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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 ‘Jumeirah Business Centre’ 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

Maktoum Hasher Al Maktoum Al Fajer Properties Dubai

Posted by 7starsdubai on February 10, 2011


Video Sheikh Maktoum Hasher Maktoum Al Maktoum Al Fajer Properties Dubai UAE

read also ….. Criminal complaint filed in Germany against Sheikh Maktoum Hasher Maktoum CEO of Al Fajer Properties Dubai

Posted in Al Fajer Properties, Criminal Complaint, Dubai, Fraud, Jumeirah Business Centre, Maktoum Hasher Maktoum | Tagged: , , , , , | 2 Comments »

Sheikh Maktoum Hasher admits slowdown hasn’t been easy for anyone

Posted by 7starsdubai on December 1, 2010


Sheikh Maktoum Hasher Maktoum admitted that the slowdown hasn’t been easy for anyone in Dubai property, even Al Fajer Properties, which he said had seen a high default rate on some of its buildings.

We shifted our customers from five buildings into 2.5 buildings – which means cheaper service charges for everyone,” he said.

The other two buildings (Jumeriah Business Centre) , we’re looking at shutting them down until someone buys us out,” the website reported.

source Emirates Business 247

read also…..

Criminal Complaint filed against Al Fajer Properties CEO Maktoum Hasher Maktoum

Al Fajer Propreties CEO Sheikh Maktoum committed a Fraud. He suggested a German couple to devliever them an Apartment in a Residential Tower on Plot H3 in Jumeirah Lake Towers, but in reality he never panned to built this Tower as a Residential Building. Sheikh Maktoum mislead the German couple until end 2008. It was uncovered that Sheikh Maktoum alsready in March 2008 sold all Units on Plot H3 as commercial offices, the Tower is named today Jumeirah Business Centre 8 ( or also known as Ebony 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.

Several attempts to end the case by paying the debts failed, correspondence sent to Al Fajer Properties from December 2011 to March 2012 , remain unanswered. No doubt Al Fajer Properties is in full legal obligations to pay this debts to the couple , Al Fajer Properties CEO Sheikh Maktoum Hasher Maktoum prefer to remain silent.

Details

Posted in Al Fajer Properties, Dubai Properties, Jumeirah Business Centre, Sheikh Maktoum Al Maktoum | Tagged: , , | Comments Off on Sheikh Maktoum Hasher admits slowdown hasn’t been easy for anyone

Update Fraud Case Dynasty Zarooni – Ebony Ivory Towers Al Fajer Properties

Posted by 7starsdubai on August 22, 2010


source Emirates Business 247

The Dubai Court of Appeal heard on
Thursday two cases related to Dynasty Zarooni in which the company, its owners and executive are accused of defrauding property investors of a total of Dh1.2 billion.

In the first case, the court, which was supposed to give a verdict regarding a request made by 36 investors for instating defrauding accusation, adjourned the case to September 23 for verdict as one of the three accused failed to attend the hearing. In 2009, the plaintiffs had filed complaints claiming that Dynasty Zarooni, the companys partner, CEO and managing director, Kabir Mulchandani, and its British executive, RG, had sold investors plots of land that did not exist.

The case was dismissed by the prosecution after reviewing a report handed in by a property market expert assigned by the accused.

The plaintiffs challenged the decision considering that flawed investigations were conducted.

Al Shaali and Company, representing the plaintiff, submitted in an earlier hearing his defence saying the prosecution combined non-related complaints filed to police against Dynasty Zarooni into one case and failed to investigate the property fraud.

In the second case, the 36 local and overseas investors appealed the acquittal sentence awarded in the favour of Dynasty Zarouni, is Emirati partner Hilal Zarooni ,CEO and managing director and executive on May 30.

The subject of this case was that the company and its officials have set up a bogus investment portfolio and promised them hefty returns and defrauded investors of Dh893 million.

They complained that KM received subscription fees of Dh300,000 a month from 12 members of the so-called “investment club” with a promise of hefty monthly returns six months after investing their money in real estate projects, which they claimed they did not receive.

They also claimed that there were no escrow accounts for projects they had invested in.

Besides, they complained that the accused made announcements regarding projects( Jumeirah Business Centre 6,7,8,9 or Ebony and Ivory Towers) contrary to reality. Some projects claimed to be in construction proved to be sandy lands.

The sentence of the Court of First Instance was based on a report presented to the court by the defence lawyer proving that investors had received more than Dh232m in profits.

Posted in Al Fajer Properties, Al Shaali Advocates, Dubai Justice, Dynasty Zarooni, Jumeirah Business Centre, Kabir Mulchandani, Sheikh Maktoum Hasher Maktoum Juma Al Maktoum-2 | Tagged: , , , , , | Comments Off on Update Fraud Case Dynasty Zarooni – Ebony Ivory Towers Al Fajer Properties

Dubai Investors appeal in property Fraud Case

Posted by 7starsdubai on July 20, 2010


source The National

DUBAI // Plaintiffs who claim they have been defrauded of more than Dh1.2 billion by a property developer have asked that the dismissed charges against the company be reinstated.

The 36 investors want the Dubai Court of Appeals to reopen the case against Dynasty Zarooni that public prosecutors had declared groundless. They claim that flawed investigations were conducted by prosecutors.

Two cases were filed by the plaintiffs last year against the company, its Indian chief executive Kabir Mulchandani, his Emirati business partner and managing director Hilal Zarooni  and the British executive R G.

The first case, which was referred to court, charged the men with setting up a bogus investment portfolio and defrauding investors of Dh893 million. The Dubai Court of Misdemeanours acquitted them on all charges on May 30.

The court reached its verdict after the defence presented documents that proved contractual agreements between the investors and Dynasty Zarooni. The documents showed that the investors had received more than Dh232 million in profits from their investments.

The second case alleged that Kabir Mulchandani and his co-defendants committed a property fraud by selling investors plots of land that did not exist. Prosecutors dismissed the case after reviewing a report by a property market expert they assigned to investigate the allegations.

Lawyers of the law firm representing the plaintiffs, Al Sha’ali & Co, told the appeals court yesterday that the second case had been dismissed illegally.

They claimed that prosecutors had combined unrelated police complaints filed against Dynasty Zarooni into one case and had failed to investigate the property fraud properly. The lawyers held that the escrow accounts registered to the company were not investigated and did not exist. They claimed contractors( Al Fajer Properties) presented by Dynasty Zarooni as the builders of their Ebony and Ivory towers testified under oath that they had not taken part in any construction projects with the company.

“Three contracting companies have testified to prosecutors that they only signed agreements with Dynasty Zarooni but have not conducted any business with them,” said lawyer Mohammed Safwat.

A separate case has been filed against the property expert who conducted the initial investigation, according to defence documents presented in court.

The documents allege that the expert had not conducted his evaluation properly and was legally bound to be prosecuted.

The court was also asked to present a different court-appointed expert to review the case.

The court will hear from the defence on July 22.

Posted in Al Fajer Properties, Al Shaali Advocates, Dubai Legal - Real Estate Lawsuits, Dynasty Zarooni, Fraud, Hilal Zarooni, Immobilienbetrug Dubai, Jumeirah Business Centre, Kabir Mulchandani, Sheikh Maktoum Hasher Maktoum Juma Al Maktoum-2 | Tagged: , , , , , , | Comments Off on Dubai Investors appeal in property Fraud Case

Horror Szenarien eines Immobilienkaufs in Dubai – Al Fajer Properties – Betrug – Bedrohungen – Stalking – Pressefreiheit

Posted by 7starsdubai on June 4, 2010


Posted by 7starsdubai on 2010/06/04

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Horror Szenarien eines Immobilienkaufs in Dubai – Al Fajer Properties – Betrug und Psychoterror

March, 2010

Schilderung– Sachverhalt Massive Probleme seit dem Kauf eines Apartments in Dubai 2005 Nakheel – DMCC – Al Fajer Properties – Sheikh Maktoum Hasher Juma Al Maktoum

Meine Lebensgefährtin ( 48) und ich ( 78 Jahre) besuchten seit 1999 regelmäßig als Touristen Dubai.

Am 18. Oktober 2005 entscheiden wir uns für den Kauf eine Apartments bei der Firma Nakheel Dubai(zu dieser Zeit 100 % Government eigenes Unternehmen). Der Kaufabschluss findet direkt im Verkaufsbüro der Firma Nakheel statt. Mit dem Kauf bei der Regierungseigenen Firma glaubten wir auf der sicheren Seite zu sein. Diese Wohnung sollte ein Feriendomizil werden, um die letzten gemeinsamen Jahre in den Wintermonaten in der Sonne von Dubai verbringen zu können.

Der Kaufpreis für dieses 101 qm Apartment, im Falcon Tower, 100 % iges Wohngebäude ,40 Stockwerke, Baugebiet Jumeirah Lake Towers, Grundstück H3 beträgt 775.000 AED, das Fertigstellungsdatum sollte März 2008 sein.

Wir leisten hierzu vertragsgemäß die entsprechenden Zahlungen,so bis Juni 2006, 45 % des Kaufpreises ,348.750 AED.
Zur Wahrung der Rechtssicherheit in Dubai , haben wir seit April März 2006, den Rechtsanwalt ….. der Kanzlei Al Sharif Advocates, beauftragt uns in rechts sicherer Form bei der Ausführung von Korrespondenz entsprechend zu vertreten. Schon mit Nakheel treten seit November 2005 Probleme auf ( die uns zugesagten Vertragsunterlagen gehen uns nicht zu), wir werden jedoch zu den entsprechenden Teilzahlungen direkt an Nakheel aufgefordert.

Am 20. August 2006 erhalten wir ein Schreiben mit Datum 15. August 2006 von DMCC Dubai. (ebenso 100 % Government Dubai eigenes Unternehmen)

Hierin wird uns zur Kenntnis gegeben, dass das Bauvorhaben 100 % Wohnungsgebäude Falcon Tower sowie das gesamte Baugebiet Jumeirah Lake Towers von Nakheel an DMCC transferiert wurde und Nakheel mit Wirkung dieses Transfers zu DMCC auch nicht mehr Bauträger des Falcon Towers sei. Eine Mitteilung das das Bauproject Falcon Tower aufgehoben sei erfolgt nicht.

DMCC würde sich bemühen einen neuen Bauträger für den Falcon Tower zu finden, der idealer Weise ohne Änderung das Gebäude wie mit Nakheel im Ursprung vereinbart erstellen wird.

Mit Email vom 09. Oktober 2006 teilt uns DMCC mit, man habe einen neuen Bauträger gefunden.

Dieser würde nun den Falcon Tower von Nakheel wie im Ursprung im gleichen Design erstellen, konsequenterweise würde damit unserer Apartment mit den ursprünglichen Spezifikationen und Konditionen wie im Kaufabschluss mit Nakheel im Ursprung vom Oktober 2005 bestimmt, erstellt. Auch der Kaufpreis bleibt unverändert bei 775.000 AED. Lediglich das Fertigstellungsdatum verschiebe sich nun auf Dezember 2008.
DMCC offeriert uns zu diesem Bauträger zu transferieren, wolle uns den Namen des neuen Bauträgers in Kürze mitteilen.

Mit Schreiben vom 22.Oktober 2006 teilt uns DMCC mit, der neue Bauträger sei die Firma Al Fajer Properties, es handle sich um ein Unternehmen das in Dubai hohes Ansehen hat.

DMCC Dubai offeriert uns erneut zu den bereits am 09. Oktober 2006 genannten unveränderten Konditionen nunmehr zu Al Fajer Properties zu transferieren.

Wir informieren uns entsprechend unserer Möglichkeiten zu diesem Unternehmen und ermitteln das es sich bei Al Fajer Properties um ein zu der Unternehmens Gruppe Al Fajer Group, gegründet in 1965,gehörendes Unternehmen handelt. Als Inhaber der Al Fajer Group wird zu dieser Zeit Sheikh Hasher Juma Al Maktoum ausgewiesen. Man versichert uns das dies ein wirklich zuverlässiger Bauträger sei, der Inhaber der al Fajer Group  sei zudem der Schwager von Sheikh Mohammed bin Rashid Al Maktoum.

Nach Klärung weiterer Details, stimmen wir mit Fax vom 13. November 2006 unter nochmaliger Angabe der genauen Konditionen gegenüber DMCC, dem vorgeschlagenen Transfer Nakheel- DMCC- Al Fajer Properties zu.

Mit Email vom 15 November 2006 bestätigt DMCC unter Erwähnung unseres Fax vom 13. November diesen Transfer und gibt gleichzeitig an, das Al Fajer Properties einen entsprechenden Übernahmevertag mit uns zu dieser Vereinbarung fertigen wird . Wir sollten uns nun mit Al Fajer Properties direkt in Verbindung setzten. Unsere berits geleisten Zahlungen an Nakheel, in Höhe von 45 % dea Kaufpreises werden von DMCC an Al Fajer Proeprties überwiesen.
Mit ordentlichem Schreiben vom 08. Februar 2007 bestätigt DMCC, unterzeichnet von Ahmed bin Sulayem, nochmals den bereits am 15.November 2006 bestätigten Sachverhalt und Transfer zu Al Fajer Properties.
Zu der von DMCC abgegebenen Zusage, Al Fajer Properties würde die Vereinbarung schriftlich in Form eines ordentlichen Vertrages mit uns fixieren kommt es jedoch nicht.

Al Fajer Properties suggeriert uns seit Ende 2006 in mehrfach abgehaltenen Schriftverkehr bis Mitte Oktober 2007,mit stetig variierenden Ausreden, dieser zugesagten Vereinbarung nachzukommen, kommt dieser zivilrechtlichen vertraglichen Verpflichtung jedoch nicht nach.

