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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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Archive for the ‘Dubai Property legal’ Category

Dubai Investors of a Jumeirah Village Circle project demand the return of their money

Posted by 7starsdubai on March 18, 2012


  DUBAI // Investors who bought apartments in a project at Jumeirah Village  Circle that was never completed say they are prepared to take the developer Ishraqah to court if they do not get their money back.

“I poured my life savings into buying a one-bedroom apartment in the project,” said Swarup Anand, a father of one who invested Dh500,000 in the Seasons development’s Spring cluster.

After the financial crisis only the Summer and Autumn clusters were ever completed, leaving people who bought in the Spring cluster without a property. No homes were sold in the Winter cluster.

“We chose this project because we wanted to go with an established and reputable company,” said Mr Anand, who paid for an apartment in the Spring cluster.

“But from 2009 they kept delaying and delaying. They kept warning us that if we did not keep up with the instalments then we would be charged late fees.”

A spokeswoman for Ishraqah said: “The Spring cluster was indeed cancelled last year. Work on the Winter cluster had never started. The matter is now with the land department.”

continue reading original source The National

Posted in Dubai Property dispute, Dubai Property Investors, Dubai Property legal, Dubai Real Estate Scandal | Tagged: , , | Comments Off on Dubai Investors of a Jumeirah Village Circle project demand the return of their money

Dubai Marina Homeowners are planning legal action against developer

Posted by 7starsdubai on February 23, 2012


Dubai Homeowners of an upscale 45-storey residential tower in Dubai Marina are planning legal action against the developer, alleging a series of violations, including unfulfilled promises, mis-sale, misappropriation of funds and non-payment of bills to multiple service providers,.

Claire Grainger, Senior Partner from Prestige Advocates & Legal Consultants, who is representing the interim homeowners’ association of the building, said, “We intend to demonstrate in arbitration and court proceedings that either the developer never actually intended to deliver some of the promised facilities or cancelled some of them part way through the construction as published in their marketing material which was used to talk people into buying apartments”,  Gulf News Dubai reported.

continue reading original source Gulf News

Posted in Dubai Legal - Real Estate Lawsuits, Dubai Marina, Dubai Property Investors, Dubai Property legal, Sales Purchase agreement | Tagged: , , , , | Comments Off on Dubai Marina Homeowners are planning legal action against developer

Dubai property investors who lost life savings continue fight

Posted by 7starsdubai on January 28, 2012


Ron Oakley lost Dhs1.46 million to German development company, Alter­native Capital Invest (ACI) Dubai, which
promised huge returns on luxury Dubai tower blocks named after tennis star Boris Becker and racing legends Niki Lauda and Michael Schumacher.

Last February Mr. Oakley was awarded by Dubai courts a full refund on his Dhs1.46 million investment in Niki Lauda Twin Towers – the first ACI investor to win his money back.

However, nearly one year on, Oakley has yet to receive a dirham in return and has racked up Dhs 700,000 in legal fees.

source 7Days continue reading…

Posted in ACI Lohmann Dubai, Dubai Property Investors, Dubai Property legal, Dubai Real Estate Scandal | Tagged: , , , | Comments Off on Dubai property investors who lost life savings continue fight

Investors in one of Palm Jumeirah’s developments formed a group to advocate for their interests

Posted by 7starsdubai on March 22, 2011


DUBAI // Investors in one of Palm Jumeirah’s biggest developments say they have been left out in the cold by a Dh1 billion (US$272.3 million) legal dispute between Souq Residences, the company behind the project and Nakheel, which built the group of islands.

The investors in the Golden Mile who recently formed a group to advocate for their interests say they have yet to move in six years after the project’s launch, even though construction has been completed and they have paid in full for their properties.

“We’ve had immense difficulty,” said Suhail Rehman, one of the investors. “People have lost two years of rent on fully paid-up assets.”

“We’re being reminded of this by cases against some of the government and private developers. It’s not just a matter of finances but also of putting a legal system in place to handle these disputes.”

source The National continue reading…

Posted in Dispute, Dubai, Dubai Property legal, Dubai Real Estate Scandal, Nakheel | Tagged: , , , , | Comments Off on Investors in one of Palm Jumeirah’s developments formed a group to advocate for their interests

