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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…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
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    ron oakeley on ACI – Alternative Capita…
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  • RSS Dubai United Arab Emirates Property Real Estate Debt Fraud Developer Investor Court News

    • 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 Real Estate Scandal’ Category

Investors of dealyed Dubai Sports City file a petition to the Dubai Land Department

Posted by 7starsdubai on September 11, 2012


Hundreds of investors in the massive delayed real estate projects at Dubai Sports City (DSC) are to hand in a petition to Dubai Land Department urging authorities to audit the project and investigate delays by third-party residential real estate subcontractors. According to the investors’ petition, they claim “what we have is a half built sports city, with many building plots standing abandoned and investors chasing non-existent developers to try to get their money.”

 

The Petition RERA Dubai Help us :

We are the 2005/07 Investors of Dubai Sports City.

Many of us wanted a holiday home in Dubai for our families and before that we were part of the successful Tourism Industry that frequents Dubai every year. Some of us were planning to make Dubai our new home. We are not gamblers or speculators that invested beyond our means.

Our money was supposed to be protected by the escrow accounts. We were promised stadia and infrastructure. It is now 2012 with no end in sight…

The Developers have defaulted on mass scale since according to our contracts our projects were supposed to be completed between 2008 and 2010. Until today we have not received any request for an extension of our contracts and no explanation about why the projects have been stalled. Many of us were asked for more money and some of us were told that the construction was in progress when it was not. Many projects have stalled for years, but those Developers are still allowed to hold our money until “the market improves”. Despite numerous contacts with RERA our rights have not been upheld. Furthermore RERA is delaying the cancellation of non-vital projects. We feel that this  inaction has an additional negative impact on the Dubai economy and more precisely on its real estate market.

It is our belief that if RERA applied the law equally to Developers and Investors, we would be allowed to choose to receive refund of our money as per our contracts and could then reinvest the money in viable projects. If the Developers have misused the money they should be penalised according to the law.

We, the undersigned hope for the best future of Dubai. As Investors in Dubai we ask:
1. The Government to stop the Developers demands for additional payments beyond those already contracted;
2. To provide every Investor with escrow/trust fund/invested money information in every project in DSC so Investors can make informed decisions,
3. Create new escrow accounts for new payments,
4. Require the Developers to use the money already invested into the projects to complete them;
5.Mediate disputes between investors and Developers and come up with practical solutions -don’t send everybody to courts.

Click here to sign the Petition

Posted in Dubai, Dubai Property Investors, Dubai Property refund, Dubai Real Estate Scandal, Dubai Sports City, Petition Rera Dubai, Real Estate Dubai, Rera Dubai | Tagged: , , , , , | Comments Off on Investors of dealyed Dubai Sports City file a petition to the Dubai Land Department

Dubai Developer resist to refund money even the apartment was never built

Posted by 7starsdubai on September 2, 2012


DUBAI: Seven years after she invested in an apartment that never got off the ground, a British woman is still chasing the developer for a refund.

In February 2005 the Chambers booked a studio at Paris Residence 1, a project of the 32Group Properties Ltd. “To date, they have not broken ground on the said property proposed for International City,” said the mother of two. The Chambers had given Dh140,000 to the developer.

As per the sales contract, and as the developer has defaulted, the Chambers should get their money within 60 days from the time of cancelling the agreement, along with interest, she said. “The company executives never respond to my emails. And when I call, they ask us to send them email. We’ve always been given a runaround.”

continue reading original source XPRESS

Posted in Dubai Developer, Dubai Real Estate Scandal | Tagged: , , | Comments Off on Dubai Developer resist to refund money even the apartment was never built

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

Damac Palm Springs Dispute solved – Investors recieved full refund

Posted by 7starsdubai on January 30, 2012


Dubai Property buyers on the Palm Jebel Ali Damac Palm Springs  project, who have waited eight years for construction to begin, were previously offered a 70 percent refund of their deposits, or 25 percent immediately followed by a further 25 percent annually for the next three years.

Now the Investors in Dubai’s stalled Palm Springs project have reached a deal with Dubai developer Damac for a full, upfront refund on payments made for their uncompleted properties.