Mit der Erwartung den zugesagten Vertrag wie vereinbart zu erhalten,besuchen mit festem Termin wir am 17.Oktober 2007 gemeinsam mit unserem Rechtsanwalt ……. das Büro von Al Fajer Properties,Emirates Towers Hotel, Level 6, Dubai.

Hierbei wird uns nicht wie zuvor suggeriert der zugesagte Vertrag präsentiert sondern vielmehr seitens des Geschäftführers von Al Fajer Properties, Dr. Shahram Zadeh der Vortrag geleistet, das Al Fajer nunmehr zu er Entscheidung gekommen sei ausschließlich Bürogebäude zu erstellen, das es wenig Sinn mache im Jumeirah Lake Towers Gebiet ein Apartment zu haben. Wir sollten dies einsehen und aus dem Vertrag aussteigen. Eine Kompensation, die uns für den Verlust entschädigt uns in die Lage versetzt ein adäquates Apartment zu erwerben, wolle er uns nicht leisten – lediglich eine 25 % Verzinsung auf die bereits gezahlten 45 % von 775.000 AED. So wir jedoch auf unsere Apartment bestehen würden , wird Al Fajer in dieses Bürogebäude auf dem Grundstück H3 lediglich 1 bis 2 Etagen Wohnungen im 13. und 14. Stockwerk vorsehen, da ein Investor ebenso beharrlich sei wie wir und nicht einsehen wolle dass das beharren auf eine einstige vertragliche Vereinbarung von Nakheel keinen Sinn mache. Nicht nur diese völlig weltfremde Ausführung ( 1-2 Etagen Wohnungen in einem ansonsten 100%igen Bürogebäude) lässt uns aufhorchen sondern weitere Ausführungen weisen eindeutig darauf hin, das der gesamte Vortrag auf Zermürbung ausgerichtet ist um uns zur Aufgabe und damit zur freiwilligen Entlassung von Al Fajer aus seiner vertraglichen Verpflichtung aus unserer und derer Vereinbarung von DMCC zu zwingen.Das Fertigstellungsdatum verschiebe sich zudem auf Mitte 2010,auch das sollten wir bedenken sei doch unkomfortable.

Einen Grund warum all dem nun auf einmal so sei bekommen wir nicht genannt.
Allerdings habe Al Fajer Properties bereits einen Vertragsentwurf gefertigt, den wir studieren sollen und entsprechend unsere Entscheidung treffen sollen.

Wir sind schockiert. Bis zu diesem von uns erbetenen Termin wurde uns seitens Al Fajer Properties schriftlich suggeriert alles sei wie vereinbart.
Noch während dieses Gespräches stellen wir bei Betrachtung dieses sogenannten Vertragswerkes fest, das dieses keinerlei Spezifikation(keinen Grundriss der Wohnung, keine Flächenangabe der Wohnung, keine Angaben über die Ausstattung, keine Gebäude Konstitution …. sondern nur blanco Positionen enthält…..der Vertag beeinhaltete noch nicht einmal die Definition des Developers Al Fajer Properties, usw , sondern vielmehr ein purer Allgemeiner Entwurf , zudem voller haarsträubender Bedingungen. Wir monieren diesen Sachverhalt noch Vorort und erhalten die Zusage man würde uns die fehlenden Ausführungen unserem Anwalt per Fax sofort am Namittag des 17.Oktober 2007 zukommen lassen.

Diese Zusage wird von Al Fajer Properties in keiner Form eingehalten obwohl wir seit dem 18. Oktober 2008, auch seitens unseres Anwalts……….., Al Fajer Properties hierzu mehrfach schriftlich auffordern.

Nachdem wir zudem mit mehrern Schreiben nun Al Fajer Properties darum bitten einen Kontennachweis für die von uns bereits gezahlten 45 % zu erbringen, wird die gesamte Angelegenheit weiter suspekt.

Mit Email Al Fajer Properties vom 31.Januar 2008, eskaliert die Angelegenheit.

Diese Email enthält im Anhang eine offensichtlich gefälschte Email, die uns laut Aussage innerhalb der Email 31.Januar 2008, am 17.Januar 2008 erreicht haben soll. Diese Email hatten wir nie erhalten,

Unter Bezug auf diese gefälschte Email fordert man uns auf, das uns am 17.Oktober 2008 übergebene blanco Vertragswerk zu unterzeichnen und zuzustimmen, fordert dieses binnen einer Frist von 7 Tagen zu vollziehen, ansonsten würde man uns alle Rechte entziehen und uns lediglich die seit Oktober 2005 gezahlten 45% ohne Zinsen zurückzahlen.
Wir reagieren sofort, wollen eine begründete Zurückweisung via Email an Al Fajer ergehen lassen. Dieses scheitert jedoch, da nun alle Emails von uns, seitens des Servers Al Fajer abgewiesen werden und wir nur rückschließen können, das durch Sperren unserer Adresse auf dem Server, uns dieser Kommunikationsweg verwährt wird.
Daraufhin senden wir am 01.Februar 2008 ein Fax sowie eine Schreiben via Courier DHL an den Geschäftsführer Shahram Zadeh, Al Fajer Properties
In diesem Schreiben geben wir klar bekannt, das wir in keinem Fall der Forderung nachkommen werden einem Blanco Vertragswerk zuzustimmen da es sich bei dem sogenannten Vertrag nach wie vor um ein Blankodokument handle – die entsprechend von uns angeforderten Dokumente ( Grundrisse ect nicht zugesandt wurden usw..) wir derartigen Erpressungsversuchen keine Folge leisten würden.

Ebenso setzten wir Al Fajer Properties in Kenntnis, das wir den Vorgang an die RERA Dubai melden würden, so wir keine korrigierende Reaktion erhalten würden.

Da uns keine weitere Korrespondenz von Al Fajer seit diesem Moment erreicht, senden wir auf Anraten unseres Anwaltes am 05. März ein ausführliches Schreiben inkl. Anhang aller relevanten Dokumente, an die RERA Dubai, Juma Al Maktoum.

Bereits am 10. März 2008, erhält unser Anwalt , ein Schreiben des Anwalts Michael Kerr, des Büros Denton Wilde Sapte Dubai.
Es wird bekanntgegeben das Michael Kerr Denton Wilde Sapte Al Fajer Properties vertritt. Eine Vollmacht wird nicht präsentiert und auch im späteren Verlauf als wir diese mehrfach anfragen verweigert vorzulegen.

Im Schreiben selbst wird dann erneut die Forderung vom 31.01.2008 und damit die Erpressung wiederholt: Wir sollen das angebliche Vertragswerk (Blanco) unterzeichnen , dies binnen 3 Tagen , oder so dies nicht geschehe würden uns alle Rechte entzogen.
Die bereits am 31. Januar 2008 und von uns als unzulässige Forderung zurückgewiesene Erpressung seitens Al Fajer Properties, lebt nun mir diesem Schreiben von Denton Wilde Sapte wieder auf.
Am 11.März.2008 weist unser Anwalt diese erneute Erpressung energisch mit Schreiben an Denton Wilde Sapte zurück, verweist und fügt das gesamte an die RERA ergangene Schreiben bei. Merkt an, der Sachverhalt befinde sich zur Klärung bei der Regierungsbehörde RERA, daher sei deren Klärung abzuwarten und nicht auf diese Weise erneut zu verfahren.
Dieser Sachverhalt (RERA) wird seitens Al Fajer Properties ignoriert, so mit dem Versuch am 18. März 2008 unserem Anwalt in Dubai per Boten ein Schreiben zuzustellen,…………….. was jedoch scheitert.
Noch am selben Tag beschwert sich Denton Wilde Sapte schriftlich über diesen Sachverhalt( wir erhalten diese Mitteilung per Email in Deutschland) und fügt in Kopie den Inhalt seines vorherigen Schreibens bei, inklusive der Kopie eines Barschecks Ausstellungshöhe 348.750 AED = 45 % der Gesamtkaufsumme 775.00 AED ,unserer seit Oktober 2005 an Nakheel gezahlten Gelder.

Unser Anwalt von Al Sharif Advocates wird aufgefordert diesen Scheck durch erneute Zustellung anzunehmen, so dies nicht geschehe würde man die Kündigung incl. des Schecks direkt an …… in Deutschland schicken. Dies geschieht jedoch im Folgenden nicht wie angedroht. Diese Korrepondenz seitens Denton Wilde Sapte endete am 31. März 2008.

Weder wir noch unser Anwalt reagieren auf diese erneute und nunmehr mittels Scheck vollzogene Form der Erpressung.
Seit dem letzten Schreiben 31. März 2008 ( Denton Wilde Sapte)zu diesem Vorfall, hören wir nichts mehr von Al Fajer Properties, auch nicht von Denton Wilde Sapte.
Wir gehen zu diesem Zeitpunkt davon aus, das der Auftrag seitens Al Fajer Properties an Denton Wilde Sapte, für diese Schreiben im März, durch den Geschäftsführer von Al Fajer Properties Dr.Shahram Zadeh ergangen ist, da dieser wie schon mit Email vom 31.Januar 2008 mutmaßlicher Initiator dieser unrechtmäßigen Vorgehensweise war.

Diese Annahme, Shahram Zadeh, stecke auch hier im März 2008 als Initiator dahinter, wir sich später als falsch herausstellen, da wir im März 2009 durch die Presse ( Wall Street Journal) erfahren, das Dr. Shahram Zadeh  am 21. Februar 2008  in Dubai unrechtmäßig inhaftiert wurde und erst nach 60 Tagen wieder frei kam.

Aus diesem Bericht des Wall Street Journals ist zu lesen, das Shahram Zadeh Eigentümer von Al Fajer Properties war, jedoch nach die Firma unrechtmäßig während der Inhaftierung von shahram Zadeh von Sheikh Hasher Maktoum übernommen worde, das Shahram Zadeh schlichweg von Sheikh Hasher Maktoum bin Juma Al Maktoum und dessen Sohn enteignet wurde.

In dem Zeitraum Febraur bis April 2008 als Zadeh inhaftiert war, wurden alle Rechte der Firma Al Fajer Properties auf Sheikh Hasher Maktoum und deren Tochter übertragen. Gleichzeitig wurde der Sohn Sheikh Maktoum Hasher Maktoum Al Maktoum bereits am 6. März 2009 zum Präsidenten von Al Fajer Properties ernannt. Die Geschäftsführer Ernennung an ihn durch den Vater erfolgte in gleichem Zeitrahmen.

Zudem stellt sich später ( erste Berichte bereits Mitte August 2008) durch das Aufkommen des Betrugsfalls „ EBONY IVORY „Dynasty Zarooni heraus, das Al Fajer Properties am 31. März 2008 das gesamte Gebäude( Jumeirah Business Centre 8+9)auf dem Grundstück H3 und G3 Jumeirah Lake Towers, als Bürogebäude zu einem sft Preis von 2050 AED verkauft hat. Die Verträge wurden nachweislich am 31.März 2008 von beiden Parteien (Kabir Mulchandani Dynasty Zarooni und Al Fajer Properties Maktoum Hasher Maktoum Al Maktoum unterzeichnet. ( Beweismittel liegt inzwischen in Kopie des Original Vertragswerkes Al Fajer – Dynasty Zarooni vor)

Noch am 18. März 2008 wollte Al Fajer Properties uns dazu zwingen einen Blanco Vertrag in einem sogenannten Residential Mix Gebäude Jumeirah Business Centre 8 zu unterzeichnen, obgleich Al Fajer Properties hierbereits in der Kenntnis war, das es ein solches Gebäude nie geben würde ( keine Wohnungen – lediglich Büros ( 100 % Commercial ) und das der Verkauf an Dynasty Zarooni bereits eingeleitet war!!!!!!!

Somit steht fest, wie Sie im weiteren Verlauf sehen werden, das diese erpresserische Aktion März 2008 seitens Denton Wilde Sapte für Al Fajer Properties von Sheikh Maktoum Hasher Juma Al Maktoum gegen uns veranlasst wurde und nicht von Shahram Abdullah Zadeh ( wie uns versucht wurde zu suggerieren) , um den Weg für den Deal mit Dynasty Zarooni frei zu bekommen.

Die RERA Dubai wurde von uns auch über die jetzt vollzogene Erpressung, März 2008, in Kenntnis gesetzt.

Eine Bestätigung der RERA Dubai über den Erhalt unser Schreiben von 5. März sowie die bis zum 31.März 2008 erfolgten Aktionen von Denton Wilde Sapte , erhalten wir am 03.April 2008, von Marwan bin Ghalita, CEO RERA Dubai. Diese Eingangsbestätigung enthält das Zitat:

„ Life ends when you Stop dreaming, hope ends when you Stop believing. The future belongs to those who believe in the beauty of their dreams” Eloanor Roosevelt

Inzwischen haben wir uns ausführlich mit Presseberichten zu diversen Themen bzgl. derartiger Vorkommnisse in Dubai informiert.

Hierüber gelangen wir auch zu der Information, das Al Fajer Properties bereits mit Mitte März 2008 , 3 komplette Bauvorhaben im Jumeirah Lakes Tower Gebiet ( auch das Grundstück H3,auf welchem unser Apartment errichtet werden sollte) komplett an Dynasty Zarooni verkauft hat.

