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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 ‘Fraud Dubai’ Category

Sheikh Maktoum CEO of Al Fajer Properties committed a fraud and did not pay his debts

Posted by 7starsdubai on August 16, 2014


Al Fajer Properties “Residential” Tower Jumeirah Business Centre was a Ghost Project

Sheikh Hasher Maktoum – The Royal Thief of Dubai – Criminal Complaint

Sheikh Maktoum Hasher Maktoum Al Maktoum from Dubai UAE ( today also CEO of Shuaa Capital ) mislead a German couple in 2008 by suggesting them to deliver an 100 sqm Apartment in a “Residential” Tower , Plot H3 in Jumeirah Lake Towers Dubai. But in reality he never intend to built a Residential Tower in 2008. In his full acknowledge that the Tower will be a Commercial Office Building, he mislead the couple, put their money in his pocket and didn´t pay back a single cent to them. Sheikh Maktoum caused the couple damage over 1,5 Mio AED. He embezzled their property rights in March 2008 to a third party , enriched himself and committed a fraud.  Several attempts to resolve this claim have failed, because Sheikh Maktoum Hasher reacted only in form of extortion and other threats against the german couple.

History

They bought the apartment in 2005 at Nakheel´s Falcon Tower in Dubai. Nakheel transfered the contractual obligation in mid 2006 to DMCC (Governement Dubai). DMCC later in 2006 named for the Falcon Tower the developer Al Fajer Properties, who stept in the contractual obligations. The couple was promised at the transfer that nothing will change, that Al Fajer Properties will deliver the Apartment in an 100 % Residential Tower, 100% under the conditions and Building constitution like the bought in 2005 at Nakheel, completion 2008.  The couple paid 3 installments (45%) of the total ammount directly to Nakheel. The payments have been transfered by DMCC to Al Fajer Properties.

But in reality Al Fajer Properties planned, market and sold this Building  as 100 % Commercial Tower March 31, 2008.

Sheihk Maktoum Hasher Maktoum mislead the couple in March 2008 and used a lawyer to extort them. He forced them to sign an uncolmplete document with false informations.

This action has been rejected by the couples lawyer.

During this period he already prepared the Deal with Dynasty Zarooni, whom he sold the sqft for the triple of the price the couple once bought.

The Tower developed by Al Fajer Properties  is now named Jumeirah Business Centre ( 8/9 – and was also on the market for sale by the name Ebony and Ivory Towers)

After have been mislead, deprived of their property rights by illegal actions and extortion  ,financial and mental extremely damaged by receiving several threats from Al Fajer Properties since 2008 upon 2009,  a criminal complaint was filed in Germany already in August  2009 against the CEO and President of Al Fajer Properties, Maktoum Hasher Maktoum Juma Al Maktoum. The witness hearings and investigations in Germany are still going on. I can be assumed that Maktoum Hasher Maktoum also mislead his lawyers during the period on which he used them for correspondence to commit this fraud.

Upon today Sheikh Maktoum Hasher Al Maktoum didn´t pay back a single Dent to the couple – nor did he deliver an apartment. Several attempts to end the case by asking to pay his full debts ( installments + compensation)  failed. Correspondence sent to Al Fajer Properties from December 2011 to March 2012 , remain unanswered.

No doubt Sheikh Maktoum of Al Fajer Properties is in full legal obligations to pay this debts he prefer to remain silent.

Details

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Posted in Al Fajer Properties, Denton Wilde Sapte, Developer Dubai, Dubai Fraud, Fraud Dubai, Jumeirah Business Centre, Maktoum Hasher Maktoum, Nakheel, Sheikh Maktoum Al Maktoum, Sheikh Maktoum Hasher Al Maktoum, Shuaa capital | Tagged: , , , , | Comments Off on Sheikh Maktoum CEO of Al Fajer Properties committed a fraud and did not pay his debts

Criminal Complaint filed in Germany against Dubai Developer Al Fajer Properties

Posted by 7starsdubai on October 16, 2011


Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties

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 Residential Falcon Tower located on Plot H3 Jumeirah Lake Towers. The completion of this Tower should be  March 2008 but the apartment was never delivered and they end up in a Horror scenario when the development was transferred from Nakheel to Al Fajer Properties in 2006.

Criiminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum CEO of Al Fajer Properties

After have been mislead, deprived of their property rights by illegal actions and extortion  ,financial and mental extremely damaged by receiving several threats from Al Fajer Properties since 2008 upon 2009,  a criminal complaint was filed in Germany already in August  2009 against the CEO and President of Al Fajer Properties, Maktoum Hasher Maktoum Juma Al Maktoum. The witness hearings and investigations in Germany are still going on.

History

In 2006 the Residential development Falcon Tower Jumeirah Lake Towers was transferred from Nakheel to DMCC ( 100% Government) and Al Fajer Properties was named by DMCC as new Developer of the Falcon Tower.
DMCC ensured in writing that the terms of Al Fajer´s purchase was that Al Fajer Properties will developing the Falcon Tower with the same design, same unit specifications and price at which the couple purchased original at Nakheel.
It was agreed between Al Fajer Properties to take 1:1 over the once valid contractual obligation – just the completion date will be now in December 2008.
DMCC transferred the 45 % already paid installments paid once by the couple to Nakheel, in 2007 to the account of Al Fajer Properties.

A Financial Statement, hold by the couple, from DMCC and Al Fajer Properties shows this evidently.

The process was accompanied by a lawyer of the couple, the correspondence show evidence that Al Fajer agreed to the named conditions and stept 1:1 in the former contractual obligations.

Left in the illusion everything went fine, Al Fajer Properties start in 2008 to threat the couple to sign and agree to a new contract.This contract was given to the couple in November 2007 in form of a draft in presence of their lawyer and staff members of Al Fajer Properties. It was a blank document , containing only terms and conditions but not containing any Building constitution, no Apartment specification, no price, and no other relevant declarations. It was a draft with no specification. Within this draft Al Fajer themself was not named as developer, just as seller.  The Tower on Plot H3 was quoted in the Header now as Mixed Use Building ( Residential/Commercial)  and renamed to Jumeirah Business Centre 8.

Several correspondence upon January 2008 sent to Al Fajer Properties to complete the relevant documentation failed. Al Fajer Properties didn`t provide the relevant Documentation.

March 2008 Al Fajer Properties appointed  a new CEO and President, Maktoum Hasher Maktoum Juma Al Maktoum. Starting on March 10, 2008 the couple received threats from Al Fajer´s lawyer Michael Kerr,  Denton Wilde Sapte,  to deprive them of the property and simply return the amount,unless they did not sign and agree to the incomplete blank draft contract.

After receiving this threats from Al Fajer Properties, the lawyer of the couple ask Al Fajer to refrain from such illegal actions. The actions of Al Fajer have been mentioned to RERA Dubai.

Al Fajer Properties didn`t retrain and repeated in letters upon 31 March 2008 the same threats to the couple.

After this date it remain silent and Al Fajer didn`t react.

A letter wrote by the couple to Al Fajer Properties in June 2008, brought a reaction of Michael Kerr Denton Wilde Sapte, a lawyer namely instructed to do so by the CEO  Maktoum Hasher Maktoum, and showed willingness to pay a full compensation based on the damage cause by Al Fajer Properties to the couple. The discussion was about the sum and damage caused by Al Fajer, based upon the event to enable the couple to buy an adequate apartment. The market price of such an apartment was at that time over 2 Million AED.

After several delays of Al Fajer´s lawyer to step in a negotiation, a concrete willingness from Maktoum Hasher Maktoum Juma Al Maktoum to provide a fair compensation was shown in September 2008.

The correspondence was hold in written form via Email between the lawyers.

A clear calculation about the caused damage and the therefrom resulted compensation sum was presented by the couples lawyer. But Maktoum Hasher Maktoum rejected this  and set out a fixed sum, which would have caused the couple still a damage of 600.000 AED.

Finally the so called good will of Maktoum Hasher Maktoum Juma Al Maktoum end up in further threats by Al Fajer Properties upon a statement October 2008 from his lawyer Michael Kerr Denton Wilde Sapte , by not taking the now offered amount,  to return only the amount of the once paid 45%. ( 345.000 AED).  Within this letter have also been threatened that they contacted in April 2008 a Journalist providing him what happened to them, they would get in trouble if they made the story public in the future.

No more correspondence sent to Al Fajer Properties or their  lawyer were answered after January 2009.

Later it was revealed by the couple , over a document provided to a foreign court, that Al Fajer Properties CEO Maktoum Hasher Maktoum Juma Al Maktoum sold on March 31, 2008 the Tower Plot H3 Jumeirah Lake Towers as a 100% Commercial Tower to Dynasty Zarooni .
The Price per sqft within this MOU, agreed between this parties, was 2050 AED. This however was nearly the triple of the price Al Fajer had to deliver the 1098 sqft apartment of the couple,  purchase it for total 775 000 AED and on which was Al Fajer in the contractual obligation to deliver it.