Of the 48 investors involved, 21 have received payment, and a further 27 are expected to receive their cheques in the next two weeks, Arabian Business reported.

source Arabian Business

Posted in Damac, Damac Palm Springs Jebel Ali Palm, Dubai Property Investors, Dubai Real Estate Scandal | Tagged: , , , | Comments Off on Damac Palm Springs Dispute solved – Investors recieved full refund

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

Dubai Property Lawsuit – Union Properties sued by Index Tower Apartment Owner

Posted by 7starsdubai on July 28, 2011


Dr David Dorsey claims the developer ( Union Properties Dubai)  misrepresented the quality of the project and breached a promise to provide a swimming pool and health club.

Dubai Property Lawsuit - Union Properties sued by Index Tower Apartment owner sued before the Dubai International Financial Court

The suit filed in the Dubai International Financial Centre (DIFC) Court also charges the developer with misleading investors on construction progress in The Index, the 80-storey tower designed by Foster + Partners.

Dr Dorsey, a medical doctor who works as a portfolio manager, is seeking the return of Dh3.4 million (US$925,674) he paid for the apartment and more than Dh3m in damages.

Union Properties representatives could not be reached for comment.

The case could have ramifications for hundreds of investors with similar complaints. The DIFC Court, which is governed by its own set of civil and commercial laws, provides an avenue unavailable for buyers in projects outside the financial centre to pursue cases.

“The whole point of the DIFC is it offers the protection of international legal standards,” Dr Dorsey said.

He bought a two-bedroom apartment in The Index tower in 2007.

But the company never followed through on a series of promises, including a commitment to provide a detailed sales and purchase agreement (SPA), his suit claims.

The SPA was necessary to “give us the ability to guard our rights”, Dr Dorsey said. “All we had was a one-page reservation form for three years.” Union Properties did not offer a detailed SPA until July last year and included many clauses “unilaterally advantageous” to the developer, the suit claims. The language addressed such issues as liability, force majeure and penalties not in the original agreement, the suit claims.Dr Dorsey refused to sign it.

continue reading ….. source The National

Posted in Developer Dubai, Dubai Legal - Real Estate Lawsuits, Dubai Property owner, Dubai Real Estate Scandal | Tagged: , | Comments Off on Dubai Property Lawsuit – Union Properties sued by Index Tower Apartment Owner

Dubai Property Investors from UK take action against Damac in London

Posted by 7starsdubai on July 27, 2011


Around 20 buyers of units in Damac’s stalled Palm Springs development plan to lobby outside the Qatar-owned store, where the developer has run a month-long promotion for its Versace-branded real estate project in Saudi Arabia.

The group will carry placards and plans to hand out leaflets to shoppers headlined ‘I would not buy from Damac again’, in a bid to embarrass the developer they claim has held their deposits for eight years.

“It is really trying to make our voices heard with Damac people who will be there, as much as we can and to hand out leaflets to anyone who is interested in hearing our story,” Craig Murray, a spokesperson for 100-strong Palm Springs Investors Group told Arabian Business.

source Arabian  Business…….continue readling

Posted in Damac, Damac Pal Springs Jebel Ali Dubai, Dubai Property dispute, Dubai Property Investors, Dubai Real Estate Scandal | Tagged: , , | Comments Off on Dubai Property Investors from UK take action against Damac in London

Dubai canceled 217 Registered Real Estate Projects

Posted by 7starsdubai on June 13, 2011


217 Real Estate Projects canceled by RERA Dubai

Dubai continues to struggle with its real estate woes, the latest sign that things are not yet quite set to improve comes with the report that Dubai’s real estate watchdog organization has canceled around 217 registered property projects since 2009[. The Dubai Real Estate Regulatory Authority  (RERA), reviewed about 450 projects in the emirate and may have canceled as many as 217, although it admitted that 237 would likely be completed “in due course.”

Last year, the value of property transactions fells to 119.5 billion dirhams ($32.5 billion) from 152.9 billion dirhams in 2009, and residential prices in the region are still falling with declines of 1.2 percent in May.

Home prices are down 64 percent from their mid-2008 peak

Posted in Dubai, Dubai Debts, Dubai Real Estate Scandal, Property Investor Dubai, Rera Dubai | Tagged: , , , | Comments Off on Dubai canceled 217 Registered Real Estate Projects

Palm Jumeriah feud legal action

Posted by 7starsdubai on May 15, 2011


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 year.

 “Most of us purchased these properties back in 2004, we paid for them
in full back in August 2009,” investor Martin Lawrence told Arabian
Business.

source Arabian Business continue reading…..