( Inzwischen liegen uns zur Beweisführung die original Unterlagen in Kopie dieser Verträge vor. Die wurden mit Datum des 31. März 2008 als sogenanntes Momorandum of Understanding ratifiziert. Unterzeichner der Verträge: Dynasty Zarooni Kabir Mulchandani und Al Fajer Properties sheikh Maktoum Hasher bin Juma Al Maktoum )

Alle 3 Tower sind zudem nunmehr umbenannt. Von zuvor Jumeirah Business Centre7,8 und 9 nun in Ebony Tower (JBC9)Plot H3, Ivory 1 Tower ( JBC8) Plot G3 und Ivory 2 ( Plot H1)

Zudem sind alle Gebäude nun 100 % Bürogebäude. Es gibt in diesem Gebäuden gar keine Apartments , geschweige denn handelt es sich um ein Wohngebäude.
Wir recherchieren entsprechend, lassen uns über eine andere Adresse neue Prospekte und Preise zu kommen, bekommen diese Aussage bestätigt.

Damit ist für uns klar, was der Hintergrund der erneuten Erpressung seitens Al Fajer Properties im März 2008 war. Nunmehr ist auch der Tatbestand des Betrugs erfüllt.

Mit Fax vom Juni 2008 wenden wir uns erneut an Al Fajer Properties und geben einen Bruchteil unserer neu gewonnen Erkenntnisse bekannt, weisen erneut die im März ausgesprochenen Kündigungen zurück und fordern zur Kompensation in voller Höhe auf. Die Kompensation wird klar benannt:

Sie lautet in Höhe wie schon im Schreiben an die RERA Dubai vom März 2008 vorliegend. Bei Nichtreaktion weisen wir darauf hin, den Vorgang zu Gericht zu geben.
Kurz darauf ( Juni 2008) erreicht unseren Anwalt von Al Sharif Advocates ein Anruf von Michael Kerr Denton Wilde Sapte. Dieser sagt, das nunmehr Sheikh Maktoum Hasher Maktoum Geschäftsführer sei, dieser die Angelegeheit jetzt persönlich im Einvernehmen mit uns regeln wolle. Es wird signalisiert die entsprechende Kompensation leisten zu wollen.

Wenig später wird jedoch nur eine Kompensation von der nochmaligen Summe unserer 45% offeriert ( 348.750 AED)
Wir beharren darauf die Verhandlung nicht mündlich führen zu wollen sondern schriftlich.
Wir machen nochmals klar, das uns diese Offerte einen Schaden von, zu diesem Zeitpunkt, über 1 Million AED erzeugt ( ein adäquates Apartment kostet inwzischen ca. 1,8 Mio AED) und fordern nochmals dazu auf uns eine Kompensation in der Höhe zu leisten die uns in die Lage versetzt ein adäquates Apartment zu erwerben.

DentonWilde Sapte, RA Michael Kerr gibt an, sich mit Maktoum Hasher Al Maktoum zu besprechen, will weiter verhandeln und signalisiert sich in Kürze zu melden. So geschehen im Juni 2008.
Bis zum 08.September 2008 hören wir jedoch nichts mehr von Al Fajer oder Denton Wilde Sapte.

Mit erneuten Ferienaufenthalt in Dubai, senden wir am 08.September 2008 eine Email an RA Michael Kerr, Denton Wilde Sapte, und erinnern an seine Zusage sich zu melden. Wir vollziehen dies selbst, da unser RA angab sich erst ab 15. September wieder in Dubai zu befinden.

Hierauf erfolgt seitens M. Kerr eine sofortige Reaktion per Email am 08.September 2008 mit Ausreden warum er such nicht gemeldet habe,signalisiert aber die Angelegenheit Kompensation nun entsprechend nach Rücksprache mit Maktoum Hasher Maktoum regeln zu wollen.
Kerr wendet sich dann nicht mehr an uns, sondern an unseren Anwalt.
Unser RA  stellt unsere Kompensationsvorstellung nochmals begründet klar dar, nun auch unter dem weiteren Aspekt der inzwischen erneut gestiegenen Immobilienpreise ( ein adäquates 100 qm Apartment kosten mittlerweile im besagtem Gebiet bis zu 2,4 Million AED)

Das Kompensationsangebot seitens Al Fajer Properties was uns nunmehr ergeht, beläuft sich nun auf 651.250 AED , wird aber verklausuliert als 1 Million AED dargestellt.

Dieses Angebot , hätten wir es angenommen, hätte uns zu diesem Zeitpunkt September 2008 erneut einen Schaden von nahezu 1 Million AED zugeführt. Al Fajer selbst hatte nachweislich die benannte Fläche 1098 sft bereits am 31.März 2008 zu einem Preis von 2050 AED an Dynasty Zarooni verkauft, sich somit im Gegensatz uns diese Fläche für 775.000 AED Ende März 2008 wie vereinbart zu liefern, um mehr als 1,25 MIO AED bereichert.

Da wir inzwischen auch in der Kenntnis waren, zu welchem Preis Al Fajer die Flächen im Gebäude auf dem Grundstück H3 am Markt als Büros offeriert ( bis zu 2140 AED pro sqft), war auch bewiesen das sich Al Fajer sich einen Vorteil von bis zu 1429 AED pro sqft. durch den unrechtmäßigen Entzug unserer Rechte vollzogen und erwirkt hat.

Will heißen: Al Fajer erzielt zu diesem Zeitpunkt einen Mehrertrag von 1,55 Million AED, entgegen der mit DMCC und uns zu Al Fajer nach wievor gültigen Vereinbarung.

Wir sahen dieses letzte Angebot, lediglich 651.250 AED Kompensation zu wollen unter den gegebenen wahren Sachverhalten (Betrug) als erneute Provokation an, lassen unseren RA hierzu am 18. Sep. 2008 Stellung nehmen und stellen erneut und wiederholt klar, wie die Kompensationsforderung unsererseits lautet.

Erst am 29. September 2008, einen Tag vor unserer Abreise, erhalten wir Antwort. Diese bringt zum Ausdruck das Maktoum Hasher Maktoum Al Maktoum sehr enttäuscht sei über unser ablehnendes Verhalten zu diesem doch großzügigen Angebot von His Highness sheikh Maktoum bin Hasher Al Maktoum. Nun wird erneut seitens Al Fajer Properties Druck gemacht. Wir sollten innerhalb von 7 Tagen dieses Angebot ( 651.250 AED) annehmen, wenn nicht, würden uns lediglich unsere 45 % ( 348.750 AED) gezahlt.

Wir betrachten dies als erneute Erpressung und verlassen entsprechend enttäuscht und niedergeschlagen Dubai am folgenden Tag.

Wir möchten zu diesem letzten 4wöchigen Aufenthalt im September 2008 in Dubai auch anmerken, das wir während der gesamten Zeit, in teilweise kurioser Weise, observiert wurden, was bei keinem unserer vorherigen Aufenthalte in Dubai jemals der Fall war. Dies ging bis dahin, das wir früh bemerkten, das unsere Telefonate abgehört wurden, unser Zimmer offensichtlich von nicht zum Personal gehörenden Personen betreten wurde und vieles mehr….. ( die Vorkommnisse wurden der Staatsanwaltschaft in Deutschland zu Kenntnis gegeben.

Selbst am Tag der Abreise wurden wir von 2 Personen vom Check IN bis zum Boarding von 2 Personen verfolgt und observiert. Beide Personen gingen dann jedoch nicht mit an Board. Aufgrund dieser Vorkommnisse hat uns der gesamte Aufenthalt entsprechende Aufmerksamkeit und Vorsicht abgefordert –was entsprechend Angst auslöste – womit wir mit Abflug in Dubai froh waren, bald wieder deutschen Boden unter den Füßen zu haben.

Weiter zum Sachverhalt Kompensation:

Zurück in Deutschland bitten wir unseren Anwalt auf das letzte Schreiben des M. Kerr DWS zu reagieren. Unser Anwalt ist nicht erreichbar. Somit werden wir in die Situation versetzt selbst zu antworten, was wir am 01.Oktober 2008 tun.
Am 06.Oktober 2008 erreicht uns eine Email von Michael Kerr, Denton Wilde Sapte, in welcher nunmehr massive Angriffe und erneute Drohungen ausgesprochen werden. Dieses Schreiben beinhaltet auch massive Drohungen für den Fall das wir die Presse und Journalisten zu unserem Fall informieren. Es wird angemerkt, das wir dieses ja bereits schon im März 2008 versucht hätten, dies habe Al Fajer Properties sehr verärgert. Auch die RERA würde nichts unternhemen und ein Gericht in Dubai eine Klage gegen Al Fajer Properties nicht annehmen. Darüber sollten wir uns im Klaren sein. Die Korrepondenz sei damit beendet.

Bis Januar 2009 versuchen wir vergeblich mit mehreren Schreiben eine Klärung mit Al Fajer oder DWS zu erlangen, erfolglos. Wir fordern Denton Wilde Sapte erneut mehrmals auf eine Anwaltliche Vertretungsvolmacht vorzulegen – diese wird seitens Denton Wilde Sapte verweigert.

Al Fajer Properties und Deton Wilde Sapte antwortet nicht mehr. Unser Geld wird jedoch weiter einbehalten.

Die Anwälte Denton Wilde Sapte sowie Al Fajer Properties sheikh Maktoum Hasher Al Maktoum  verweigern die Vorlage einer Handlungsvollmacht oder einen entsprechenden Legitimationsnachweis für die Geschäftshandlung ( Vertragskündigung) die Sie im März 2008 durchgeführt haben.

Im Januar 2009 werden zudem erste Pressemeldungen laut, das der Geschäftsführer des Partners von Al Fajer Properties,, Kabir Mulchandani DynastyZarooni, wegen Betrugsverdacht( auch bezogen auf die Bauvorhaben Grundstück H3, G3 und H1) von Al Fajer Properties, in Dubai verhaftet wurde. Gleichzeitig wird bekannt das bereits mehr als 30 Investoren ( Projekt Al Fajer Properties H3, G3 + H1) Strafanzeige gegen Dynasty Zarooni und auch gegen Al Fajer Properties erstattet haben sollen.
Wir informieren uns zu den Details und bitten per Email Anfang Januar 2009 ……………………………

März 2009 wird durch die Presse ( Wall Street Journal) bekannt, das der Geschäftsführervon Al Fajer Properties , Shahram Zadeh, bereits Februar 2008 in Dubai von der Staats Sicherheit inhaftiert wurde.

Hier werden auch Folterungen und Erpressung beschrieben, die Zadeh während der Inhaftierung widerfahren ist. Zadeh selbt gibt an, Hasher Maktoum  Al Maktoum habe diesen Akt der Inhaftierung gegen Ihn veranlasst.

Zadeh selbst habe zuvor Strafanzeige gegen Hasher Maktoum, dessen Sohn und Tochter wegen Unregelmäßigkeiten innerhalb von Al Fajer Propertiesgestellt.Maktoum Hasher und sein Vater hätten daraufhin dafür gesorgt ihn inhaftieren zu lassen.

Innerhalb dieses Berichtes kommt zum ersten Mal zu Tage, das der Inhaber von AlFajer Properties nicht Maktoum Hasher Juma Al Maktoum sein soll,sondern vielmehr Dr. Shahram Abdullah Zadeh.

Es wird weiter in der Presse berichtet, das Maktoum Hasher Juma Al Maktoum und sein Vater Hasher Juma AL Maktoum, sich während derInhaftierung von Dr. Zadeh, bereits im März 2008 das Unternehmen AL Fajer Properties unrechtmäßig angeeignet haben sollen.

Nach Entlassung aus der 60-tägigen Haft, Ende April 2008, wurde der Pass von Dr. Zadeh bis heute einbehalten .

Eine Strafanzeige von Shahram Abdullah Zadeh gegen Sheikh Maktoum Hasher al Maktoum und dessen Tochter sowie den Sohn Sheikh Maktoum Hasher al Maktoum wird von der Staatsanwaltschaft in Dubai zurückgewiesen.

Shahram Abdullah Zadeh führt daher derzeit eine Zivil Klage gegen Maktoum Hasher Juma Al Maktoum,dessen Vater und Schwester wegen Veruntreuung. Streitwert: 1,9Milliarden US Dollar, wird seit dem weiterhin seitens al Fajer Properties und Maktoum Hasher Juma Al Maktoummassiv unter Druck gesetzt.

Seit Veröffentlichung des Wall Street Journals Berichtes März 2009, über die Inhaftierung Zadeh`s versucht Maktoum Hasher Juma Al Maktoum, über eine PR Agentur und Business Wire, in regelmäßigen Abständen die Presse mit Geschichten bzgl. des Baufortschritts der Projekte von Al Fajer Properties zu versorgen.
Dies wohl auch um die Negativmeldungen in der Internationalen Presse, bzgl. des Gerichtsprozesses Zadeh als auch der weiteren Klagen gegen Al Fajer Properties und Dynasty Zarooni von Investoren aus dem Al Fajer Ebony Ivory (Jumeirah Business Centre Grundstücke H1, H3, G3) Projekt in Verbindung mit strafrechtlicher Verfoglung auch gegen Dynasty Zarooni zu kaschieren.

Die Presse in UAE und Dubai musste sich verpflichten nicht zu den Verhaftungen und laufenden Prozessen in Sachen Al Fajer, berichten. Journalisten des Wall Street Journals, Financial Times, Zawya DowJones, Forbes, The Independent, The Guardian und andere übernahmen entsprechend diese Berichterstattung.

Alle zu diesem Fall „Skandal Al Fajer Properties Dynasty Zarooni“ berichtenden Journalisten, wurden inzwischen mit Hinweisen bedacht, dieses zu unterlassen – agieren daher inzwischen berichterstattend zu diesem Fall gar nicht mehr oder unter Pseudonym. ( So ein ausführlicher Bericht von The Independent)

Mittlerweile haben sich die betroffenen internationalen Investoren ( über 400) in Sachen Al Fajer Properties Dynasty Zarooni( Grundsstück H3 – G3 und H1) zu einer Gruppe zusammengefunden, einige haben bereits Klage eingereicht, da der Weg einer gütlichen Einigung auch hier scheiterte.