Criminal cases against Dubai Developer-Proof of Fraud

Posted by 7starsdubai on October 3, 2010


Investors can file a criminal case against a developer only if the reason for developer’s default is criminal in nature and there is evidence to
prove it, according to a lawyer.
“Investors can file a criminal case against a developer on the basis that it has not started a project and/or opened an escrow account, but
only if the reason for developer’s default is criminal in nature, and there is evidence to prove it on its face,” Ludmila Yamalova, Legal
Consultant/Partner, Al Sayyah Advocates & Legal Consultants, told Emirates Business.
Raza Mithani, Senior Associate, Al Tamimi and Company, Advocates & Legal Consultants, said: In Dubai, a criminal case may be filed
where there is evidence of fraud. Failure to open an escrow account may, depending on the circumstances, constitute evidence of fraud.”
Tatjana Fuhr, Legal Consultant at Fichte & Co Legal Consultancy and KK Sarachandra Bose, Partner and Corporate, Commercial and
Contract Lawyer, Dar Al Adalah Advocates & Legal Consultants, agreed that a buyer can file a case against a developer who has not
started the project and collected funds without opening an escrow account.

read more

proof of fraud to file a criminal case against a developer in Dubai

Posted in Dubai Justice, Dubai Property Investors, Dubai Property legal, Fraud Dubai, Immobilien Betrug Dubai | Tagged: , , , , | Comments Off on Criminal cases against Dubai Developer-Proof of Fraud

Dubai Investors wish to get answers: We don’t want our cash back we want Nakheel to build Jebel Ali Palm

Posted by 7starsdubai on May 24, 2010


Dubai
source Arabian Business
Investors who bought homes on a delayed project by troubled Dubai developer Nakheel are hiring a law firm to represent them as they seek negotiations with the company, a spokeswoman said on Thursday.

“Nakheel have recently informed owners of further delays of at least five to 10 years,” said Aarti Chana, spokeswoman for Palm Jebel Ali Homeowners.

“The owners voiced major concern over the fact that Nakheel’s statement has broken key terms in our contract without seeking owners agreement,” she said.

A Nakheel spokeswoman declined to comment, when reached by Reuters by telephone.
continue reading…

Posted in Dubai, Dubai Property dispute, Dubai Property legal, Nakheel, Property Investor Dubai | Tagged: , , | Comments Off on Dubai Investors wish to get answers: We don’t want our cash back we want Nakheel to build Jebel Ali Palm

Dubai Property Investors in Dispute – Standoff between buyers and developers

Posted by 7starsdubai on May 20, 2010


source The National original reported by Bradley Hope

Kasim Hammami says he was making a speculative investment when he put a 20 per cent down payment of Dh4.8 million (US$1.3m) on an entire floor of the planned Beachfront Living tower in Dubais Waterfront development in 2007.

It was pure buying and selling of properties, the Syrian businessman said of the strategy for the company he co-founded, New Wave Investments. We would trade three or four properties a year.

But, almost three years later, that investment is at the centre of a dispute between Mr Hammami and the developer, Omniyat Properties, which has sent him a cancellation notice after he defaulted on further payments.

In a property economy that, towards the end of the boom, was dominated by both speculative developers and buyers, many disputes similar to that involving Mr Hammami have ended up in the courts and the halls of the Land Department and Real Estate Regulatory Agency (RERA). Hundreds of cancellation notices have recently been sent out by developers and the Land Department to buyers who have default.

Everyone in Dubai is pointing the finger at whats called speculators, Mr Hammami said. We all share some responsibilities, including the regulator and the developer. What I would like is fair treatment.

Property laws in Dubai have created a standoff between buyers and developers. Developers are allowed to collect 30 per cent of the value of a property before connecting the remaining payments to construction milestones.

Mr Hammami would have to pay another 10 per cent of the Dh24m he has committed to pay for four apartments, or Dh2.4m, to meet his obligations.

Meanwhile, Omniyat has only recently started construction of the tower after hiring of a contractor to install piling. RERA classifies the project as not having reached the first of five construction milestones. A report on its website from February 23 said the enabling contractor has started mobilising on site and shoring works have started.

According to an official review of the projects escrow account by Caliber Middle East, a consultancy that advises RERA, earlier this year, Omniyat sold more than 200 apartments and collected Dh314.7m.

Of that money and other funds Omniyat invested in the project, Calibers review shows, the company spent Dh237m on land payments and Dh101.6m on marketing expenses. Just Dh738,866 was spent on construction. Omniyat declined to comment last week.

Nakheel, the developer behind the entire 130-square km Waterfront project, has stopped work on it and has not yet announced a plan for future building.

How can I invest more money when the project has barely started, Mr Hammami said.

The two sides have failed to reach an agreement during the past year.

A group of investors applied to RERA to cancel the project last year but did not receive a response, lawyers said. Then, earlier this year the Land Department acted as an intermediary with an offer to lower the price per square foot, but increase the size of the apartments by 20 per cent.

Mohammed Gamal, an investor who signed up to buy a floor of Beachfront Living for Dh35m in 2008, said: Investment entails by its sheer nature the possibility of loss. But, there are principles. It cannot be acceptable under any circumstances than when an external factor like the financial crisis comes that one party wins all and other party loses all.