This document in original also revealed that Al Fajer Properties didn`t  intend to develop a Residential Building on Plot H3, nor a Residential Mixed use Building like quoted in their new draft contract on March 2008, the time frame in which the deal with Dynasty Zarooni was already arranged and new Brochures have been already in the printing for a sales promotion of the now  100 % Commercial Tower on Plot H3.

This document uncovered why the couple should have been mislead and been left in the illusion of a now Mixed used Residential Tower, the reason of unwillingness of  Al Fajer Properties to provide the missing declaration and documentation of the building constitution within the draft contract, to which they extorted the couple several times to sign in March 2008 .

Upon today October 2011, Al Fajer Properties is still holding the since 2005 45% paid installments ( 345.000 AED) from the couple and is not showing any positive will to repay this amount nor remembering the once shown will of a compensation.

The Tower however on Plot H3 Jumeirah Lake Towers , which was converted by Al Fajer in a Commercial Building in March 2008 ,renamed to Jumeirah Business Centre 8 , sold in March 2008 to Dynasty Zarooni, is not completed until today.

From 2010 until 2011 Al Fajer Properties was several times contacted directly via email and an adress of a Lawyer who presented Maktoum Hasher. Within this correspondence it has been asked several times to pay the outstanding debts to the couple. Upon today Al Fajer Properties resists to do so.
In a last correspondence hold with an other lawyer of Al Fajer Properties in 2010 it was quoted, that his client, Maktoum Hasher Maktoum cannot remember that the couple had ever claims against him and that he never offered to repay the investments for the purchased accommodation. His further provocation was : ” Can you please send a copy of whatever contract you believe exists between Al Fajer Properties and your clients” ” If you supply evidence to support their assertion losses attributable to Al Fajer, my client ( Maktoum Hasher) will then review it.

The lawyer was after this correspondence informed that a criminal complaint ( by providing him a copy of the complaint) was already filed against his client and that  it is extremely remarkable, due to the evident correspondence of March 2008 until October 2008 from other lawyers of Al Fajer,  that his client Maktoum Hasher Maktoum start now in 2010 to simulate  not to be in the acknowledge that there was still a claim against Al Fajer Properties and him and that he cannot remember his acts,when he threat them in March and October by saying  just returning a refund of the paid installments to the couple.

Sheikh Maktoum Hasher Juma Al Maktoum who comitted this fraud to the German couple didn`t pay back the money ( over 60 000 Euro) he hold in the accounts of Al Fajer Properties since 2007  nor did he pay the compensation upon today in 2011.

____________________________________________________________

Other Investors who bought offices from Al Fajer Properties development Jumeirah Business Centre ( Eboy Ivory Tower) after Al Fajer Properties deal with Dynasty Zarooni in March 2008 had also been in trouble with his His Highness Sheikh Maktoum Hasher Maktoum Juma Al Maktoum……..

continue reading Reuters “Angry International Investors Demand Investigation in $630 Million Dubai Real Estate Scandal “

Angry International Investors Demand Investigation in $630 Million Dubai Real Estate Scandal

and

Iranian conned by Dubai ruling family  

Wall Street Journal pdf

Posted in Al Fajer Properties, Criminal Complaint, criminal Dubai, Denton Wilde Sapte, Developer Dubai, Dubai Property Fraud, Fraud Dubai, Immobilienbetrug Dubai, Maktoum Hasher Maktoum, Micheal Kerr DWS Dubai, SNR Denton Dubai, Strafanzeige Deutschland, Trevor Hardwick | Tagged: , , , , , , , | 1 Comment »

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

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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 Nakheel Manager facing fraud charge 

Posted by 7starsdubai on April 23, 2010


original published The National

DUBAI // Five Nakheel marketing employees and a Ghobash Trading executive have been charged with defrauding Dubai World of more than Dh630,000 (US$171,500) through a bogus marketing deal.

The Emirati marketing manager A J, 35; his Lebanese deputy A M, 38; the Indian executives R S, 39, and J R 56; the Pakistani administrator O M, 27; and the Emirati Ghobash executive A K, 53, were charged with accepting bribes, damaging the public purse, forgery and aiding and abetting a crime using public funds.