Bei all diesen Investoren handelt es sich um Käufer von Büroeinheiten der Tower Ebony ( Plot H3) und Ivory Towers ( Plot H1 + G3) die nach der Ernennung von Maktoum Hasher Maktoum im März 2008 zum Geschäftsführen AL Fajer Properties, diese Einheiten direkt bei Al Fajer oder Dynasty Zarooni nach dem 31. März 2008 gekauft haben.

Auch diese 400 Investoren, der erst nach dem 01. April 2008 kauften, wurden auf kuriose Weise von Al Fajer oder aber mit dessen Partner Dynasty Zarooni betrogen bzw. fühlen sich betrogen.

Im Mai 2009 wurde von diesen 400 Investoren eine Petition mit mehr als 500 Unterschriften verfasst und an die RERA Dubai zur Weiterleitung an das Government Dubai übergeben.
Eine von der Investorengruppe Ebony Ivory einberufene Pressekonferenz im Madinat Jumeirah Dubai wurde jedoch mutmaßlich durch Maktoum Hasher Juma Maktoum , unter zur Hilfenahme eines lokalen Netzwerkes , rigoros aufgelöst ( Bericht The Independent) Selbst eine danach folgende private Journalisten Versammlung in einem anderen Hotel wurde mit entsprechend drohenden Hinweisen aufgelöst. Der lokale Dubai City7 TV Sender brachte dennoch einen Beitrag zu diesem Vorgang – wurde aber wenige Tage später ebenso , gemäß Berichte der Investoren unter Druck gesetzt. Ein zunächst verfügbares Video über diesen TV Bericht wurde aus dem Internet genommen.
Die Internationale Presse sah sich jedoch nicht veranlasst dies hinzunehmen und berichtete auch zu diesem Vorgang (Verweis The Independent)

Nach diesem Vorfall sahen sich die bertoffenen Investoren nur noch in der Lage, die Situation klar über den Weg einer Presseagentur und über Business Wire im Verteiler weiter an die Öffentlichkeit und Presse zu geben.

Im späteren Verlauf nahme sich Mitte Juli 2009 ein Journalist der BBC mit Interviews betroffener Käufer und Invetsoren sowie ehemaliger Mitarbeiter beider benannter Firmen der Angelegenheit erneut an. Schon bald sollte sich herausstellen das während dieser Zeit der Recherche und Interviews die betreffenden Telefonate sowie der Schriftverkehr abgehört und abgefangen wurden. Der Bericht der BBC kam nicht zustande.

Im August 2009 erschien ein Blog der sich dubai9stars nannte und der das Erscheinungsbild von dubai7stars und 7starsdubai 1:1 kopiert hatte. Das Resultat eines Sabotageangriffs auf den Rechner von dubai7stars im Juni 2009 ? Schon bald war erkennbar, das dieser kopierte Blog nur eines im Sinn führte: Man wollte diesen Blog als Hetzkampagne gegen die Investoren sowie offensichtlich gegen Shahram Zadeh verwenden.

Diese Annahme fand seine Bestätigung mit einer Veröffentlichung in dieses Blog vom 29 Dezember 2009. Aus diesem hier veröffentlichten Darstellung ist auch ersichtlich wie die genannten Personen observiert und verfolgt wurden, dieser Bericht bestätigt auch zu einem Teil das Abhören von Telefongesprächen und weiteren strafrechtlich relevanten Vorgehen dieser Blog Betreiber und dem dahinter steckenden Auftraggeber.

Wie sehr die bertoffenen Personen ( Zadeh , seine ehemalige Sekretärin Leigh Jones sowie auch der Sprecher der Investorengruppe Moses Oye) verfolgt und bedroht wurden kommt klar zum Ausdruck. Wer hieran ein massives Interesse hat steht für die Betroffenen außer Frage, somit auch der Auftraggeber für diesen Blog dubai9stars. Die Behauptungen Zadeh habe den Blog dubai7stars käuflich erworben und für seine Zwecke instrumentalisiert tauchen immer wieder auf.  Sie sind falsch.

Der letzte Satz in diesem Artikel des 29. Dezember 2009, deutet darauf hin, wie weit gediehen das kriminelle Potential des Auftraggebers ist. …… werden doch alle jemals mit Zadeh in diesem Zusammenhang stehende Personen das gleiche schmerzhafte Schicksal erleiden.

Wie sagte doch Zadeh schon in dem Artikel mit dem Wal Street Journal: Sie haben mir während meiner Inhaftierung gesagt: Wenn ich nicht kooperiere werden Sie mich ruinieren !

Nunmehr wird diese Drohung über diesen Blog an weitere Personen ausgeweitet.

Glaubt man dem Bericht auf dubai9stars, so ist Zadeh in die Tschechei geflohen, Leight Jones in den Lebanon geflohen.

Doch dem nicht genug, reicht Maktoum Hasher Maktoum im November 2009 eine Klage vor einem US Gericht gegen Internet Blogs ein.  Unter dem Vorwand “Trademarkverletzungen” versucht er nun über diverse Subpoena an Provider an weitere sensible Daten von Personen zu gelangen. Er gibt an nicht über die physikalische Adresse der Blogbetreiber in Kenntnis zu sein, was zumindest zu diesem Zeitpunkt in einem Fall nicht stimmt. Damit täuscht er das US Gericht und den Provider dieses Blogs. Ferner verweist seine Klage keinerlei Hinweis das sämtliche Artikel der Blogs, 1:1 Wiedergaben aus Artikeln von US Amerikanischen Journalen wie Forbes, Wall Street Journal u.a. sind.

Ein weiteres pikantes Detail zu der Klage Einreichung vor dem US Gericht fällt ebenso auf. Bereits in 2008 hatte sein Geschäftsfreund in Sachen Jumeirah Business Centre ( Ebony Ivory Towers Jumeirah Lake Towers), Kabir Mulchandani, über eben jene Anwälte ( Winston Strawn) bereits das gleiche Spiel betrieben !!! Beide Klageschriften lesen sich – als seinen dies Zwillingsbrüder – so jedenfalls hinichtlich der Leiden und der beachtlichen Schadenshöhen die hier benannt werden.

Kein Interessenskonflikt den die Anwälte hier hätten haben müssen ?

Inzwischen wurden diverse Behörden und Institutionen über dieses Vorgehen und die Hintergründe informiert.

Der Stattsanwaltschaft in Deuschland liegen diese Dokumente vor.

Mit falschen Verdächtigungen und unbeschreiblich fortwährenden mutmaßlich von dieser Seite veranlassten Stalking Methoden ( psycho Terror in diveren Formen) seit Mitte 2009 setzt Maktoum Hasher seinen Weg auch gegen uns fort, insbesondere seit dem Zeitpunkt Mitte 2009, da wir Strafanzeige gegen Sheikh Maktoum Hasher Maktoum Juma Al Maktoum erstattet haben, nachdem alle Bemühungen mit diesem Mann zu einer gütlichen Einigung zu kommen gescheitert sind – in weiteren Erpressungsversuchen endeten.

Als Folge dieser Strafanzeige, betreibt Sheikh Maktoum Hasher nunmehr mit unglaublich Ausführungen in der Klageeinreichung vor einem US Gericht ( falschen Verdächtigungen, falschen Kollobarativen Ereignis Darstellungen in Zusammenhang mit der Internationalen Presse, Verfolgung anderer Personen wie Moses Oye , Shahram Zadeh u.a., sowie anderen exorbitanten nicht nachvollziebaren Größenaordnungen zum Ausdruck gebrachten Forderungen) über einen US Anwalt gegen Deutsche Staatsbürger , erweitert strafrechtlich Relevante Handlungen mit falschen Aussagen , die Lebens – und Existensvernichtende Formen angenommen haben.

Besonders bemerkenswert ist im Gesamtzusammenhang  in dieser Klageschrift zu lesen, er habe mentalen Stress durch diese Blogs erlitten !!!!!!!

Bemerkenswerter Weise findet die Klageschrift all jene Vorgehen wider, die seitens des Kägers Maktoum Hasher  zuvor gegen die betroffenen Stalking Opfer betrieben wurden und werden nun als eigenes mentales Leiden zum Ausdruck gebracht.

Unter Vortäuschung falscher Tatsachen vor einem US Gericht, betreibt er nun die Identitätssuche nach Personen die diverse Blogs Anfang 2009 eröffnet hatten, bringt jedoch durch anwaltliche Schreiben ( nun aus San Francisco) zu Ausdruck, das Zadeh für ihn der Hauptverdächtige sei und und inkludiert wilde weitere kolloborative Verdächtigungen. auch entsprechende Erpressungen sind in diesen Anwaltsschreiben natürlich wieder inkludiert. ( so kann er sich auf einmal an dies und jenes nicht mehr erinnern … fügt jedoch an, er könne sich eventuell erinnern so dies und jenes geschehe)

Bei Einsicht in diese Blogs( erschinenen als der Al Fajer Dynasty Zarooni Skandal in der Presse Anfang 2009 berichtet wurde) ist festzustellen, das diese lediglich Artikel zu dem Fall Al Fajer Properties und Shahram Zadeh , vom Wall Street Journal sowie weiteren offiziellen Presseorganen der USA , 1 : 1 veröffentlicht haben. Er klagt jedoch nicht gegen diese offiziellen Medien, sondern gegen die Blogs von offensichtlichen Privatpersonen.

Es ist anzunehmen das es sich hierbei um geschädigte Investoren aus dem Skandal Ebony und Ivory Towers ( Jumeirah Business Centre Al Fajer Properties handelt), die über diesen Weg Öffentlichkeit und damit Hilfe suchten.

Oder es ist anzunehmen das es sich um eine Selbstinziernierung seitens Maktoum Hasher oder Mulchandini handelt – um falsche Beweise zu konstruieren – und diese dann anderen via Klage anzuhängen.

Als reichte es nicht schon, welche Schädigung diverse Investoren durch das Handeln dieser beiden Parteien erlitten haben, das Ihnen Drohungen über diverse Wege zuteil werden, mit Psychoterror alle Wege versperrt werden in Dubai vor Gericht zu gehen, das in Dubai alles mögliche veranstaltet wurde um die Presse auszuschalten und weiter über diesen Fall zu berichten.

Unter der Überschrift: Die betrogenen Betrüger schrieb schon einst Ogger welche Formen bis hin zur Gewalttätigkeit bei solchen Personen möglich sind. Von diesem Status ist dieser Fall wohl nicht mehr weit entfernt. Aus den vorgenannten Ereignissen und dem jetzt zu Tage gekommenen Klage des Maktoum Hasher( in Existenz vernichtender Höhe gegen Privatperonen ( Kunden des Hauses Al Fajer die sich nicht erpressen ließen, ehemalige Mitarbeiter von Al Fajer sowie gegen Zadeh) ist das Agressionspotential zu ersehen. Unter der Mittäterschaft von Anwälten wird hier versuch grenzüberschreitende Macht mit kriminellen Methoden durchzusetzten. Koste es was es wolle und wenn es Menschenleben kostet.

Geld , Gier und Machtverhalten dieser Art sollten zu denken geben – sollten darüber nachdenken lassen – um welche Persönlichkeitsstörung es sich hier handelt.

Keine der betroffenen Personen wird sich jemals mehr in Dubai sicher fühlen können – denn irgendein Vorwand wird sich  eine Person die derartiges inziniert immer finden – um erweitert Rache ( auch wenn diese unberechtigt ist ) zu üben. Investoren die aus Angst das Land nicht mehr betreten – können auch keine Aussage vor Gericht machen. Kein Prozess – kein Geld zurück – in Angst versetzte Journalisten von weiterer Berichterstattung ausgeschaltet.

Kriminelle Organisationen wie die Mafia wenden keine anderen Methoden an.

Dieses Verhalten was seitens Maktoum Hasher zu Tage getreten ist repräsentiert nicht Dubai, repräsentiert nicht das Verhalten der Familie Al Maktoum.

Aber es zeigt auf, zu was bestimmte Personen innerhalb dieser Familie hier fähig sind und gegen die, befindet man sich in Dubai, wenn es denn passiert, man sich in Dubai nicht wehren kann. Selbst vor grenzüberschreitenden kriminellen Handlungen ( Verfolgungen bis in die Tschechei, den Lebanon oder Deutschland) wird kein Halt gemacht, wie man aus diesem Fall sieht.

Welche Art von Reputation sich Maktoum Hasher Maktoum Al Maktoum für sich und Dubai auf diesem Weg zurückgewinnen will ist fraglich.

Der Hauptantrieb für all seine Aktionen scheint aber letzendlich die verbitterte Jagd nach Shahram Zadeh zu sein, dem Mann der es gewagt hat Strafanzeige gegen ihn, seinen Vater und die Schwester wegen offensichtlicher Veruntreuung des Unternehmens Al Fajer Properties in Dubai zu erstatten. Falsche Behauptungen über den Grund der Verhaftung Zahdeh`s wurden offensitlich fantsievoll ebenso konstruiert.

Der Betrug und Psychoterror seitens Al Fajer Properties, der in unserem Fall nunmehr seit März 2008 andauert,wird seitens Sheikh Maktoum Hasher Maktoum Juma Al Maktoum gegen uns massiv weiter betrieben. Unser Geld befindet sich weiterhin in den Händen von Maktoum Hasher Al Maktoum der sich gern via Open PR als erfolgreicher President der Fajer Properties Dubai selbstdarstellt.

