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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.
7StarsDubai 
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.