See also: Questions raised over cancellations

Posted in Dubai, Dubai Property dispute, Dubai Property legal | Tagged: , , | Comments Off on Dubai Property Investors in Dispute – Standoff between buyers and developers

Dubai developer Georg Recker wanted over alleged Hotel fraud

Posted by 7starsdubai on April 1, 2010


source TheNational

Authorities in Germany are seeking the arrest of a German national on
suspicion of a multimillion-euro fraud in connection with a Dubai hotel
project that was never built.

A court in Dortmund issued an
arrest warrant in November for the developer Georg Recker, who is in
Dubai and has denied any wrongdoing.

Investors are said to have
provided about €25 million (Dh123.7m) for Mr Recker’s Dubai 1000 Hotel
Fonds towards building a 1,050-room, four-star hotel in Dubailand.
continue reading…
and
from the archive…… 7starsdubai

Spiegel online Auf fen Spuren eines 107 Millionen Euro Phantoms
or
Manager Magazin part I
part II , part III

Posted in Dubai Legal - Real Estate Lawsuits, Dubai Property legal, Georg Recker, Real Estate Scandal Dubai | Tagged: , , | Comments Off on Dubai developer Georg Recker wanted over alleged Hotel fraud

Another property case filed at DIFC Court – Union Properties Dubai

Posted by 7starsdubai on March 30, 2010


source EmiratesBusiness24-7

Investors have filed a breach of contract case against Union
Properties (UP) for the non-delivery of units of the Index Tower.

The 328-metre property, currently under construction at the DIFC,
should have been completed two years ago, the suit claims.

Union Properties sold some units of the Index Tower to the claimants
and although the forms did not provide any specific date of delivery, it
was the common intention of both parties that the developer would
deliver the units in late 2008, according to court papers filed at DIFC
Courts.

The delivery date, which was to be recorded in a sale and purchase
agreement (SPA), has also not been issued. “The respondents’ continuing
failure to deliver the units and the failure of the respondent to issue
SPA in a timely manner is a breach of its contractual obligations,”
claim the document seen by Emirates Business.

continue reading…

Posted in Dubai, Dubai Legal - Real Estate Lawsuits, Dubai Property legal, Property Lawsuit Dubai | Tagged: , , , | Comments Off on Another property case filed at DIFC Court – Union Properties Dubai

Dubai legal System an Trial – German Investor filed five motions against Damac Properties

Posted by 7starsdubai on February 10, 2010


original source 7Days Dubai

DAMAC Properties has filed a motion to stop an investor’s lawsuit being heard in the Dubai International Financial Centre (DIFC) courts, and has also moved to strike the case entirely, the lawyer for the investor told 7DAYS yesterday.

German investor Lothar Hardt, who has invested in around dhs100 million worth of properties from Damac, filed a suit against the firm in December with the DIFC Courts, alleging breaches of contracts in the form of delays, misrepresentation of properties, fraud and improper use of funds, among other claims.

Hardt has invested in Lotus Residences and Water’s Edge in Business Bay, Park Towers at DIFC, Wildflower in Jumeirah Golf Estates and Ocean Heights in Dubai Marina.

He filed the suit with the DIFC Courts because Park Towers is located at DIFC and Damac is a DIFC-listed company.

Ludmila Yamalova, a partner at Al Sayyah Advocates and Legal Consultants, which is handling the suit, previously told 7DAYS that having the case heard at the DIFC Courts has a number of advantages over the Dubai Courts, including the fact that DIFC operates under British law, which has had more experience of property disputes in comparison with Dubai law.

Yamalova said yesterday that Damac was contesting the jurisdiction of the case and was also moving to strike out the case due to a lack of “reasonable grounds”.

However, she said Hardt had filed five motions in response to Damac, including a motion for judgement by default and an award of damages of over $132 million because Damac failed to support its motion with proper statements and failed to file its defence, and defences for individuals named in the case, on time.

The requested damages include actual damages of about $44 million  in lost profits and legal expenses, and punitive damages, which can be  up to three times the value of actual damages in the DIFC Courts.

The motions of both Hardte and Damac will be heard at DIFC Courts later this month.

Hardt told 7DAYS in January that if DIFC Courts decided jurisdiction belonged with the Dubai Courts, he would still pursue the suit.

“First I am hoping that I will regain my money and the second thing is, while I have been negotiating with Damac I’ve seen so many people in the situation where all the money they had was in one apartment and they stand to lose it all… so I see myself also as being the spearhead for these people,” he said.

