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ACI Dubai Funds filed bankruptcy in Germany

Posted by 7starsdubai on September 14, 2010


source nw-news

Gütersloh / Bielefeld, Germany (dpa).

Several companies from real estate funds in Dubai, under the umbrella of the Gütersloh investment company ACI have registered on Friday for bankruptcy.  In this act it is the companies of the Fund II to V and the ACI IV Beteiligungs GmbH, said the district court of Bielefeld. A temporary administrator will probably determined on Monday, it said.  File number has not yet been awarded.
The company had previously announced bankruptcy.  ACI-founder Uwe Lohmann had stressed that the reason is the falling price of real estate in Dubai.
continue  reading original text in german ….

Full report update source The National September 14, 2010

Berlin // German prosecutors have confirmed they are investigating
the management of Alternative Capital Invest (ACI), the biggest German
property investment fund in Dubai, amid allegations of fraud. The
company had declared bankruptcy on four of its investment funds.

An investigation has been launched against executives of the company ACI
for alleged capital investment fraud and breach of trust,” Heinrich
Rempe, a senior prosecutor in Bielefeld, western Germany, told The
National last night.

The company set up investment funds in Germany with the purpose of
entering into investments in Dubai. The investigation is focusing on
alleged false information given in the prospectus the company issued
for its funds.

Mr Rempe said ACI had a total of seven investment funds and that four of them, numbered II to V, had filed for insolvency. He said the investigation had been going on for several months.

“The probe is still at an early stage,” Mr Rempe added.

ACI declined to comment.

Accordingto Handelsblatt, a leading German business newspaper, ACI had collected about €210 million (Dh1 billion) from about 6,000 investors in its
various funds to invest in constructing high-rise developments in
Dubai.

Handelsblatt said Bielefeld prosecutors were investigating the founder of ACI, Hanns-Uwe Lohmann, and his son Robin, and that ACI’s headquarter in the western German town of Guetersloh had been searched in June.

Mr.Lohmann has denied the allegations. German media quoted him as saying the projects ACI had invested in were unfinished and the slump in Dubai property prices had forced the company to make “unavoidable balance sheet write-downs of the book values.

Mr Lohmann has resigned as the chief executive of ACI.
ACI is engaged in several development and property projects in Dubai and was best known for its concept of “tower branding”.

The fund company was planning towers named after celebrities such as
the Formula 1 drivers Michael Schumacher and Niki Lauda, and the tennis
champion Boris Becker. Huge advertisement campaigns ran throughout Dubai until 2008 before the property market reached its peak.ACI
told investors in a recent letter that while its Dubai Fonds II to V
had declared bankruptcy, the latest funds Dubai Fonds VI and VII had
not. Fonds I had been closed at an earlier date, and €13.5m had been
paid out to investors.Media reports said ACI had expected to realise projects worth more
than €600m in Dubai before the financial situation deteriorated.

ACI
developments include the Dubai Star tower in Jumeirah Lake Towers for
which a new contractor is being sought, according to a statement by ACI
Real Estate in Dubai.
The Q Sami tower and Victory Bay in Business Bay are also seeking new contractors. The PKS Residences and the Mayfield Gardens projects in Jumeirah Village have been put on hold, along with the Niki Lauda, Boris Becker and Michael Schumacher towers and the Wings of Arabia project in Dubailand.

Progress on the Ferretti and Pershing Beach Residences on Waterfront
have also ground to a halt, although they were slated for completion by
next year.

ACI claims that some of the projects have already been sold.
Earlier this year, ACI tried unsuccessfully to sell other assets as potential
buyers cancelled deals. Mr Lohmann blamed this on “intrigues” by
competitors and unfavourable reports in the media.

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One Response to “ACI Dubai Funds filed bankruptcy in Germany”

  1. Martin Kraeter said

    ACI – Abandoning Capital Innocent?

    With view to the general reports in German and UAE (as well) media, the standard reader comes to the following result:

    Anyone is responsible for ACI’s bankruptcy – except ACI itself or better said the Lohmann clan members:

    A – DUBAI, because this “desert village” lured international capital with a too unrealistic metropolis vision!
    Well, this seems to be viewed differentiated and seems to be depending from the professionalism of the developer – with a look to hundreds of successful real estate projects.
    Following official ACI statements, Dubai should appear as pure biggest graveyard of abandoned construction plots. And if one out of 100 towers has reached completion there are no property tenants/users to move in. Well . . . staying here in Dubai draws a very different picture.

    B – Again DUBAI, because Dubai legislation obliged ACI to withdraw 80% (!!!) of its asset values in one move as a law – and only this obligation caused the bankruptcy!
    THIS IS NEITHER A JOKE, NOR A RUMOUR!!! THIS is ACI’s argumentation in their 2009 balance sheets as well as in their insolvency application!!! All shareholders are being told that the ACI management had no other choice than depreciating 80% of all asset values, forced by a rule existing in Dubai. Well, this is the first case of its kind where (definitely not existing) accounting regulation from Dubai has got legal influence on balance sheets under German legislation.

    C – The FINACIAL CRISIS, of course!
    Sure, ACI is and will never be the only “Ponzi”, misusing the global financial crisis as wildcard explanation for own incompetence.

    D – “INTRIGUES” by competitors and UNFAVORABLE REPORTS in the media!
    ACI and its dubious strategies have been at least since summer 2005 (!!!) topic in various German media and blogs. But of course, the reflex is typical, “who is not with us, is against us”. There has never been a kind of differentiation between serious critical questions and ACI’s own fears to get “disclosed”.

    Summarizing: ACI and its unqualified family management clan belongs to the “unsung heroes” of the international development scene which they entered from operating a small garments shop in Guetersloh (!!!). And the disaster now is only result of crock investors, lawyers, journalists, bloggers etc.

    For the more involved ones, all ACI statements as well as activities during the last weeks are much more than a joke – they show very clear indicators for a bi-national multi-million-Euro-fraud. All usual ingredients are part of the game: directors resignation short before filing bankruptcy, secession of assets to installed shelf companies, round blaming of third parties as responsible etc. etc.

    It’s a matter of fact that the ACI bankruptcy is NOT a standard entrepreneurial accident – it is a devious weave of fraud.

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