Posted in Dubai Property dispute, Dubai Property Investors, Dubai Real Estate Scandal, Palm Jumeirah Dubai, Property Investor Dubai | Tagged: , , , , | Comments Off on Palm Jumeriah feud legal action

RERA Dubai – 90,000 units face cancellation

Posted by 7starsdubai on April 7, 2011


Dubai April 7, 2011

In an interview with XPRESS, Marwan Bin Ghalaita, CEO of Dubai’s real estate regulatory agency, confirmed that 257 projects were under review, many of which were yet to even start construction.

He added that when assessing a project’s viability, RERA would be looking particularly at the ability of contractors and developers to deliver the project.

Last year, RERA cancelled 202 projects where little or no construction had taken place or where buildings were located far from the city’s main infrastructure

 

Posted in 7starsdubai, Dubai Real Estate Scandal, Marwan bin Ghalaita, Rera Dubai | Tagged: , , | Comments Off on RERA Dubai – 90,000 units face cancellation

ACI Robin Lohmann Dubai – Kapitalanlagebetrug -Staatsanwaltschaft Bielefeld

Posted by 7starsdubai on April 6, 2011


Bielefeld April 5, 2011

Die Staatsanwaltschaft Bielefeld hat gegen die Chefs der Gütersloher Fondsgesellschaft Alternative Capital Invest (ACI) Anklage erhoben.

Die Staatsanwaltschaftwirft Uwe Lohmann (66) und dessen Sohn Robin (36) Kapitalanlagebetrug vor.

ACI hatte mit dem Geld aus den Fonds Hochhäuser in Dubai bauen wollen. Dafür hatte das Unternehmen von 8.000 Kleinanlegern rund 70 Millionen Euro eingesammelt. Die Finanzierung platzte, die Fonds sind mittlerweile insolvent.

Als Geschäftsführer der Immobilienfonds hatten Uwe und Robin Lohmann in den Verkaufsprospekten laut Staatsanwaltschaft falsche Angaben gemacht. “Sie haben erhebliche und nachteilige Tatsachen verschwiegen”, sagte Oberstaatsanwalt Klaus Pollmann, Sprecher der Schwerpunktabteilung Wirtschaftskriminalität, gestern.

continue reading source NW-News

Posted in 7starsdubai, ACI Immobilienfonds, ACI Lohmann Dubai, ACI Real Estate Dubai, Dubai Real Estate Scandal, Robin Lohmann | Tagged: , , , , | Comments Off on ACI Robin Lohmann Dubai – Kapitalanlagebetrug -Staatsanwaltschaft Bielefeld

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

Dubai Criminal Court-Real Estate-3689 fraud charges-Al Boom sentenced to jail

Posted by 7starsdubai on March 12, 2011


source Arabian Business

Emirati real estate tycoon Abed Al Boom has been sentenced to more than 923 years in jail after a special tribunal hearing in Dubai convicted him of 3,689 counts of fraud.

The CEO of Al Boom Holdings was charged with swindling AED960m from 3,706 investors, and received a three-month term for each of the counts of fraud, media reports said.

A further 11 counts of fraud were dismissed by the judge, who also acquitted Al Boom’s five co-defendants of all charges.

continue reading

Posted in Dubai Justice, Dubai Real Estate Scandal, Fraud Dubai, Immobilienbetrug Dubai | Tagged: , , , | Comments Off on Dubai Criminal Court-Real Estate-3689 fraud charges-Al Boom sentenced to jail

Lawsuit filed against Damac before DIFC-Uptdate-German Investor Lothar Hardt

Posted by 7starsdubai on December 19, 2010


A judge has ruled part of an investor’s lawsuit filed against the Dubai developer Damac Properties may be heard by the Dubai International Financial Centre (DIFC) Courts.

Lothar Hardt’s closely watched suit against the developer is believed to be the largest filed against a developer in the emirate.

“I think this is very important for Dubai …” Mr Hardt said yesterday. “So far everything has been left in the dark.”

Mr Hardt claims he invested US$9.7 million (Dh35.6m) in five Damac projects: Park Towers at the DIFC; Water’s Edge and Lotus Residences at Business Bay; Wildflower at Jumeirah Golf Estates; and Ocean Heights at Dubai Marina.

His suit charges the developer with a range of alleged infractions including failing to deliver the projects on time, mismanaging escrow accounts and failing to register transactions with Dubai’s Land Department.

One of the developments, Lotus Residences, was built on land controlled by the UN, he alleges.

Mr Hardt, who was listed as a Damac “VIP investor”, is asking for the return of his $9.7m as well as damages.