*) Alle zuvor gemachten Angaben sind wahr und können jederzeit mit entsprechenden Dokumenten belegt werden.

Die Namen der hier berichtenden, durch Betrug betroffenen, Personen (Käufer aus Deutschland) werden aus Personenschutzgründen nicht genannt, da bereits öffentliche Drohungen im Internet gegen diese erfolgt sind.

Weitere Verweise Presse….

ABC News Shahram Zadeh

Al Fajer Properties Dubai Chronicle

Dynasty Zarooni Al Fajer Properties Financila Times

Forbes Where are the locals

Fraud Case Al Fajer Properties Ebony Ivory Towers The Guardian 2009

Iranian’s lawsuit reveals uae royal power

Case Dynasty Zarooni Januar 2009 Press

Dynasty Zarooni dubai case January 2009 Press

Fraud Case sheikh Maktoum Hasher Al Maktoum Shahram Zadeh Torture Dubai

Al Fajer Properties Dynasty Zarooni Case January 2009

Petition Investors Project Al Fajer Properties Jumeirah Business Centre

Al Fajer Properties Ebony Ivory Towers Investors Press 2009

Al Fajer Properties Dubai International Investors angry 2009

Dubai Al Fajer Properties Media Blackout Report End 2009

Al Fajer Properties Dubai Ebony Ivory Towers Media Blackout Independent

Al Fajer Properties case Battle over the Books

Dubai legal System on Trial

shahram Zadeh conned by Dubai Royal Family member

Posted in Al Fajer Properties, Dubai, Dubai Fraud, Dubai Real Estate, Ebony Ivory Towers Dubai, Immobilienbetrug Dubai, Jumeirah Business Centre, Kabir Mulchandani, Maktoum Hasher Maktoum, Shahram Abdullah Zadeh, Sheikh Maktoum Hasher Maktoum Juma Al Maktoum-2, Strafanzeige Deutschland, Vereinigte Arabische Emirate | Tagged: , , , , , , , , , | Comments Off on Horror Szenarien eines Immobilienkaufs in Dubai – Al Fajer Properties – Betrug – Bedrohungen – Stalking – Pressefreiheit

Dubai – Property Investors formed groups to take class actions against developer

Posted by 7starsdubai on May 19, 2010


source The National

Dubai – May 18, 2010

As hundreds of investors receive cancellation notices on defaulted properties across Dubai, the consolidation of the sector is approaching its endgame.

The move to cancel contracts and repossess properties is a last resort for developers whose profits have dwindled since the financial crisis took hold, experts say.

Property developers have come under increasing pressure to know what future income they can expect to generate from units that were sold at the peak of the market, many of which are now in default.

The final notices that are now being sent to investors who have missed payments in projects that are 80 per cent or more complete marks the end of a consolidation process which, for most developers, began about 18 months ago.

“I think the auditors have come in and started to put pressure on where the receivables are coming from,” said Ian Albert, the regional director of Colliers International. “At the end of the day, a developer wants to sell. It really is a last resort to go down this route.”

Nabil Ahmed, the regional head of research at Deutsche Bank, said that after more than a year of trying to limit defaults through consolidation, some developers are now clamping down on the “20 or 30 per cent of those they couldn’t help and who are defaulting simply because they don’t have the means to pay the remaining amount”.

Still, investors who have missed payments are standing their ground because they could lose the down payments they made on investments they hoped would generate lucrative returns. Some have formed groups to take class actions against developers trying to repossess properties.

The stalemate is a result of the huge speculation that took place in Dubai’s property sector in 2007 and 2008, when prices surged 78 per cent.

“It’s basically people who were caught when the market was effectively a trade market rather than an occupier’s one,” Mr Albert said.

It was also a time when banks were happy to pair up with developers to offer attractive home finance deals.

Abu Dhabi Commercial Bank (ADCB), for example, agreed with Al Fajer Properties in 2005 to offer 60 per cent financing to customers in Jumeirah Business Centre 5.

The deal involved buyers making payments over 10 years from the project’s completion, making it appealing to those who were unseasoned investors.

Both Al Fajer and ADCB recently confirmed that the credit line, which was worth about Dh500 million (US$136.1m), was cut towards the end of 2008 as the financial crisis took hold in the emirate’s property sector.

One British investor, who asked not to be named, bought two floors of office units in Jumeirah Business Centre 5 on the understanding that she would get a mortgage.At the height of the boom in 2008, she paid 40 per cent for one floor of office space and 50 per cent on the other at Dh1,100 a square foot. She is also among the dozens of investors in the project who recently received termination notices.
“I actually have a brochure that states we’d get preapproved finance,” she said. “We paid a big premium to get the comfort of having pre-approved finance … We weren’t told until recently that we wouldn’t get it. When the market and the world economy changed, we raised this issue and were told, ‘don’t worry about it, we’ll work something out’ … We proposed to do a merger of the two floors and pay additional funds but were told ‘no’.”

Meanwhile, Jumeirah Business Centre 5, which is almost ready for handover,
has a default rate of about 85 per cent.

A senior source within Al Fajer, who asked not to be named, said:
“We have customers who did get financing; the developers also thought they were going to get financing for their projects and didn’t. We barely got any financing – 80 per cent was done with cash.”

Other property developers have also started to send cancellation notices to investors including Al Mazaya and Omniyat Properties.

Mohammed Sultan Thani, the assistant director general of the Dubai Land Department, concedes there is no clear-cut solution to the deadlock. Hundreds of termination letters have been sent out by the department in recent months, he said, and an investor who wishes to dispute a termination notice needs to go to court.

Successful sales in the auction process will also put more pressure on Dubai’s already oversupplied property market, Mr Albert added. But the process may not be entirely smooth.

“What finance will be available for people to buy at auction? You’d be looking at a very small pool of cash buyers, and they will seek very attractive prices in order to put cash into non-completed properties.”

Posted in Al Fajer Properties, Dubai, Dubai Legal - Real Estate Lawsuits, Jumeirah Business Centre | Tagged: , | Comments Off on Dubai – Property Investors formed groups to take class actions against developer

Shahram Abdullah Zadeh vs Al Fajer Properties – A Dubai Deal called into Questions

Posted by 7starsdubai on December 5, 2009


original published Wall Street Journal

http://online.wsj.com/article/SB123457503562586691.html

jbc-towersDUBAI — Amid the movers and shakers of this glittering city, Shahram Abdullah Zadeh cut a wide swathe. He cruised around town in a white Bentley and dined with royalty as his company ( Al Fajer Properties)  developed one of the emirate’s premier office complexes, the Jumeirah Business Centre Towers located at the Jumeirah Lake Towers district in Dubai.

But in February 2008, a phone call from Dubai’s state security effectively ended it all.

Hauled in and locked up for 60 days, Mr. Zadeh says he was interrogated about his role in Dubai’s freewheeling real-estate sector and his business relationship with the brother-in-law of Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. When released, Mr. Zadeh says he had been frozen out of the real-estate company he had helped start.

Mr. Zadeh’s experience, compiled though court and company documents, offers a rare window into the murky business world that helped transform this city from an empty coastline into a metropolis. It also may offer a cautionary tale for investors lured to the city, which bills itself as the modern face of a new Middle East. Dubai is one of seven semi-autonomous emirates that make up the United Arab Emirates.

The U.S. government and human-rights groups have long criticized the judicial system in the U.A.E for a lack of independence and oversight. In the good times, investors didn’t fret much about these shortcomings. Now, some of the same deals that helped build Dubai are coming undone — in particular, a tradition of off-the-book business partnerships between Emirati citizens and elite expatriates like Mr. Zadeh, who was born in Iran.

Shahram Abdullah  Zadeh claims his detention came after a business dispute with his partner at Al Fajer Properties, Sheikh Hasher bin Juma’a Al Maktoum and his son, Sheikh Maktoum bin Hasher Maktoum al Maktoum. Both men are members of the extended family of Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum.

Mr. Zadeh alleges the two men took control of the firm while he was in custody, according to a lawsuit he filed with Dubai’s public prosecution office last year.

Mr. Zadeh has not been charged with a crime.

But for the past year, authorities have held onto his passport, making it impossible for him to travel or find work.

“I used to believe in the miracle of Dubai. But now I see it all as a mirage,” said Mr. Zadeh, 37. Sheikh Hasher denies any wrongdoing. He says he was not responsible for Mr. Zadeh’s jailing and that he removed him from the company because Dubai authorities said he had offered bribes, an allegation Mr. Zadeh denies.

Some of Mr. Zadeh’s claims are impossible to verify independently. His only copy of the real-estate partnership agreement is missing, and official company documents show the Sheikh Hasher as sole owner. Dubai’s security services, the public prosecutors’ office and the Dubai ruler’s court all either declined to comment or didn’t respond to repeated requests for comment.

Last fall, the Emirates’ Human Rights Association, a government body, wrote to authorities asking for an explanation about why Mr. Zadeh’s passport was being held. The group did not receive any response, according to his lawyers.

Shahram Abdullah Zadeh grew up in Dubai, attending school with the children of some of the city’s top families. He managed his family’s hotel and retail holdings and decided to go into business himself in 2000. Real-estate development was off limits to foreigners, even longtime residents like himself. So, he turned to a common practice — a silent partnership with a U.A.E. citizen.

Typically, such partnerships involve an Emirati acquiring a business license and then granting his foreign partner management control. The foreigner either pays an annual fee to the Emirati or the two share profits. The terms are set forth in a parallel set of documents, separate from those submitted to the government. Such contracts are so common that courts here have upheld them in disputes, according to commercial lawyers here.

In 2004, an old friend of Mr.  Shahram Zadeh’s father brokered an introduction with Sheikh Hasher Maktoum bin Juma al Maktoum. The Sheikh owns Al Fajer Enterprises, a conglomerate that includes a construction and contracting arm.

In affidavits filed with Dubai’s prosecution office, Mr. Zadeh contends that he and Sheikh Hasher Maktoum bin Juma Al Maktoum verbally agreed to a partnership, signing a contract on Feb. 1, 2006.

The partnership, Mr. Zadeh says, established the two men as co-owners of Al Fajer Properties. The men would split profits equally and would invest equal amounts of capital. The contract named Mr. Zadeh as chief executive.

shahram-zadehShahram Abdullah Zadeh  provided $335,000 in start-up capital, and he invested another approximately $30 million in the company, according to bank documents reviewed by The Wall Street Journal.

Mr. Zadeh’s affidavits contend Sheikh HasherMaktoum bin Juma Al Maktoum didn’t contribute any capital. Sheikh Hasher denies the equity partnership ever existed.

Business took off quickly.

One of Al Fajer’s biggest projects was a planned $750-million development of five office towers,the Jumeirah Business Centre Towers,  set just inland from Dubai’s man-made, palm-tree-shaped island. Shahram Zadeh bought three of the five plots for the 40-story towers with his own money, according to financial documents. With investors lined up for units, he then awarded $215 million worth of contracts to the construction arm of Sheikh Hasher’s Al Fajer Enterprises, according to company documents.

But by late 2007, the contractors were behind schedule, according to company documents and former employees. Al Fajer Properties was facing fines for the delays, and buyers were starting to complain.

Sheikh Maktoum Hasher bin Juma al Maktoum wanted payments to continue to his companies, but Mr. Zadeh claims he said no.

The sheikh complained in a series of text messages that unless  Shahram Abdullah Zadeh released more cash, the Sheikhs contracting companies would go bankrupt.

On Feb. 21, 2008,  Shahram Abdullah Zadeh claims, he received an unusual phone call from Dubai State Security, asking him to come in that evening for a talk. When he arrived, , he claims that police blindfolded him, put him into a sport-utility vehicle and drove him to a detention center.

In the eight weeks he was jailed, Shahram Abdullah  Zadeh says he was never accused of a specific crime or shown an arrest warrant. Instead, he says, he was repeatedly interrogated about his personal life and Al Fajer’s operations, and gave his interrogators the combination to the company’s safe after they asked for it. “They told me that if I did not cooperate that they would ruin me,”  Shahram Abdullah  Zadeh said.

Mr. Zadeh contends the only copy of his partnership agreement with Sheikh Hasher Maktoum bin Juma Al Maktoum was in the safe. Former employees of Al Fajer say the company safe was emptied while Mr. Zadeh was jailed.

On March 6, Sheikh Hasher’s son, Sheikh Maktoum bin Hasher Al Maktoum, was named the new chief executive of Al Fajer Properties. Sheikh Hasher hired international accountants to audit Al Fajer Properties  books, according to former employees. He then presented the findings to employees and select clients, accusing Shahram Abdullah  Zadeh of embezzling funds. Phone calls and emails sent to lawyers and accountants of Al Fajer Properties were not returned.

Sheikh Hasher says Mr. Zadeh stole money from him, but the Sheikh did not provide evidence, or the audit, to back his claim. Mr. Zadeh denies it.

Prosecutors refused to investigate the case, citing an order from Dubai’s attorney general, an official appointed by the ruler.

In November 2008 , Shahram Abdullah  Zadeh tried one last option. He approached the ruler’s diwan, or court administration, and asked for mediation from Sheikh Mohammed bin Rashid Al Maktoum himself.

