Business Centre complex and depict Al Fajer as a hard-working developer.

    “I don’t believe it is misrepresentative in any way,” he said.

    He said the company had sold the entire building in April and that the investors involved in claims against him had signed contracts that detailed which plot of land the buildings were to be built on.

    Claims have emerged involving other projects that were bought and resold by Dynasty Zarooni, including the Sheffield Classique and Al Qoraishi Tower, according to Mr al Shaali.

    Imran Karim, the son of an investor taking action against Mr Mulchandani, said his father, Abid Karim, was sold units in the Classique and Al Qoraishi Tower under the impression that Dynasty Zarooni was the developer.

    Mr Mulchandani said he never represented himself as a developer.

    Officials from Sheffield Real Estate and Baiti Properties Development, the developer behind the Al Qoraishi Tower, declined to comment.

    Another allegation against Mr Mulchandani is that he created an illegal “investment club” where 12 investors were invited to pay Dh300,000 a month for 12 months for a guaranteed return of up to Dh1m a month. After six months, they expected to redeem their investments, but Mr Mulchandani did not pay, investors said.

    One such investor, Mohammed Arif, who also invested with Dynasty Zarooni in several properties, said he had Dh25m with Mr Mulchandani and projects sold by Mr Mulchandani.

    “I invested a lot of money with him,” he said. “I fear the money is gone.”

    Mr Mulchandani said the Dh300,000 was actually a membership fee for 12 investors who bought from him in bulk. The fee would give the members the first right of refusal to buy up to 5 per cent of buildings that Dynasty Zarooni acquired, as well as use of the Dynasty Zarooni offices for resales. The fee also contributed to advertising, he added.

    Marwan bin Ghalita, the chief executive of the Real Estate Regulatory Authority (RERA), declined to comment on the accusations against Dynasty Zarooni. In November, RERA stated that there were no complaints against Dynasty Zarooni, after allegations in two Indian publications that the company had sold projects while representing to investors that they were buying another project.

    Officials from the Dubai Public Prosecution declined to give details on the cases, but confirmed staff members were investigating the claims.

    Posted in Dubai, Jumeirah Business Centre, Kabir Mulchandani | Tagged: , , , | Comments Off on News from Dynasty Zarooni and Al Fajer Properties – I’m the victim’, says property tycoon

    An Example of : The differenence between PR and Reality – 5 Towers Jumeirah Business Centres will be delivered in September 2009 ?????

    Posted by 7starsdubai on February 12, 2009


    Jumeirah Business Centre 1 , Developer Al Fajer Properties  was launched Dezember 2005. Sold within a few weeks after the launch, said by the company. The completion of this Office Tower was announced first for end 2007 , after this end 2008 and now end….. of year ……… ???

    The History between PR and Reality show this pictures:

    Happy going ? …. 2006   sand-castle-photo-july-20062

     

     

     

     

     

     

     

    Construction Status of Jumeirah Business Centre 1,launched in December 2005,  Plot G2, Jumeirah Lake Towers, Al Fajer Properties 

    jbc-1-2007-01

     

     

    Jumeirah Business Centre  1 by Al Fajer Properties Construction Status in May 2007

     

     

     

    jbc1-feb-2009-panorama1Panorama of February 2009 shows that the Towers around Jumeirah Business  Centre 1( those Towers around also launched in 2005) are still ready.

    The completion of the Jumeirah Business Centre 1, the first ever launched Tower of Al Fajer Properties is…………. ??????????

    Latest interview , February 2009,with the project Manager , construction company, for Al Fajer Properties:

    o3. Feb. 2009 7days.ae  

     http://www.7days.ae/storydetails.php?id=73328%20%20%20%20&page=local%20news&title=Riding%20out

    ………“[The atmosphere in construction] is a bit depressed, but I think Dubai and the UAE in general is much better off in general than the rest of the world,” said Andre van Schalkwyk of Al Ahmadiah Contracting and Trading (AAC), who is site manager of Al Fajer Properties’ Jumeirah Business Centre.

    He added however, that his workers are more confident of their position, as he believes AAC will outlive the downturn.

    “The workers are not anxious, AAC has a very stable working environment and we tend not to over extend ourselves, which makes it much easier to get through downturns, particularly of this magnitude. I think we’re a lot better off than a lot of other companies,” he said.
    Van Schalkwyk has been working in construction in Dubai for six years and has always found it challenging.
    “[Challenges] are very simple – usually time and Dubai has a knack for changing things very suddenly!”
    “It’s the changing environment that is your biggest challenge in the whole construction industry,” he said.

    His current development with Al Fajer Properties is the largest he has been involved with since coming to Dubai, although he has been part of big projects such as Ibn Battuta Mall.
    Jumeirah Business Centre is a group of five high-rise office buildings in the Jumeirah Lakes Towers development, which are scheduled to be delivered this September.