A Damac spokesman declined to comment.

continue reading…..

source The National December 2010

Posted in Damac, Dubai Legal - Real Estate Lawsuits, Dubai Property Investors, Dubai Real Estate Scandal, Lawyer Dubai, Lothar Hardt, Ludmilla Yamalova, Property Court Dubai | Tagged: , , , | Comments Off on Lawsuit filed against Damac before DIFC-Uptdate-German Investor Lothar Hardt

Dynasty Zarooni Executives charged with defrauding 25 Million

Posted by 7starsdubai on February 18, 2010


original published GulfNews

Gulf News obtained a copy of the arraignment sheet, in which K.M. was charged with offering the businessmen to multiply their money through a bogus investment portfolio. Records said the Indian told the businessmen to provide a monthly payment of Dh300,000 to be invested in real estate projects offering a monthly revenue of Dh1 million starting from the seventh month. KM allegedly got the claimants trust the feasibility of the portfolio by advertising in newspapers and the internet.

The Public Prosecution also charged M.H.Z. and R.Q. with aiding and abetting K.M. by confirming his claims, the act which allegedly resulted in cheating the claimants.

continue reading…..


Real estate fraud

Gulf News also learnt that prosecutors dismissed the charges of real estate fraud, worth hundreds of millions of dirhams, against the suspects for lack of crime.

Al Shaali appealed the dismissal of the real estate fraud charge.

An appeals judge is looking into this plea.

“The jury is only responsible for prosecuting the suspects on the charges of swindling and establishing a bogus investment portfolio … I will not accept any real estate fraud case or complaint,” concluded Presiding Judge Abdul Majid, who adjourned the case until March 10.

According to the charges sheet, K.M. told prosecutors that he bought the properties, which the businessmen described as bogus and non-existent, from developers and he was authorised to sell them. He presented contracts and documents to prove that he was authorised to do so.

Dynasty Zarouni’s chairman claimed in his statement to prosecutors: “Due to the global financial crisis, some of the businessmen’s cheques bounced and when he presented the bad cheques to the police, they complained against him.”

Posted in Al Fajer Properties, Dubai, Dubai law, Dubai Property Investors, Dubai Real Estate Scandal, Dynasty Zarooni, Fraud Dubai, Lawsuit Dubai | Tagged: , , , | Comments Off on Dynasty Zarooni Executives charged with defrauding 25 Million

Al Fajer Properties-500 Investors Sign Petition Seeking Dubai Ruler’s Intervention in Dispute with Dubai Developer

Posted by 7starsdubai on June 22, 2009


Al Fajer Properties DUBAI, United Arab Emirates June 2009

Ebony Ivory Investors Group, 500 international property buyers and investors, have signed a petition requesting Dubai’s Real Estate Regulatory Authority (RERA) and the Dubai Ruler’s Court to investigate the Jumeirah Lakes Towers Ebony Ivory Towers project, involving Al Fajer Properties and its marketing agent Dynasty Zarooni

The petitioners have asked RERA to cancel the Ebony Ivory project and require Al Fajer Properties to provide a full refund, alleging legal violations by the developer, including fake construction photographs and misleading press releases.

“We have paid approximately $140 million and have a signed contract from Sheikh Maktoum Bin Hasher Al Maktoum,” said Moses Oye, spokesperson for the affected investors from the US, Canada, UK, Russia, India, Iran, Pakistan and other nations. “Now, we want our money back.”

The investor group said it is essential for RERA to conduct a comprehensive and transparent investigation to resolve the matter quickly because of the potential damage it may cause to overall investor confidence in Dubai. “We understand that Al Fajer Properties is controlled by a powerful member of Dubai’s ruling family,” added Oye. “However, if our complaints are not treated as per the rule of law, that will damage the reputation of the Dubai government, which we believe has always stood for transparency, accountability and implementation of the rule of law for all.”

Advertisement June 2008 with false construction status
In its complaint, the investor group cited advertisements in a local daily newspaper published in July, 2008 that show construction cranes with Al Fajer Properties logo and a structure rising six floors above ground. The caption read: “Shot on location on 10th June 2008, Ebony Ivory, Jumeirah Lakes Towers.

However, independent media reports have confirmed that the photographs actually showed Al Fajer’s other project, Jumeirah Business Centre Towers.

In reality, the site for Ebony Ivory Towers is merely a hole on the ground with no workers or machinery on site.