So far, there has been no reply.

read more about ….

read also from The Independent Dubai Property Scandal claim emerges amid media blackout – Al Fajer Properties

read also  Criminal  complaint filed in Germany against Sheikh Maktoum Hasher Al Maktoum Al Fajer Properties

Posted in Al Fajer Properties, Dubai Fraud, Jailed in Dubai, Jumeirah Business Centre, Prison Dubai, Shahram Abdullah Zadeh, Shahram Zadeh, Sheikh Hasher Maktoum Al Maktoum, Sheikh Maktoum Hasher Al Maktoum, Torture Dubai, Torture UAE | Tagged: , , , , , | 4 Comments »

Shahram Zadeh Al Fajer Properties filed case against Sheikh Maktoum

Posted by 7starsdubai on November 9, 2009


Al Fajer Properties Dubai 2009 CEO Shahram Zadeh in Dispute with Sheikh Maktoum Hasher Maktoum

In this Gulf city-state, two things have long been untouchable: business interests and the ruling family. However, an attempt to sue a member of the family over an alleged financial swindle is a sign of how much the economic crisis has rattled business as usual here.

Shahram Abdullah Zadeh accuses the brother-in-law , Sheikh Hasher Maktoum Al Maktoum, of Dubai’s emir illegally of taking over his real-estate firm Al Fajer Properties and having him detained by police to help the swindle.

Zadeh, a 37-year-old Iranian national who has lived in Dubai all his life, brought a civil case against the brother-in-law and his son Sheikh Maktoum Hasher Maktoum Al Maktoum to get his firm Al Fajer Properties back, a rare move. Even more surprising, shrahm Zadeh tried to raise criminal charges, but that step went nowhere because prosecutors rejected it.

The case has raised questions about whether Dubai really is what it claims to be: A boomtown where international businessmen can safely invest and turn a profit; or rather, a nest of cronyism and connections where royal blood can still trump entrepreneurial effort.

Such questions were largely ignored by everyone – businessmen and politicians alike – as long as the cash was rolling in during Dubai’s stunning expansion over the past decade. But now the emirate has hit the skids in the world financial crisis.

“During the boom, Dubai’s shortcomings were glossed over, but now that the economy is struggling, it’s becoming a different story,” said Christopher Davidson, an author of two books on the United Arab Emirates and a lecturer at Durham University in Britain.

Dubai’s emir, Sheik Mohammed bin Rashid Al Maktoum, led the emirate’s vast financial ambitions. But business ran far ahead of the effort to modernize legislation in what remains a traditional Arab monarchy, where the ruler and his family hold final say.

Now the government has been trying to rein in some fast-and-loose business practices. About a dozen former executives are in custody for various investigations. Some have close ties to the government, but none of those in custody are related to the ruling family.

Zadeh’s case goes farther – breaking to taboo of questioning Dubai’s leadership. Zadeh says he’s a victim of a system in which the rulers can manipulate police and the courts to protect their business.

“If Dubai cannot provide security for foreign investors, they might as well switch off all the lights,” he said.

Attempts over the past weeks by The Associated Press to contact the brother-in-law, Sheikh Hasher Maktoum bin Juma’a Al Maktoum, were unsuccessful. Hasher Maktoum Al Maktoumand his company attorneys did not return repeated phone calls or respond to interview requests.

In the first session of Zadeh’s civil case, Hasher Maktoum Al Maktoum and his lawyers failed to appear. In the second a week ago, his lawyer asked the court for more time to study the allegations. The case is to resume May 4.

Zadeh and the Sheikh Maktoum Hasher Al Maktoum went into business in 2004. Foreigners are allowed to deal in property only after finding an Emirati sponsor to officially register a company. The usual practice is for the Emirati sponsor to give his signature for an annual fee or profit share. Several members of the sprawling ruling family are involved in such deals.

Zadeh set up a firm, Al Fajer Properties, and was chief executive while Sheikh  Hasher Maktoum Al Maktoum held the trade license. The firm was profitable and is now worth about $2 billion, according to Zadeh. But the partnership soured over delays in building a commercial tower, Juemirah Business Centre.

Zadeh said in an affidavit to Dubai’s attorney general that he was arrested in February 2008 and held for 60 days. He says he was never charged with any crime but was questioned over his business – including the combination of his safe.

While Zadeh was in detention, Sheikh Hasher Maktoum Al Maktoum took over the company Al Fajer Properties by appointing his son Sheik Maktoum Hasher Maktoum Al Maktoum as chief executive, ousting Zadeh, according to Zadeh’s filing. When he was released, Zadeh says he found his office safe had been cleaned of documents showing he was the owner of Al Fajer Properties and Hasher Maktoum Al Maktoums partner.

Zadeh also says police tried to push him to sign a document saying he had no connection to Al Fajer Properties. He submitted to the court

Al Fajer documents listing him as CEO and transactions that his lawyers contend show he was the sole investor. The Associated Press was given a copy.

Sheikh Hasher Maktoum Al Maktoum  “thought he could do it all because he’s a Sheik,” Zadeh said.

Police refused to comment on whether Zadeh was detained. Shahram Zadeh says they continue to hold his passport and so far he has had little luck pushing his claims.

He submitted a criminal complaint but the attorney general refused to investigate, giving no reason.

Zadeh then filed a complaint directly to Dubai’s emir, who holds what is called the Ruler’s Court. Residents can bring to the emir what they believe are injustices unaddressed by the courts – from disputes over money to wrongful deaths.

Zadeh says he has received no response.

see also: Terahn Times

More: Al Fajer Properties DubaiJumeirah Business CentreEbony Ivory Towers Dubai

Posted in Al Fajer Properties, Dubai, Dubai Fraud, Dubai Justice, Dubai Police, Jumeirah Business Centre, Shahram Abdullah Zadeh, Sheikh Maktoum Hasher Maktoum Juma Al Maktoum-2 | Tagged: , , , | Comments Off on Shahram Zadeh Al Fajer Properties filed case against Sheikh Maktoum

Al Fajer Properties project Dynasty Zarooni Scandal

Posted by 7starsdubai on July 24, 2009


Al Fajer Properties , HH Sheikh Maktoum Hasher Maktoum Al Maktoum

HH Sheikh Maktoum Hasher Maktoum Al Maktoum – Al Fajer Properties

Sheikh Maktoum Hasher Maktoum Al Maktoum is giving interviews about the sucess but a major real estate scandal is unfolding in Dubai as 500 angry unit buyers and investors in the $630 million Ebony Ivory Towers project demand a full government investigation of developer Al Fajer Properties and its agent Dynasty Zarooni Inc., according to Ebony Ivory Investors Group.”

source Financial Post

Misleading advertisements and press releases, overselling of non existing space and the missing down payments are among the buyers’ documented complaints, according to Moses Oye, a British investor and spokesperson for the Al Fajer Properties Investors Group having investors from US, UK, Russia, Iran, India, Canada & Pakistan.

“We are calling on Dubai’s Real Estate Regulatory Authority (RERA) and the Dubai Ruler’s Court to investigate the developer, cancel the Ebony Ivory project and compel a refund of our $140 million in down payments,” said Oye.
Oye cited a series of fake construction photographs that ran in a local newspaper in July 2008 with Al Fajer Properties logo. The photos showed a structure rising six floors above ground with the following caption: “Shot on location on 10th June 2008, Ebony Ivory, Jumeirah Lakes Towers.”

In reality, the photos were taken at another Al Fajer Properties  site and currently there is only a hole in the ground at the Ebony Ivory project, according to Oye.



“Had we known that Al Fajer Properties was presenting false and misleading photographs, we would never have invested in the development,” he said.
“In fact, some investors have already filed criminal cases for misrepresentation with the Dubai Public Prosecutor.”

In the past year, there has been virtually no construction on the site, said Oye. In addition, investors have learned that the developer sold approximately 250,000 square feet more space than the maximum built-up area allowed by government permit – another indicator of potential fraud selling air.

Most importantly, Al Fajer Properties paid Dynasty Zarooni Inc approximately $55 million of the $140 million collected in down payments that should have been deposited in an escrow account, Oye said. “We demand our money back and want to know why Al Fajer gave those funds to Dynasty Zarooni rather than use them for construction,” continued Oye.

“The law sets a punishment of imprisonment and fines for any person who embezzles payments made for the purpose of construction of real estate project.”

To date, RERA has ignored the investors’ demands of a transparent investigation and the evident violations of RERA regulations and UAE criminal laws in order to serve the interests of Sheikh Maktoum Bin Hasher Al Maktoum and Al Fajer Properties, said Oye.

“What do you do when the independent government agency trusted by the Ruler of Dubai to regulate and monitor the real estate developer’s performance actually participates in a cover-up operation that deprives investors of their rights?

What does that say to the world about the security of real estate investments in Dubai?

Where is the transparency and accountability Dubai Ruler ordered?

Are the laws not applicable when it comes to Sheikh Maktoum Bin Hasher Al Maktoum ?”


“Al Fajer Properties, which is controlled by Sheikh Hasher Maktoum from a ruling family using the government agency platform, continues to mislead the public about their non-existing construction with false reports as evident in their recent press release claiming 15% construction where in reality it is a deserted site with no construction at all.”


Summing up the case, Oye raised grave concerns about the recent threats some of the investors have received and quoted attorney Salim Al Shaali who represents plaintiffs in a criminal case against the Ebony Ivory sales agency for misrepresentation.

In a recent interview, Al Shaali said,

“We have full trust in Dubai justice system. I personally guarantee all investors that Dubai government will never allow a few individuals to abuse their social or official positions for illicit profits and damage the reputation of the brand Dubai as a safe and most secure investment hub in the region.

We are waiting for a reply from the prosecution’s office

original published see below


Posted in Al Fajer Properties, Dubai, Jumeirah Business Centre, Sheikh Maktoum Al Maktoum | Tagged: , | Comments Off on Al Fajer Properties project Dynasty Zarooni Scandal

Iranian’s lawsuit reveals royal power in Dubai

Posted by 7starsdubai on July 22, 2009


source World Tribune  09 June 2009

A  member of the royal family (Sheikh Maktoum Hasher Maktoum Al Maktoum)  in the United Arab Emirates has for the first time been sued by an Iranian executive on charges of fraud.

Shahram Abdullah Zadeh has sued the brother-in-law ( Sheikh Hasher Maktoum Al Maktoum) of the emir of Dubai ( Sheikh Mohammed bin Rashid Al Maktoum) in an unprecedented civil action in the UAE. The 37-year-old Iranian national has accused the brother-in-law, Hasher Maktoum Bin Juma’a Al Maktoum, of trying to take over Zadeh’s real estate firm.

“He thought he could do it all because he’s a sheik,” Zadeh said

Shahram Abdullah Zadeh CEO Al Fajer Properties 2008

Shahram Abdullah Zadeh CEO Al Fajer Properties 2008

The suit has challenged the transparency of the justice system of Dubai, which requires foreign investors to take on a UAE partner. Zadeh said he reverted to a civil action when prosecutors refused to file criminal charges against Hasher.

Zadeh, a life-long resident of Dubai, said he selected Hasher as the required UAE partner in Al Fajer Properties, established in 2004 and now worth $2 billion. Zadeh said he and Hasher fell into a dispute amid delays in building a billion-dollar office tower.

The economic downturn in the UAE has harmed a range of partnerships with foreign investors. In Dubai, the commercial capital, police have detained nearly 20 executives on suspicion of fraud. None of the detainees was connected to the ruling Al Maktoum family.

“There is no room for corruption and the corrupt,” Dubai ruler Mohammed bin Rashid Al Maktoum said. “In all corruption cases, people are not only prosecuted and punished, administrative and legal holes that they exploited to commit their crimes are plugged.No one in the emirates is above the law and accountability.”

Zadeh said Hasher Maktoum Al Maktoum, who ignored two summonses, exploited his connections to the ruling family to have the Iranian arrested. In February 2008, Zadeh was imprisoned for 60 days and pressed to renounce links to Al Fajer.

As Zadeh languished in prison, Hasher Maktoum Al Maktoum was said to have taken over Al Fajer and appointed his son chief executive officer. By the time, he was released, Zadeh found that his office safe was ransacked and cleansed of any documents that linked him to the company.

At one point, Zadeh appealed to Dubai’s emir. He said the emir did not respond to the complaint against his brother-in-law.

“We understand that Al Fajer Properties is controlled by a powerful member of Dubai’s ruling family,” Moses Oye, who represents investors in another Al Fajer project, said.

Still, Al Fajer continues to operate. On April 15, Al Fajer and the Dubai Real Estate Regulatory Agency, RERA Dubai,  announced the first transfer of property using a new official online system.

Sheikh Maktoum Hasher Maktoum Al Fajer Properties

Photo: Sheikh Maktoum Hasher Maktoum facing lawsuits from Investors of Ebony and Ivory Towers - also named Jumeirah Business Centre) developer in Dubai is Al Fajer Properties

Hasher’s son, Maktoum, was identified as president of Al Fajer.  Zadeh was not mentioned.

Foreign investors have demanded an investigation of another Al Fajer project, Ebony Ivory.

The investors, alleging fraud, have called on the Dubai Real Estate Regulatory Agency to force Al Fajer to issue a refund.

“We have paid approximately $140 million and have a signed contract from Sheikk Maktoum Hasher  Maktoum Al Maktoum,” Oye, who represents investors from Britain, Canada, India, Iran, Pakistan and the United States, said. “Now, we want our money back.”

Posted in Al Fajer Properties, Dubai, Jumeirah Business Centre, Shahram Abdullah Zadeh, Sheikh Maktoum Al Maktoum | Tagged: , , , , | 1 Comment »

Al Fajer Properties Case – Zadeh says he’s a victim of a system in which the rulers can manipulate police and the courts to protect their business

Posted by 7starsdubai on July 19, 2009


Al Fajer Properties Dubai 2009 , Sheikh Maktoum Hasher Maktoum Al Maktoum

In this Gulf city-state, two things have long been untouchable: business interests and the ruling family. However, an attempt to sue a member of the family over an alleged financial swindle is a sign of how much the economic crisis has rattled business as usual here.