They are being tried as public officials, which could earn them heavier sentences if convicted. The marketing manager allegedly accepted a Dh250,000 bribe to execute a phoney deal involving Montblanc gift items.

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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

Sheikh Mohammed issued tough penalties for fraud – bringing confidence back to Dubai

Posted by 7starsdubai on December 30, 2009


original source sheikhmohammed.com

The law is effective immidiately and will be published in the official gazette.

more:  www.sheikhmohammed.com
read also: KhaleejTimesOnline   “Anti-fraud Law Made Tougher”
read also Gulf News
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Posted in Crime, Dubai, Dubai law, Fraud Dubai, Sheikh Mohammed bin Rashid Al Maktoum | Tagged: , , | Comments Off on Sheikh Mohammed issued tough penalties for fraud – bringing confidence back to Dubai

Dubai Fraud Trial – Lawyer asked the court to subpoena Hussein Sajwani, the owner of Damac Properties

Posted by 7starsdubai on December 18, 2009


originaL source The National
DUBAI // Defence lawyers in the Sama Dubai fraud trial tried to use the fallout from the recent restructuring of Dubai World to make their case to the Appeals Court yesterday that their client should not be tried as a public official.

AM, 42, an Emirati and former senior executive at Sama Dubai, was acquitted of charges of breach of duty in July.

Last month the public prosecution asked that he be retried, saying his acquittal came because he had been tried as a private employee.

The prosecutor, Abdel Rahman al Memari, told the court that since Sama Dubai was owned by Dubai Holdings – owned by Sheikh Mohammed bin Rashid, the Ruler of Dubai and Vice President of the UAE – AM should instead have been tried as a public official.

In that case, Mr al Memari said, AM would have been legally required to declare commissions he received, including five apartments valued at Dh2.7 million (US$735,000), and Dh200,000 in cash.

If accepted, that claim would have significant repercussions for a number of the fraud cases currently working their way through the Dubai courts, as many of the defendants could similarly be considered to be public officials.

However, in court, the defence pointed out that since Dubai World’s restructuring was announced last month, officials had stressed the arm’s-length relationship between the Government and some of the emirate’s biggest companies.

For the defence, Ali al Shamsi reminded the three Appeals Court judges of government statements saying it would not guarantee the debts of a conglomerate owned by Sheikh Mohammed.

“The recent press statements issued by government officials about the company owned by the Ruler of Dubai are a clear indication that these companies are not government-owned entities,” said Mr al Shamsi.

He referred to a television interview given by Abdel Rahman al Saleh, the director general of the Dubai Department of Finance, in which Mr al Saleh said: “Creditors need to take part of the responsibility for their decision to lend to the companies. They think Dubai World is part of the Government, which is not correct.”

Mr al Shamsi told the court that Dubai Holdings, like Dubai World, was not owned by the Dubai Government.

Its subsidiaries were registered as limited liability companies, he said, meaning that AM could not be charged as a public official.

Meanwhile, Saeed al Ghailani, who is representing a Syrian Damac property development manager, AH, 32, in the same trial, asked the court to subpoena Hussein Sajwani, the owner and chief executive of Damac Properties, to be cross-examined.

AH is accused of being complicit in the alleged bribes of the Sama Dubai employees as well as accepting Dh650,000.

Mr al Ghailani said his client acted according to the instructions of the owner of the company, Mr Sajwani.

The trial was adjourned until January.

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Al Fajer Properties Dubai Scandal media blackout

Posted by 7starsdubai on June 20, 2009


May 28. 2009
source Independent by Heerkani Chohan and PropertyWeek

Sheikh Maktoum Hasher Maktoum Al Maktoum Ebony and Ivory Tower Al Fajer JBC Dubai Fake pictures allegations and a member of the ruling family , Sheikh Maktoum Hasher Maktoum, linked to a 429 pound million Dubai property row that has touched nerves across the city.

“Fake” pictures are at the heart of a property scandal that could harm the reputation of the once-booming real estate market in Dubai.

A major property development firm, Al Fajer Properies,  with links to the ruling family of the UAE city-state, and the firm’s marketing agency Dynasty Zarooni, are accused by investors, many of whom are UK citizens, of obtaining millions of pounds through the use of false construction photographs.

On Thursday, after local and regional media had been alerted to the situation by angry investors, news agencies across the city said they were silenced by senior representatives of the Government of Dubai, as orders were issued for reports of the storm to be pulled.