The investor group has sought for an explanation from Al Fajer Properties and has raised the issue with RERA on a number of occasions, without receiving a response for the past six months.

Now the investor group is ready to seek further legal action against Al Fajer Properties and Dynasty Zarooni.

-Ends-

Contacts
For Ebony Ivory Investors Group:
Moses Oye, +447956289390
Fax: +442084590202
ebonyivoryinvestorsgroup@yahoo.com

German Version:

500 internationale Immobilienkäufer und Investoren, die der Ebony Ivory Investors Group angehören, haben eine Petition unterzeichnet, in der sie Dubais Immobilienaufsichtsbehörde (RERA) und den Dubai Ruler’s Court auffordern, das Ebony Ivory-Towers-Projekt ( Juemirah Business Centre Phase 2) von Al Fajer Proeprties zu untersuchen.

Die Unterzeichner werfen dem Bauträger Al Fajer Properties Rechtsverstöße wie falsche Baufotos und irreführende Pressemitteilungen vor und fordern die RERA auf, das Ebony Ivory-Projekt aufzulösen und Al Fajer Properties zur vollständigen Rückerstattung zu verpflichten.

„Wir haben ca. 140 Mio. US-Dollar bezahlt und haben einen Vertrag, der von Scheich Maktoum Hasher Maktoum  Al Maktoum unterzeichnet ist”, sagte Moses Oye, der Sprecher der betroffenen Investoren aus den USA, Kanada, Großbritannien, Russland, Indien, Iran, Pakistan und anderen Ländern. „Nun wollen wir unser Geld zurück.”

Der Investorengruppe zufolge ist eine umfassende und transparente Untersuchung durch die RERA unverzichtbar, um die Angelegenheit schnell zu aufzuklären und den potenziellen Schaden, den sie dem Investorenvertrauen in Dubai insgesamt zufügen könnte, abzuwenden. „Nach unserer Kenntnis wird Al Fajer Properties von einem einflussreichen Mitglied der Herrscherfamilie von Dubai kontrolliert”, erklärte Herr Oye weiter. „Sollten unsere Vorwürfe jedoch nicht dem Gesetz entsprechend behandelt werden, würde dies den Ruf der Regierung von Dubai schädigen, die nach unserem Ermessen immer für Transparenz, Rechenschaft und die gleiche Anwendung des Gesetzes für alle eingetreten ist.”

In ihrer Beschwerde führt die Investorengruppe Anzeigen an, die im Juli 2008 in einer einheimischen Tageszeitung erschienen sind. Auf diesen waren Kräne mit dem Logo von Al Fajer Properties zu sehen sowie ein Bau mit sechs Stockwerken. Unter dem Bild stand: „Aufgenommen vor Ort am 10. Juni 2008, Ebony Ivory ( Juemirah Business Towers 7 bis 9), Jumeirah Lakes Towers.”

Unabhängige Presseberichte bestätigten jedoch, dass auf den Fotos in Wirklichkeit  ein von Al Fajer Properties anderes Projekt zu sehen war, die Jumeirah Business Centre Towers 1 bis 5. Tatsächlich handelt es sich bei der Baustelle von Ebony Ivory Towers lediglich um eine Baugrube ohne anwesende Gerätschaften oder Arbeiter. Die Investorengruppe verlangte eine Erklärung von Al Fajer Properties und machte die RERA wiederholt auf die Angelegenheit aufmerksam, hat aber im Laufe der vergangenen sechs Monate keine Antwort erhalten. Nun sind die Investoren zu weiteren rechtlichen Schritte gegen Al Fajer Properties und Dynasty Zarooni bereit.

Die Ausgangssprache, in der der Originaltext veröffentlicht wird, ist die offizielle und autorisierte Version. Übersetzungen werden zur besseren Verständigung mitgeliefert. Nur die Sprachversion, die im Original veröffentlicht wurde, ist rechtsgültig. Gleichen Sie deshalb Übersetzungen mit der originalen Sprachversion der Veröffentlichung ab.

Dubai source Zawya

Posted in Dubai Fraud, Dubai Real Estate Scandal, Ebony Ivory Towers Dubai, Jumeirah Business Centre, Sheikh Maktoum Al Maktoum | Tagged: | 1 Comment »

Forbes: ‘Madoff Of The Mideast’ Denies Charges

Posted by 7starsdubai on January 15, 2009


original published Forbes 14-01-2009

http://www.forbes.com/facesinthenews/2009/01/14/mulchandani-zarooni-dubai-markets-face-cx_ll_0113autofacescan01.html

A representative of Kabir Mulchandani hits back at accusations of fraud.