Shahram Abdullah Zadeh accuses the brother-in-law , sheikh Hasher Maktoum Al Maktoum, of Dubai’s emir illegally of taking over his real-estate firm Al Fajer Properties and having him detained by police to help the swindle.

Zadeh, a 37-year-old Iranian national who has lived in Dubai all his life, brought a civil case against the brother-in-law and his son Sheikh Maktoum Hasher Maktoum Al Maktoum to get his firm Al Fajer Properties back, a rare move. Even more surprising, shrahm Zadeh tried to raise criminal charges, but that step went nowhere because prosecutors rejected it.

The case has raised questions about whether Dubai really is what it claims to be: A boomtown where international businessmen can safely invest and turn a profit; or rather, a nest of cronyism and connections where royal blood can still trump entrepreneurial effort.

Such questions were largely ignored by everyone – businessmen and politicians alike – as long as the cash was rolling in during Dubai’s stunning expansion over the past decade. But now the emirate has hit the skids in the world financial crisis.

“During the boom, Dubai’s shortcomings were glossed over, but now that the economy is struggling, it’s becoming a different story,” said Christopher Davidson, an author of two books on the United Arab Emirates and a lecturer at Durham University in Britain.

Dubai’s emir, Sheik Mohammed bin Rashid Al Maktoum, led the emirate’s vast financial ambitions. But business ran far ahead of the effort to modernize legislation in what remains a traditional Arab monarchy, where the ruler and his family hold final say.

Now the government has been trying to rein in some fast-and-loose business practices. About a dozen former executives are in custody for various investigations. Some have close ties to the government, but none of those in custody are related to the ruling family.

Zadeh’s case goes farther – breaking to taboo of questioning Dubai’s leadership. Zadeh says he’s a victim of a system in which the rulers can manipulate police and the courts to protect their business.

“If Dubai cannot provide security for foreign investors, they might as well switch off all the lights,” he said.

Attempts over the past weeks by The Associated Press to contact the brother-in-law, Sheikh Hasher Maktoum bin Juma’a Al Maktoum, were unsuccessful. Hasher Maktoum Al Maktoumand his company attorneys did not return repeated phone calls or respond to interview requests.

In the first session of Zadeh’s civil case, Hasher Maktoum Al Maktoum and his lawyers failed to appear. In the second a week ago, his lawyer asked the court for more time to study the allegations. The case is to resume May 4.

Zadeh and the Sheikh Maktoum Hasher Al Maktoum went into business in 2004. Foreigners are allowed to deal in property only after finding an Emirati sponsor to officially register a company. The usual practice is for the Emirati sponsor to give his signature for an annual fee or profit share. Several members of the sprawling ruling family are involved in such deals.

Zadeh set up a firm, Al Fajer Properties, and was chief executive while Sheikh  Hasher Maktoum Al Maktoum held the trade license. The firm was profitable and is now worth about $2 billion, according to Zadeh. But the partnership soured over delays in building a commercial tower, Juemirah Business Centre.

Zadeh said in an affidavit to Dubai’s attorney general that he was arrested in February 2008 and held for 60 days. He says he was never charged with any crime but was questioned over his business – including the combination of his safe.

While Zadeh was in detention, Sheikh Hasher Maktoum Al Maktoum took over the company Al Fajer Properties by appointing his son Sheik Maktoum Hasher Maktoum Al Maktoum as chief executive, ousting Zadeh, according to Zadeh’s filing. When he was released, Zadeh says he found his office safe had been cleaned of documents showing he was the owner of Al Fajer Properties and Hasher Maktoum Al Maktoums partner.

Zadeh also says police tried to push him to sign a document saying he had no connection to Al Fajer Properties. He submitted to the court

Al Fajer documents listing him as CEO and transactions that his lawyers contend show he was the sole investor. The Associated Press was given a copy.

Sheikh Hasher Maktoum Al Maktoum  “thought he could do it all because he’s a Sheik,” Zadeh said.

Police refused to comment on whether Zadeh was detained. Shahram Zadeh says they continue to hold his passport and so far he has had little luck pushing his claims.

He submitted a criminal complaint but the attorney general refused to investigate, giving no reason.

Zadeh then filed a complaint directly to Dubai’s emir, who holds what is called the Ruler’s Court. Residents can bring to the emir what they believe are injustices unaddressed by the courts – from disputes over money to wrongful deaths.

Zadeh says he has received no response.

see also: Terahn Times

More: Al Fajer Properties DubaiJumeirah Business CentreEbony Ivory Towers Dubai

Posted in Dubai, Jumeirah Business Centre | Tagged: , , , , , , , , , , | 10 Comments »

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 »

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

Al Fajer Properties-Aufgebrachte internationale Investoren verlangen Ermittlungsverfahren im Rahmen eines 630-Millionen-Dollar-Immobilienskandals in Dubai

Posted by 7starsdubai on June 19, 2009


June 16, 2009 Dubai

source

Dubai – Vereinigte Arabische Emirate

In Dubai braut sich sich derzeit ein bedeutender Immobilienskandal zusammen.

Nach Angaben der Ebony Ivory Investors Group fordern 500 aufgebrachte Käufer und Investoren des Ebony-Ivory-Towers-Projekts im Wert von 630 Millionen US-Dollar ein umfassendes behördliches Ermittlungsverfahren gegen den Bauträger
Al Fajer Properties und seinen Agenten Dynasty Zarooni Inc.

Irreführende Werbeanzeigen und Pressemitteilungen, Verkauf nicht existierender Quadratmeter und verschwundene Anzahlungen gehören zu den dokumentierten Vorwürfen der Käufer, erklärte Moses Oye, ein britischer Investor und Sprecher der Al-Fajer-Properties-Investorengruppe, der Anleger aus den USA, Großbritannien, Deutchland, Russland, Iran, Indien, Kanada und Pakistan angehören.

„Wir fordern die Immobilienaufsichtsbehörde von Dubai (RERA) und den Hof des Herrschers von Dubai auf, ein Ermittlungsverfahren gegen den Bauträger einzuleiten, das Ebony-Ivory-Projekt zu stoppen und eine Rückzahlung unserer geleisteten Anzahlungen in Höhe von 140 Millionen US-Dollar anzuordnen“, erklärte Oye.

Oye bezog sich auf eine Reihe von gefälschten Baufotos, die im Juli 2008 unter dem Logo von Al Fajer Properties in einer Lokalzeitung erschienen waren. Auf diesen Bildern war ein Rohbau mit sechs überirdischen Stockwerken mit folgender Unterschrift zu sehen: „Vor Ort am 10. Juni 2008 aufgenommen, Ebony Ivory, Jumeirah Lakes Towers.“

In Wirklichkeit seien diese Fotos bei einem anderen Bauprojekt von Al Fajer gemacht worden und beim Ebony-Ivory-Projekt sei im Moment nichts weiter zu sehen als ein Loch im Erdboden, so Oye. „Hätten wir gewusst, dass Al Fajer Properties falsche und irreführende Fotos ausstellt, dann hätten wir nie in dieses Projekt investiert“, fügte er hinzu. „In der Tat haben einige Anleger bereits bei der Staatsanwaltschaft in Dubai Anzeige wegen betrügerischer Darstellung erstattet.“

Im vergangenen Jahr habe die Baustelle nach Aussagen von Oye praktisch keinerlei Fortschritte gemacht. Außerdem hätten die Investoren erfahren, dass der Projektträger rund 250.000 Quadratfuß mehr Fläche verkauft habe, als nach der Baugenehmigung zulässig sind – ein weiterer Hinweis auf potenziell betrügerische Vorgehensweisen.

Und der wichtigste Punkt sei, dass Al Fajer Properties rund 55 Millionen US-Dollar der an Anzahlungen geleisteten 140 Millionen US-Dollar an Dynasty Zarooni Inc. ausbezahlt habe, anstatt sie in ein Treuhandkonto einzuzahlen, sagte Oye. „Wir verlangen unser Geld zurück und wir wollen wissen, warum Al Fajer diese Gelder an Dynasty Zarooni bezahlt hat, anstatt den Bau damit zu finanzieren“, setzte Oye hinzu. „Nach dem Gesetz wird die Unterschlagung von Geldern, die zu Bauzwecken für ein Immobilienprojekt bezahlt wurden, mit Gefängnis- und Geldstrafen geahndet.“

Bisher habe die RERA die Forderungen der Investoren bezüglich einer transparenten Ermittlung und der offensichtlichen Verletzungen der RERA-Bestimmungen und Strafgesetze der VAE zugunsten der Interessen von Scheich Maktoum Bin Hasher Al Maktoum und Al Fajer Properties gänzlich ignoriert, sagte Oye. „Was kann man machen, wenn die vom Herrscher von Dubai mit der Regulierung und Beaufsichtigung der Bauträgerleistung betraute unabhängige Regierungsbehörde in Wirklichkeit an einer Vertuschung beteiligt ist, mit denen die Investoren ihrer Rechte beraubt werden?

Was sagt das über die Sicherheit von Immobilieninvestitionen in Dubai aus?

Wo bleibt die vom Herrscher von Dubai angeordnete Transparenz und Rechenschaftspflicht?

Gelten die Gesetze nicht mehr, wenn Scheich Maktoum Bin Hasher Al Maktoum die Hand im Spiel hat?“

„Al Fajer Properties, das von Maktoum Hasher Juma Al Maktoum, einem Scheich aus einer Herrscherfamilie kontrolliert wird, der die Regierungsagentur als Plattform benutzt, führt die Öffentlichkeit weiterhin mit falschen Berichten über nicht vorhandene Bauarbeiten hinters Licht. w

Wie der jüngsten Pressemitteilung von Al Fajer Properties zu entnehmen ist, seien angeblich 15 Prozent der Bauarbeiten abgeschlossen , während es in Wirklichkeit ein verödeter Bauplatz ohne jegliche Bauarbeiten ist“, erklärte Oye.

In seiner Zusammenfassung des Falles brachte Oye ernste Bedenken über kürzliche Drohungen zum Ausdruck, die einige der Investoren in letzter Zeit erhalten hätten.

Er zitierte sodann Rechtsanwalt Salim Al Shaali, den Vertreter der Kläger in einer wegen betrügerischer Darstellung gegen die Ebony-Ivory-Verkaufsstelle anhängigen Klage.

In einem vor kurzem abgegebenen Interview sagte Al Shaali: „Wir haben volles Vertrauen in das Rechtssystem von Dubai. Ich persönlich garantiere allen Investoren, dass die Regierung von Dubai es nie zulassen würde, dass einige Personen ihre soziale oder amtliche Stellung für illegale Profite missbrauchen und das Ansehen der Marke Dubai als einen in jeder Beziehung sicheren Investitionsknotenpunkt der Region schädigen.

Wir warten auf eine Antwort der Staatsanwaltschaft.“

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.

Ebony Ivory Investors Group
Moses Oye, +447956289390
Fax: +442084590202

Posted in Dubai, Jumeirah Business Centre | Tagged: , | Comments Off on Al Fajer Properties-Aufgebrachte internationale Investoren verlangen Ermittlungsverfahren im Rahmen eines 630-Millionen-Dollar-Immobilienskandals in Dubai

Al Fajer Properties – Angry International Investors Demand Investigation in $630 Million Dubai Real Estate Scandal

Posted by 7starsdubai on June 16, 2009


source Financial Post

Sheikh Maktoum Hasher Maktoum Al Maktoum of Al Fajer Properties  is giving interviews about thesucess but a major real estate scandal ( Al Fajer Properties)  is unfolding in Dubai as 500 angry unit buyers and investors in the $630 million Ebony Ivory Towers project demand a full government investigation of developer Al Fajer Properties and its agent Dynasty Zarooni , according to Ebony Ivory Investors Group.”

Misleading advertisements and press releases, overselling of non existing space and the missing down payments are among the buyers’ documented complaints, according to Moses Oye, a British investor and spokesperson for the Al Fajer Properties Investors Group having investors from US, UK, Russia, Iran, India, Canada & Pakistan.

“We are calling on Dubai’s Real Estate Regulatory Authority (RERA) and the Dubai Ruler’s Court to investigate the developer, cancel the Ebony Ivory project and compel a refund of our $140 million in down payments,” said Oye.
al fajer properties advertisement dubai with false construction status

Al Fajer properties advertisement dubai with false construction status

Oye cited a series of fake construction photographs that ran in a local newspaper in July 2008 with Al Fajer Properties logo. The photos showed a structure rising six floors above ground with the following caption: “Shot on location on 10th June 2008, Ebony Ivory, Jumeirah Lakes Towers.”

In reality, the photos were taken at another Al Fajer site and currently there is only a hole in the ground at the Ebony Ivory project, according to Oye.

Al Fajer Proepreties Maktoum Hasher Maktoum Developer JBC Dubai

Real Situation of Ebony and Ivory Towers June 2009 Developer Al Fajer Properties Maktoum Hasher Maktoum Al Maktoum

“Had we known that Al Fajer Properties was presenting false and misleading photographs, we would never have invested in the development,” he said.
“In fact, some investors have already filed criminal cases for misrepresentation with the Dubai Public Prosecutor.”

In the past year, there has been virtually no construction on the site, said Oye. In addition, investors have learned that the developer sold approximately 250,000 square feet more space than the maximum built-up area allowed by government permit – another indicator of potential fraud selling air.

Most importantly, Al Fajer Properties paid Dynasty Zarooni Inc approximately $55 million of the $140 million collected in down payments that should have been deposited in an escrow account, Oye said. “We demand our money back and want to know why Al Fajer gave those funds to Dynasty Zarooni rather than use them for construction,” continued Oye.