Around 500 property buyers of varying nationalities collectively purchased three planned tower blocks named Ebony 1, Ivory 1 and Ivory 2 in the Jumeirah Lakes Towers area of the Gulf city last year from property development firm Al Fajer Properties, at a total cost of £428 million.

The firm is part of the Al Fajer Group, ran by company president Sheikh Maktoum bin Hasher Al Maktoum, brother-in-law to the supreme ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.

But at the weekend it was claimed that Al Fajer Properties and its marketing agent Dynasty Zarooni misled their customers into parting with millions of pounds by presenting photographs showing construction of three buildings, purported to be Ebony 1, Ivory 1 and Ivory 2, up to the sixth storey.

In fact the photographs were of buildings on neighbouring plots. Today, the plots on which Ebony 1, Ivory 1 and Ivory 2 are to be built, are empty holes in the ground, as our photographs show.

“I only handed over my money because I was shown property under construction,” said UK-based Ebony and Ivory Investor’s group spokesperson Moses Oye. “That’s my simple gripe. It’s a black and white issue.”

Mr Oye, who has parted with a little over £1 million – 20% of his total purchase price – had made the seven-hour flight from London to Dubai specifically to chair a press conference to raise awareness of the mess, after official government channels failed to take action.

“We have not sought legal representation as yet,” My Oye said, “because we have tried to square this correctly. The next step will be to go legal.”

However, the press conference was cancelled at the last minute by the hotel where it was to be held, citing “health and safety reasons.” The hotel, Dubai’s Mina A’Salam, is owned by Dubai Holdings, a Dubai government-controlled holding company.

“I asked for the reason to be put in writing, but the hotel refused,” Mr Oye said. “So I asked for a suite. But they said they did not have anything. I personally believe that the powers that be cancelled the meeting.” When contacted, Mina A’Salam management did not respond.

The conference was called to highlight a petition signed by the 500-strong investor’s group urging the Dubai Real Estate Regulatory Agency (Rera), the government body which oversees the Dubai property market, to force Al Fajer Properties to refund the £86 million that has to date been collected by the firm from investors in the three towers.

After the meeting was axed, news agencies were called to a

neighbouring hotel to be told of the escalating situation. But

when reports began to surface on news websites, news

agencies received phonecalls from senior Dubai

government figures ordering them to be pulled.

“I had written half of the article when I was told by my editor to stop,” said a Dubai-based national newspaper reporter who attempted to cover the story. “The investor’s group have records of payment, and it’s obvious that they have been shafted, but we can’t write about it.”

The lack of progress on the three towers is a source of deep concern for the investors. Many real estate projects across Dubai were put on hold or cancelled as the torrent of easy credit that fuelled rampant development in the city ran dry with the onset of the global financial crisis.

“Whether Al Fajer are still going to construct or not is neither here nor there,” Mr Oye said. “They would not have got my money if they had not shown me fraudulent pictures.” Al Fajer Properties also declined to comment.

Fellow investor’s group spokesperson Atul Patel, who has parted with £600,000 added: “A lot of people would not have bought had they not thought the project was in an advanced stage of construction.”

The pictures also appeared in an advertising campaign in a Dubai-based national newspaper last July, with the caption, “Shot at location on 10th June 2008. Ebony & Ivory – Jumeirah Lakes Towers.” The two page spread included the seals of Dynasty Zaronni and Al Fajer Properties. Dynasty Zarooni also neglected to comment.

The news will further dampen the spirits of the once-booming Dubai real estate market – a vital facet of the city’s economy. Last year a number of senior executives from major property developers across the city were arrested in a high-profile fraud clampdown as the government sought to clean up the property sector.

With it, the global recession has brought a host of new problems. Many construction firms operating in the city, some of which are UK-based, are owed millions of pounds by Dubai property developers struggling with a lack of liquidity.

Among them is UK engineering giant WSP. The firm’s finance director Peter Gill revealed that the firm is owed £28 million by Dubai-based developers, some controlled by the city’s government.

Dubai’s property market has been likened by some to a giant ponzi scheme, where bigger and more grandiose projects were announced in a bid to keep investment rolling in until the financial crisis tamed the city’s galloping development.

At Cityscape Dubai, a major property exhibition held last October, government-controlled developer Nakheel, responsible for the giant palm tree shaped islands off the coast of Dubai, announced it was to build the world’s first 1km high tower. The Nakheel Tower – if ever built – will eclipse the current world’s tallest building, Dubai’s own Burj Dubai.