As dozens of angry investors clamor for their money back from Dubai-based property mogul Kabir Mulchandani, whom they accuse of being a fraudster, the stage seems to be set for a Middle Eastern version of the Bernie Madoff scandal. But those close to Mulchandani are adamant that upcoming legal proceedings will clear his name.

Mulchandani has been detained by the authorities in Dubai since Friday, pending a bail hearing, following claims of fraud from around 15 to 20 clients. But a spokesman for his company, Dynasty Zarooni, told Forbes on Tuesday that the allegations were groundless, instead suggesting these investors were desperate to get their money back by any means in the face of mounting losses on the Dubai property market.

“All these charges are baseless,” said the spokesman, from the company’s offices in Dubai. “All those who have lost money on the real estate crash are trying to get out of their future commitments. In the due course of time, the truth will prevail.”

These investors reportedly claim to have lost more than $100 million to Mulchandani and his business partner, Hilal al-Zarooni. One client told The Times Of India that he had made payments on a supposedly half-completed building, only to later find that the actual site was still a hole in the ground.

According to Dynasty Zarooni, however, all the paperwork shows clearly which plots were sold to which client and that no attempt was made to disguise their state. The company did not develop the properties, instead buying and reselling planned projects from developers such as Al-Fajer Group, a well-respected name with links to Dubai’s ruling family. Clients made payments to Dynasty Zarooni as the projects were completed, the company said.

Dubai’s property boom has been deflating rapidly in the midst of the financial crisis, with projects getting delayed or canceled as financing dries up and prices plummet. Consultancy firm Colliers International said on Tuesday that Dubai house prices had fallen 8.0% over the last three months, the first quarterly decline witnessed in two years.

And just as Bernie Madoff was chewed up and spat out when the market went south, so Dubai is likely to throw up more white-collar executives with their reputation tarnished as the crisis bites. The question is whether the emirate’s opaque justice system will allow for true justice to be done: Zack Shahin, former chief executive of real-estate developer Deyaar, had reportedly still not been charged at the end of December after he was first arrested in March.

The Associated Press contributed to this article

Posted in Dubai Real Estate Scandal, Dynasty Zarooni, Ebony Ivory Towers Dubai, Fraud, Jumeirah Business Centre, Kabir Mulchandani, Maktoum Hasher Maktoum | Comments Off on Forbes: ‘Madoff Of The Mideast’ Denies Charges

Property Scandal Al Areifi Tower Dubai Marina

Posted by 7starsdubai on July 23, 2008


7DAYS General and Local News Dubai Abu Dhabi UAE Buyers are sold out

Buyers are sold out

Last Updated : Wednesday 23 Jul, 2008 –
People who paid tens of thousands of dirhams for apartments in a new tower block have told 7DAYS of their shock on discovering the building has been sold TWICE.Melanie Mouton says she paid dhs250,000 for a studio apartment in Al Areifi Marina Tower three years ago, before it was built.But she says Saudi developer, Al Areifi Real Estate Company, then sold the entire building to another company.

According to Mouton, from South Africa, Al Areifi offered to pay back her dhs250,000 plus a percentage – which she says is not enough.

Mouton told 7DAYS: “They said there had been a dispute with the builder and they would give us our money back plus 25 per cent – but I said: ‘No, I just want my apartment’.”
Then they said 50 per cent. But this was for something I paid for three years ago – I can buy nothing in Dubai with that money now because the prices have gone up so much.”Mouton says she found out earlier this year that the 35-floor building had been sold, but since then she has heard little about the fate of her apartment.Another investor,
New Zealander Zaid Al-Hilali, said he was told the tower would not be completed due to “financial difficulties”.”
We were told by the developer to take our money otherwise he would close down and leave the country,” he said.”
Then we heard apartments had been sold twice – once to us and once to another company which bought the whole tower.”At least 50 of us have had our apartments sold twice and most of us are going to court.”
A director for Al Areifi did not want to discuss the matter with 7DAYS, but confirmed the situation.The investors say both the Real Estate Regulatory Agency and Dubai Land Department are aware of the situation. Both were unavailable for comment yesterday.