    “The biggest challenge [with this project] is having to do five towers running exactly on the same timeframe, while not being located on the same plot. They’re in the same area but not on the same plot, that is a serious challenge, because projects are usually phased,” van Schalkwyk said.
    Back when the centre got started, he also had to deal with the cement shortage, which he said affected them “quite seriously”.However, he is “fairly confident” of reaching the September deadline for the new development.
    “After His Highness Sheikh Maktoum bin Hasher Al Maktoum came on board, it changed the whole management structure of the Al Fajer Group and we’re now managing to accelerate the project quite dramatically. We’re actually doing very well – we’re running slabs at around six, sometimes five, working days cycles,” he said.
    When Sheikh Maktoum became president of Al Fajer Properties (AFP) in March last year, workers were working days and knocking off at night, but now construction takes place round the clock with the workers doing shiftwork in order to meet the delivery date.

    In fact, a lot of changes have taken place at AFP so that it can streamline its business and meet its obligations.
    Joseph Paul, finance manager at AFP, told 7DAYS that a “planning and financial restructuring” had taken place last March, which resulted in the entire land bank of the company being disposed of by the middle of last year.
    “[This] has turned out to be an excellent decision, keeping in view the current drastic devaluation of land,” he said.
    “Because of apt and timely decisions, AFP is still in a robust position to operate with zero debt, even in this worst scenario of world economic recession.”

    Van Schalkwyk also sees the upside of downturn, particularly for real estate and construction.
    “I think there will be a lot more stability and sense in the market. My personal belief is that the downturn at the moment is a bit of a blessing in disguise – it will stabilise the market and I believe we will get a much more healthy growth afterwards,” he said.

    And despite the myriad announcements of job cuts in the sector, he feels construction won’t stay down for long.
    “I think in the next two to three years, the workforce will shrink overall – but then it will grow again,” he said.

    Posted in Dubai, Jumeirah Business Centre | Tagged: , , , , | Comments Off on An Example of : The differenence between PR and Reality – 5 Towers Jumeirah Business Centres will be delivered in September 2009 ?????

    Egyptian businessman accused of fraud will not be extradited to Interpol

    Posted by 7starsdubai on February 12, 2009


    UAE refuses extradition for Dh28.5m fraud suspect

    fraud1DUBAI // An Egyptian businessman being held by police will not be deported to face theft inquiries in his home country until fraud allegations involving more than Dh28.5m against him in the UAE have been fully investigated, the attorney general said yesterday.

    Essam Eissa al Humaidan issued a statement confirming that Nabeel Ali al Boushi was wanted for alleged offences “that constitute criminal offences in the country” and was “concurrently wanted by the Egyptian authorities on charges relating to circulating and investing funds in securities trading activities against the Egyptian law”.

    Mr Boushi was arrested at Dubai airport on Feb 2 after two investors in the UAE accused him of writing bad cheques for a total of Dh28.5 million (US$7.7m). One was an Emirati woman, the other an Egyptian based in Dubai. Mr Boushi is alleged to have promised them lucrative returns on market investments.

    A third alleged victim of the owner of Optima Global Holdings has emerged, accusing Mr Boushi of writing a bad cheque for Dh500,000, according to police. Although Egypt has requested Mr Boushi’s extradition, Mr Humaidan said, “the accused will be handed over to the Egyptian authorities only after UAE case files are closed either after payment, the case is waived, or the accused stands trial”.

    If Mr Boushi went to trial and was found guilty, “the sentence must be carried out and the jail time done” before the extradition request would be considered.

    The Dubai Court of Appeal would decide whether the extradition should go ahead. That decision would be open to appeal.

    In Egypt, Mr Boushi is accused of stealing US$37m (Dh136m) from people, including media and sport figures, after allegedly assuring them of a 40 per cent return on investments in securities, bonds and stocks in regional and international markets.

    The National

    Posted in Dubai | Comments Off on Egyptian businessman accused of fraud will not be extradited to Interpol

    UPDATE: Four more held in corruption probe

    Posted by 7starsdubai on February 12, 2009


    http://www.7days.ae/storydetails.php?id=73813&title=Four%20more%20held

    Four executives have been taken into custody in Dubai in two separate cases of alleged corruption.

    Dubai police told 7DAYS yesterday that the CEO of brokerage and developer Hamp-stead and Mayfair was in custody on suspicion of fraud. Meanwhile, three executives involved in Dubai Waterfront are being held in a second case.

    Hampstead and Mayfair was a reseller of properties and was also developing Hampstead Residences and Boutique Residences in Jumeirah Village.

    The company is currently not operating as the CEO was the sole shareholder and the firm no longer has enough funds to continue, according to a former employee. The employee also told 7DAYS that the firm only started building the two Jumeirah Village projects when the initial developer absconded without refunding them for buying the properties. 

    The firm had already resold some units, so the CEO decided to set up a development arm to build the projects. The CEO raised dhs30 million from investors by promising them 30 per cent returns in six months, and raised dhs40 million from sales of units, the employee said. “There’s probably dhs70 to 80 million that’s been taken and only dhs4.5 million left in the escrow accounts,” he said. He added that efforts were being made to discover what happened to the funds and help to return investors’ money.

     “We all feel a bit of responsibility to these guys,” he said. In the second case, Dubai public prosecution records show that three Waterfront executives are being held “as part of an investigation into bribery allegations”, the UK’s Financial Times reported.

    Posted in Dubai | Comments Off on UPDATE: Four more held in corruption probe

     
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