Meanwhile, state-owned developer Meraas unveiled a mammoth £16.3 billion development called Jumeirah Gardens, to be built in place of an existing residential area in the city.

Today, the plot where the world’s new tallest tower should be under construction is little more than a sun-baked stretch of desert. Work on the Nakheel Tower was halted in January, and work on vast swathes of Jumeirah Gardens has also run aground.

The national media blackout over the Al Fajer case is unusual even in a country gripped by a harsh media law, and a pending new law, that has already drawn criticism for its prohibition of free speech.

A report by the US-based Human Rights Watch group into the UAE’s pending media law, Just the Good News, Please, was published last month. “(The pending law) includes troubling content-based restrictions on speech, draconian fines, and harsh registration requirements,” the report said.

It highlighted a number of the new law’s provisions, branding them: “Not only unlawful intrusions by the government into the right of journalists in the UAE to freely express their thoughts and opinions on any subject of their choosing, but also an unjustified attempt to control the independence of the media.”

Words that will do little to inspire confidence in Mr Oye. “This is going to define my faith in the country,” he said. “If I’m dealt with correctly, great. But at the moment, it’s not going that way. We’re in the witching hour now.”

Heerkani Chohan is the pseudonym of a journalist living and working in Dubai.

Posted in Al Fajer Properties, Dubai, Dubai Property dispute, Dynasty Zarooni, Fraud Dubai, Jumeirah Business Centre, Sheikh Maktoum Al Maktoum, Sheikh Maktoum Hasher Maktoum Juma Al Maktoum-2 | Tagged: , , , , | Comments Off on Al Fajer Properties Dubai Scandal media blackout

Dubai Where Are The Locals ? Forbes Headlines

Posted by 7starsdubai on June 3, 2009


Forbes March 11, 2009

Seven suspects have reportedly been singled out by the authorities, but all of them are foreigners.

Dubai’s anti-corruption probe seemed in full swing Tuesday, after seven expatriate businessmen were reportedly accused by prosecutors of taking part in a $500.0 million fraud at Dubai Islamic Bank. The suspects included three Britons, two Pakistanis, one Turk and one American, according to the Associated Press, raising concerns that local Emiraatis might not be held as fully accountable as the expat brigade.

“Some might say that it’s evidence of the anti-corruption drive, but again, where are the Emiraatis?” wondered Christopher Davidson, a British academic who has authored several books on Dubai and the United Arab Emirates. “There have to be the local sponsors, the line managers, the people whose desk at which the buck stopped.”

The alleged fraud involved a company called CCH, which according to reports was linked to some of the named suspects and may have forged documents to fraudulently obtain funds from Dubai Islamic Bank. The bank issued a statement on Tuesday claiming its exposure to CCH was around $330.0 million and that it was chasing down assets “in a range of countries.”

The former chief executive of Dubai Islamic Bank, Saad Abdul Razak, was reportedly taken into custody last year for questioning, as part of the authorities’ probe of the real-estate sector, but his name does not seem to have made the final list. Press reports claim that a handful of local Emiraati executives have also been interrogated, including Sami al-Hashemi, ex-CEO of real-estate developer Mizin, and Abdul Salam al-Marri, head of the Lagoons development on Dubai Creek.

Although Dubai’s defenders cite the example of a former cabinet minister, named in press reports as Khalifa Mohammad Bakhit al-Falasi, who was sentenced to two years in jail in February for an unrelated case of fraud and embezzlement, the truth is that very few local Emiraatis have been charged or punished as a result of such investigations.

Expatriate businessmen have also accused the Dubai authorities of torture and detention without charge, including Zack Shahin, ex-CEO of Dubai Islamic Bank’s real-estate subsidiary Deyaar Properties, and Shahram Abdullah Zadeh, former manager of developer Al-Fajer Properties Dubai  (See “Desert Storm In Dubai.”)

Zack Shahin is still behind bars and still has not been charged, according to one of his American lawyers, James Pitts, who told Forbes that there were around 40 other foreign businessmen in a similar situation in Dubai.

When asked whether Shahin might have provided names to the authorities in exchange for a lighter potential sentence, or exemption from the charge sheet, Pitts replied: “I am certainly not aware of any such arrangement.”

Read also: Desert Storm in Dubai

Read also : Madoff of The Mideast Denies Charges



Posted in Dubai, Dubai corruption, Fraud Dubai, Jumeirah Business Centre, Kabir Mulchandani | Tagged: , , , | Comments Off on Dubai Where Are The Locals ? Forbes Headlines

 
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