Posted in Dubai Real Estate Scandal | Tagged: , | Comments Off on Property Scandal Al Areifi Tower Dubai Marina

Dubai angry Damac Investors launched Website Damacuncovered

Posted by 7starsdubai on April 10, 2008


When Damac Properties unveiled its slick new sales office in central Dublin on Valentine’s Day, it tried to sweeten up Irish property lovers by promising a free Bentley for every apartment they bought in Dubai. They were even entered in a draw to win an island in the Caribbean and a private jet.

But it was all too late: the Irish love affair with overseas property was already over. Damac, which predicted in February that it would book €100m in sales in Ireland this year, closed its doors last week with none of the fanfare that signalled its arrival.

The Middle East’s largest private developer — a purveyor of glitzy skyscrapers overlooking Dubai’s gold-plated shopping malls, golf resorts and beaches — made its foray into Dublin after seeing interest from Irish investors double every year between 2004 and 2007. Peter Riddoch, Damac’s chief executive, claimed that 99% of customers were so confident about the region that they never even made the trip to Dubai to view their acquisitions.

Richard Spence, director of myoverseasproperty.ie, said: “You should never sign anything and buy off plans until you’ve been to the country and walked on the site, but unfortunately a lot of Irish people did. Back in the heyday, just three years ago, inexperienced Irish investors were so swayed by what they read about overseas property in the press and by their neighbours buying abroad that they didn’t do their research.”

source Timesonline UK continue reading……

The Website of the Damac Investors is here…….

Posted in Damac, Damac Palm Springs Jebel Ali Palm, Dubai Property dispute, Dubai Real Estate Scandal, Nakheel, Palm Jebel Ali Dubai | Tagged: , , | Comments Off on Dubai angry Damac Investors launched Website Damacuncovered

Nakheel distances itself from Damac – Jebel Ali Palm Project Palm Springs

Posted by 7starsdubai on April 4, 2008


source Gulf News

Dubai -Uncertainty surrounds Damac’s cancellation of its Palm Springs project as master-developer Nakheel, which is building the Palm Jebel Ali where the project was initially planned, saying it was not informed of Damac’s decision to cancel.

Marwan Al Qamzi, managing director of the Palm Jebel Ali, said Damac’s decision came as a surprise and Nakheel learned of it through the media.

“We are very surprised by the statements made by Damac suggesting that the reasons for the cancellation of its Palm Springs project are due to revisions in the Palm Jebel Ali masterplan,” said Al Qamzi.

“The Palm Springs plot was relocated to a prime position due to widening of the crescent,” he said.

“Our last interaction with Damac took place in February this year and was one of positive engagement.

It left us with the firm view that Damac was proceeding with the project. We are extremely disappointed by this recent development,” said Al Qamzi.

Al Qamzi said that the revised masterplan allowed for significant improvements in the design.

Nakheel has sold other plots of land on the crescent of Palm Jebel Ali to Damac. Al Qamzi said it was now the responsibility of Damac to ensure the delivery of any units it has sold within these plots to customers.
Revisions to the Palm Jebel Ali masterplan were communicated to investors more than ten months ago.

“From Nakheel’s perspective, Damac’s cancellation of the Palm Springs project must be linked to other development issues specifically related to the project,” said Al Qamzi.

Damac was unavailable for comment.

Read Also …. Glitzy Dubai Developer closes the door……..

Posted in Damac Dubai, Damac Palm Springs Jebel Ali Palm, Dubai, Dubai Property Investors, Dubai Real Estate Scandal, Nakheel, Palm Jebel Ali Dubai | Tagged: , | Comments Off on Nakheel distances itself from Damac – Jebel Ali Palm Project Palm Springs

Dubai Shattered Dreams – Jumeriah Islands Nakheel

Posted by 7starsdubai on January 10, 2008


Jumeirah Islands-Dubai
Should a 2 million dirham villa look like this?

source 7days

Residents of Nakheel Jumeirah Islands development allege poor quality finishing and the use of cheap materials at the multi-million dirham luxury villa development. Matthew Brown reports.

“When my wife first walked into the kitchen of our Jumeirah Islands home she burst into tears. ‘It’s terrible,’ she said. It broke my heart, because I had promised her a dream home.”

Mr A is a resident at Jumeirah Islands, the “upscale and exclusive” development from Nakheel, the government-owned company behind The Palms and The World, that stretches over 300 hectares of land between junctions five and six of Sheikh Zayed Road.

And he thinks his villa is anything but a dream home. He is one of 70 or so people to have taken possession of a JI villa, which will eventually house more than 700 families, each of whom paid between dhs1.9 million and dhs2.4 million for their properties in the primary market, or up to double that in the secondary market.