Read also: An interesting case to watch – German Investor is suing Damac Properties

Posted in Dubai, Dubai Legal - Real Estate Lawsuits, Dubai Property legal, Lawsuit Dubai | Tagged: , , , , , | Comments Off on Dubai legal System an Trial – German Investor filed five motions against Damac Properties

New Law – Protection for Dubai Property Investors

Posted by 7starsdubai on January 24, 2010


New Dubai Land Law – Property refunds
original source The National / by Bradley Hope

Property investors in Dubai will be eligible for refunds or replacement property if they fall victim to unscrupulous or failing developers, under laws planned for this year.

And developers will face new financial penalties if the buildings they promise are not delivered on time, or to agreed specifications.

Details of the proposed laws were revealed in a newsletter from the law firm Al Tamimi and Company, which ran a dialogue between Lisa Dale, the head of the firm’s property practice, and Emad Eldin Farouq, a senior legal adviser at the Dubai Land Department.

“There are lessons to be learnt from the crisis and we are emerging with a new legal regime,” said Mr Farouq. “Loopholes in laws are being dealt with and things will become more organised in 2010.”

As more buyers default on their payment plans and developers fail to deliver buildings on time, legal disputes are expected to remain a dominant theme in the UAE this year, lawyers say.

“2010 is still the year of fighting,” said Michael Lunjevich, the head of the property practice at Hadef and Partners. “It will be about consolidations, legal claims, liquidations and insolvencies. The market needs to clean itself out.”

The most significant elements of the proposed legislation in Dubai relate to the protection of property investors, including the refund or replacement property for buyers where the developer delivers a defective property, and financial penalties for late delivery.

The laws would also establish the grounds on which a purchaser can demand cancellation of the contract if, for instance, the developer refuses to link payment plans with construction milestones.

“The investor protection law is being proposed to deal with some specific issues identified last year, where investors needed further assistance in dealing with errant developers,” Ms Dale said.

Another element of the legislation would allow Emiratis with land granted to them by the Government to convert it to a freehold title, allowing them to sell it to another Emirati or GCC national, or mortgage the property, she said.

“The granted land system is a tradition in the UAE, enabling nationals to have access to lands for the purpose of building their home or business premises,” Ms Dale said.

“However, the system is quite limiting, as there are restrictions on transacting with such land. If you upgrade your title from granted to freehold, you can sell the property to other UAE or GCC nationals, or you can put it into a property fund or mortgage it. It becomes a much more flexible asset.”

The Dubai Land Department also plans to begin regulating property valuers and conveyancers by requiring them to obtain licences, and to create a law to oversee property brokers who handle trust accounts for property deals, Ms Dale said.

The department has created a draft law that would provide a regulated structure for establishing and managing property funds, which would “potentially provide a boost to the Dubai real estate market by generating an increased level of collective investment activity”, she said.

Mr Farouq said in an interview yesterday that the Dubai Land Department was seeking to raise its number of lawyers to 15 from 10, and bring on board more property experts to help deal with the overflow of cases that have arisen from the slowdown in the property sector.

Planned laws welcomed, b4

But the wider problem for clearing the system of legal disputes is the relatively uncertain nature of property legislation in Dubai.

Last year, the authorities announced Law No. 9 as a definitive system for determining what happens in the event of a buyer default, but the regulations spelling out the specifics of the law have yet to come out.

Alexis Waller, the head of the property practice at Clyde and Company, said developers and investors in Dubai faced a “change-of-law risk”.

“You could do something today that could be impacted by a new law later,” Ms Waller said. “We are operating in a jurisdiction where there are a lot of grey areas.”

Posted in Dubai, Dubai law, Dubai Legal - Real Estate Lawsuits, Dubai Property legal | Tagged: , , , | Comments Off on New Law – Protection for Dubai Property Investors

Dubai Immobilien – Zwangsvollstreckungen – Barclays Plc gewinnt in Gerichtsverfahren

Posted by 7starsdubai on January 12, 2010


original Wirtschaftsblatt at

Die Bank Barclays Plc hat vor einem Gericht des Emirats die ersten Gerichtsverfahren für eine Zwangsvollstreckung gewonnen. Damit ist der Weg frei für die Gläubiger von Eigenheimkrediten im Volumen von rund 16 Mrd. Dollar (11 Mrd. Euro), bei säumigen Schuldnern entsprechende Maßnahmen zu ergreifen. Die größte Hypothekenbank des Emirats, Tamweel PJSC, hat mehrere Zwangsvollstreckungsklagen laufen und schätzt den Anteil der notleidenden Hypothekendarlehen im Portfolio auf drei Prozent.
mehr....

Posted in Dubai, Dubai law, Dubai Property legal, Property Lawsuit Dubai, Real Estate Scandal Dubai | Tagged: , , | Comments Off on Dubai Immobilien – Zwangsvollstreckungen – Barclays Plc gewinnt in Gerichtsverfahren

 
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