But some of those families are refusing to move in until Nakheel attends to major quality control problems that have affected the development.

Many of those who have already moved in are in dispute with Nakheel over major snagging issues, and have formed a residents committee to take its complaints to Nakheel, which has thus far failed to address the majority of issues, according to documents obtained by 7DAYS and the testimonies of several residents.

Mr A’s list of complaints are typical of Jumeirah Islands’ residents: “My house has been flooded three times. I had no phone, fax or TV for three weeks after I moved in.

Today the telephones only work a fraction of the time, and the Internet provided by Tecom at twice the price of Etisalat regularly fails. To pay the bill I have to go to Internet City with cash.

“Workmen come onto our property uninvited all the time. The whole Jumeirah Islands site stinks, because workers were not provided with toilets for three years. There are rodents everywhere.

“The plans I signed off on do not match the final villa I received. French windows and terraces have been cancelled and a bath has been replaced with a shower in one bathroom.

“In the letters we were sent explaining why there were such considerable delays, we were told it was because the quality would be improved. In fact, the finishes are worse than was originally specified.”

7DAYS visited Mr A’s villa and witnessed poor finishing, and the use of cheap materials. The front door of the villa was a poor fit to the frame; the plaster in many of the walls was blown, and cracks were on most of the walls, causing plaster to fall out in some cases.

There were holes in the marble floor, scratched and stained marble in the downstairs bathroom, and the false ceilings in the bathroom jumped when the door was opened.

7DAYS saw more problems than we have space to fit into this article, and similar issues in three other villas. “If you bought a car and the leather was ripped and the bodywork was scratched, you wouldn’t accept it,” said Mr A.
Mr S moved into his place in August of this year, and is also very unhappy: “We were promised a prestigious development, but so far the development has been below the standards of normal residential complexes carried out in Dubai.

“It seems that Nakheel has done some value engineering to the finishes and the quality of the materials has been downgraded from what I was originally promised,” he continued.

“The finishes need a lot of repairs to be done. Nakheel can and should do better.
We want them to pay more attention to the snags in the finishes, such as the paint on the aluminium in the bathroom, tiles badly fitted and unpolished in the bathroom, poor internal plasterwork and paint finish throughout, as it was done by unskilled labour.”

Jumeirah Islands is being delivered 18 months late, and a number of letters were sent out to future residents, explaining why. “We are delighted to advise that the wondrous Jumeirah Islands project has so appealed to buyers…that it is completely sold out,” said one letter dated June 2004.

“Seeking excellence in all that we do, Nakheel sought ways and means of further enhancing the quality of layout of, and the finishes and materials used in, your home in Jumeirah Islands. You will soon receive details of all the improvements that have been agreed – all at no cost to you.”

On page two of the letter it read: “all of the above improvements and services have resulted in a delay in the completion of the project, which is now scheduled for May 2005. We assure you that this delivery date will be met.”

The first villas were not delivered until August 2005. One of the key complaints by residents has been the poor communication from Nakheel.

“Trying to get answers out of Nakheel, SERCO (hand-over managers), Clifton Coony (project managers), or Semcomb (contractor) has been very difficult,” says Mr S. “We don’t know who to talk to about snags occurring in different parts of the house.”

The complaints about dealing with Nakheel is reiterated by a major insititutional buyer of property in the UAE. “Nakheel sales people’s calibre is not high,” he told 7DAYS.

“They are not able to sensibly talk about numbers at any competent level. Trying to assess what you were buying is difficult to say the least, regardless of who you’re talking to.

“Nakheel constantly makes commitments that aren’t kept. Nakheel does not communicate any problems. Their standard response when you go to their office is that they’re working on it.”

In an attempt to make meaningful contact with Nakheel a committee has been elected by JI residents to act as an intermediary. When approached by 7DAYS, the committee said that they were not ready to talk to the press.

The residents that 7DAYS did talk to, however, found it difficult to contain their disappointment. “If it was completed as per the original concept plan, JI will be one of the best developments in the UAE,” said Mr S.

Nakheel declined to comment despite repeated requests from 7DAYS to respond to residents’ claims.

Posted in Dubai, Dubai Property dispute, Dubai Property Investors, Dubai Real Estate Scandal, Jumeirah Islands Dubai, Nakheel | Tagged: , , , , , | Comments Off on Dubai Shattered Dreams – Jumeriah Islands Nakheel

 
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