“The law sets a punishment of imprisonment and fines for any person who embezzles payments made for the purpose of construction of real estate project.”

To date, RERA has ignored the investors’ demands of a transparent investigation and the evident violations of RERA regulations and UAE criminal laws in order to serve the interests of Sheikh Maktoum Bin Hasher Al Maktoum and Al Fajer Properties, said Oye.

“What do you do when the independent government agency trusted by the Ruler of Dubai to regulate and monitor the real estate developer’s performance actually participates in a cover-up operation that deprives investors of their rights?

What does that say to the world about the security of real estate investments in Dubai?

Where is the transparency and accountability Dubai Ruler ordered?

Are the laws not applicable when it comes to Sheikh Maktoum Bin Hasher Al Maktoum?” Stated Oye

Sheikh Maktoum Hasher Maktoum Al Maktoum Al Fajer Properties Dubai

Sheikh Maktoum Hasher Maktoum Al Maktoum Al Fajer Properties Dubai

“Al Fajer Properties, which is controlled by Maktoum Hasher Maktoum Al Maktoum, a Sheikh from a ruling family using the government agency platform, continues to mislead the public about their non-existing construction with false reports as evident in their recent press release claiming 15% construction where in reality it is a deserted site with no construction at all.”

Summing up the case, Oye raised grave concerns about the recent threats some of the investors have received and quoted attorney Salim Al Shaali who represents plaintiffs in a criminal case against the Ebony Ivory sales agency for misrepresentation.

In a recent interview, Al Shaali said,

“We have full trust in Dubai justice system. I personally guarantee all investors that Dubai government will never allow a few individuals to abuse their social or official positions for illicit profits and damage the reputation of the brand Dubai as a safe and most secure investment hub in the region.


We are waiting for a reply from the prosecution’s office”

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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



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Dubai – Forbes – Al Fajer Properties Scandal – Battle over the Books – Behind the $870 million ”rescue” of a royal developer

Posted by 7starsdubai on May 31, 2009


original published Forbes

March 08. 2009 12:36AM UAE / March 8. 2009 8:36PM GMT

zadehmaktoumjbcOn Feb. 3, Al-Fajer Properties, a high-profile real estate development firm owned by the brother in law of Dubai’s ruling sheik, announced a 3.2 billion dirham ($871.2 million) restructuring of its operations. Under the leadership of its new president, Sheikh Maktoum bin Hasher al-Maktoum–the eldest son of the company’s owner, and nephew of Dubai’s ruling sheik–the company explained it had liquidated its land bank and sold off its remaining inventory after a “rigorous” business review in order to strengthen its balance sheet.

But sources close to Al-Fajer tell Forbes that the restructuring was actually a wholesale “rescue” from financial ruin as an independent entity, after nearly three years of alleged mismanagement under former manager Shahram Abdullah Zadeh, a flamboyant, Iranian-born businessman who was fired last year and who claims to still be owed at least $1.9 billion by Al-Fajer.

Forbes has consulted documents–including bank statements, company contracts and employee interviews drafted by an auditing firm, which was called in to help conduct the business review last year–that purportedly tell the story of how Zadeh allegedly forged company contracts, kept fraudulent, unaudited accounts and moved money back and forth between Al-Fajer Properties and other companies owned by him.

Sources close to Al-Fajer say the new president, Maktoum, was called in by his father to fix the so-called “financial shambles” after an employee indirectly alerted the elder sheik to the company’s financial situation by requesting cash in early 2008. Documents show a cash balance of approximately $8.2 million when Maktoum arrived, which was restored to $163.4 million to $190 million 60 days later.

The sheik, say sources close to the company, did this by unwinding investments that would have saddled Al-Fajer with massive liabilities–in the “hundreds of millions” of dirhams–narrowly escaping the real estate slide that hit Dubai months later after the collapse of U.S. investment bank Lehman Brothers in September. Since then, property prices have fallen an estimated 20% to 25%.

Al-Fajer’s cash balance as of February 2009 was not made available to Forbes, but sources close to the company hint that nearly all of it has been plowed back into construction projects.

Zadeh flatly denies any wrongdoing and claims that the so-called “rescue” was a full-blown theft of a company he had owned and financed alone throughout the course of its existence. Moreover, he denies that the company was a financial mess and claims that his erstwhile partner, Maktoum, breached his trust to take control of a successful firm.

“I was the sole investor, and Al-Fajer Properties was my company,” he says. “Sheik Hasher Maktoum has not invested a single dirham into the company; his only contribution has been the real estate license.”

The payment for this license, which cost $82,000, sat in a bank account from the company’s inception in 2004 and was not used as operational capital, Zadeh says.

Zadeh claims that Maktoum, his father and others together “cooked the books” and took control of Al-Fajer Properties while he was detained in jail by the authorities, without being charged, between February and April 2008. After being blindfolded, tortured and interrogated for weeks about unfounded bribery allegations and his operations at Al-Fajer in detail, Zadeh says he emerged from jail only to find a letter demanding he cease all involvement with the company.

Zadeh says he believes his detention was the result of a false report. Sources close to Al-Fajer say that any such claims did not come from them.

The battle has already spilled into the courts, a potentially embarrassing development for a company linked to Dubai’s ruling family. After filing two unsuccessful criminal complaints against Al-Fajer last year, Zadeh said his lawyers filed a civil lawsuit against the company on Feb. 26 at the Dubai Courts, claiming he was still owed $1.9 billion.

Although Al-Fajer Properties is said to have filed a criminal complaint against Zadeh in late February, alleging fraud and embezzlement of funds, the company’s lawyer would not confirm this. “I am aware of no suits against me,” Zadeh says.

Zadeh does not deny moving funds between Al-Fajer and other companies he owns, but claims that he put the money into the company’s account in the first place and later took it back as his “investment.” He said that no money was missing, though he admitted there had been no auditing of the company accounts because the firm was understaffed and had big ambitions.

Sources close to Al-Fajer also confirm that no money appeared to be missing; Zadeh is said to have made up the balance of withdrawn funds with later payments back into the firm.

The corporate tussle casts no direct shadow on the reputation of Dubai’s ruling family, even though Al-Fajer’s operators are one degree removed from Sheik Mohammed bin Rashid al-Maktoum. But it’s another example of the dark side of Dubai, one more blow to its image as a spectacular hub for global investment. After recently being forced to borrow $10 billion from the United Arab Emirates’ central bank in Abu Dhabi to help its enterprises pay short-term debts (see “Dubai’s Jolt Back To Reality”), Dubai is bracing for more bad news as its gross domestic product growth plunges from 8% or so in 2008 to an expected 2.5% this year.

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Al Fajer Properties – Comment of the Day

Posted by 7starsdubai on May 26, 2009


To 7Stars from Court Expert May 26. 2009

1. Under UAE Law, Article 69, the presiding Judge MUST appoint an expert/auditor to look into the historical records of the company from the first day of establishment. The expert will rely on evidence and facts only. It is a very simple task. Any party who is afraid of the truth will try to block the court from appointing an expert auditor to examine the company account.

2. In this case, where the Iranianian Plaintiff had been detained illegaly for a period of 60 days without any charges, and in violations of a series of UAE Laws his rights have been deprived by the authorities, which indicate the facilitating the take over of the company by the sheikhs raises serious questions about the involvement of the various authorities as potential partners in crime.

3. The current false claims filed by the sheikhs in police are a tactic used to mislead the public/ court and to try to pressure the judge to close the lawsuit against the sheikhs. Although sometimes these tactics work, but normally it can backfire especialy if the other party can provide evidence that it is a false case. Which will result in a criminal prosecution of the sheikhs for creating false cases.

4. In my 25 years experience of complaex financial cases where I have been appointed as an expert , I can give my personal view that if FOR ANY REASON the judge does not appoint an auditor expert with a crystal clear mandate to look into the company records and determine who has invested capital in the company and what is the contribution (IF ANY) of the sheikhs, and hence determine who is the true owner of the company. Then I can conclude that the sheikhs have used their influence to close the case.

CONCLUSION: IF THE JUDGE DOES NOT APPOINT AN EXPERT AUDITOR AS PER THE LAW, THEN DUBAI JUSTICE SYSTEM IS QUESTIONED AND THE RULE OF LAW IS NOT APPLIED TO SHEIKHS.

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Al Fajer Properties Sheikh plans counter claim

Posted by 7starsdubai on May 25, 2009


source Zawya (AFP)

DUBAI, May 25, 2009 (AFP) – A Dubai sheikh being sued by an Iranian businessman over 1.9 billion dollars in property investments plans to file a counterclaim demanding compensation for losses, his lawyer said on Monday.

Shahram Abdullah Zadeh, the former chief executive of Dubai-based developer Al-Fajer Properties, filed the initial lawsuit against the firm and  Sheikh Hasher Maktoum bin Jumaa al-Maktoum, in February, claiming he was the sole investor and real owner of the company.

“We have requested time to file a counterclaim to demand compensation from Shahram Zadeh,” lawyer Samir Jaafar told AFP following a fourth hearing in the case on Monday.

Zadeh accused the defence of “running away from responding to the lawsuit” against Sheikh Hasher, a brother-in-law of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum.

He said Sheikh Hasher was registered as owning Al-Fajer PropertiesAl-Fajer Properties
Al Fajer Properties, because being a foreigner he could not register it under his own name.

He told AFP his defence had requested the appointment of an auditor to trace capital inflows into the company, and said despite claims that he was just an employee he never took a salary or had an employment contract.

“He was supposed to earn a share of profits made under his management. But the company did not make any profits,” Jaafar responded.

Al-Fajer Properties, which since February 2009 has been run by Sheikh Hasher’s son, Sheikh Maktoum, filed two complaints with Dubai police in February and March, accusing Zadeh of embezzling 114 million dirhams (31.06 million dollars).

A representative of Zadeh’s lawyer, Salim al-Shaali, called the two claims false and said a complaint about them has been lodged with the public prosecution.

Zadeh is demanding the recovery of all assets of Al-Fajer PropertiesAl-Fajer Properties
Al Fajer Properties, estimated in the lawsuit at seven billion dirhams (1.9 billion dollars).

The judge adjourned Monday’s hearing to June 17.

Posted in Dubai, Jumeirah Business Centre | Tagged: , , , , , , | 2 Comments »

Al Fajer Properties – Dynasty Zarooni – Investors Petition – 500 signatures

Posted by 7starsdubai on May 25, 2009


Al Fajer – Ebony & Ivory – Petition – Ordered to Pay 500 Million

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Al Fajer Properties – Dynasty Zarooni – Ebony Ivory case – Dubai Court grants bail to Kabir Mulchandani

Posted by 7starsdubai on May 22, 2009


source GulfNews May 21, 2009

Dubai: Dubai Public Prosecution has granted bail to a senior executive of a real estate company who is being interrogated over alleged financial irregularities, Gulf News has learnt.

“The Dubai Public Prosecution granted bail to Dynasty Zarooni Real Estate’s Chairman Kabir Mulchandani. yesterday, but the interrogation continues over his alleged fraud and swindling charges,” a senior public prosecutor told Gulf News on Thursday.

Lawyer Eisa Bin Haider confirmed that his client was released on bail on Thursday.

The Case Dynasty Zarooni – Al Fajer Properties
Jumeirah Business Centre 7,8,9 –
Ebony Ivory Towers – Jumeirah Lake Towers

The Public Prosecution has been questioning Kabir Mulchandani., an Indian, and the firm’s president, an Emirati national, Hilal Al Zarooni, over alleged fraudulent charges.

Salem Al Sha’ali, the legal representative of investors who were reportedly swindled, said earlier some of his clients lodged nearly 30 complaints worth millions of dirhams against the suspects.

More about this case Dynasty Zarooni Al Fajer Properties ( Jumeirah Business Centre – complaining investors) from the past

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Al Fajer Properties Case Comment of the Day

Posted by 7starsdubai on May 18, 2009


Comment of the day – to Al Fajer Properties by Journalist 2009

A FRAUD PAR EXELLENCE

Al Fajer Properties: FORCING ( Extort) an investor to sign a document and a unit ( Apartment)which is not existing in the way like describted in the letters of Al Fajer to this purchaser .

This acts happen in January 2008 and have been enforced (  after this email (January 2008, shown below)) again with extortion against the purchaser by Al Fajer Properties under the so called “New Management” in March 2008 ! Al Fajer Properties is holding until today( 2009) the 45 % payment made by the purchaser directly to Nakheel until mid 2006.

Al Fajer Properties terminate the rights of this investor in March 2008, which the purchaser several times rejected until today, than they start to talk again with him, after he didnt agree to a next taken agressive extortion by them, they start again to terminate his rights – this happen in 2008 – 2009 – not under the former CEO Zadeh, this happen in a direct way by Maktoum Hasher Maktoum over an english lawyer.
To force an purcahser who bought an APARTMENT in an RESIDENTIAL TOWER ( PLOT 3) – in which it is cle since a long time by the plans of Al Fajer ( but this was never uncovered to the purchaser) , that this RESEIDENTIAL BUILDING is not RESIDENTIAL – it is 100 % COMMERCIAL – to say it short – to force somebody to agree to a contract in which an object is mentioned which will never exist : How do you call an act like this ?

And using this not agreeing as the reason to terminate the rights of the purchaser – who hold offical confirmations from DMCC in which everything is very clear mentioned  – how do you call this ?

An email from Al Fajer Properties to this victim left from the former Falcon Tower , Plot H3, once  original purchased at Nakheel in 2005, transfered by DMCC in 2006 to Al Fajer Properties with the clear contractual agreement betweeen DMCC and the purchaser, that Al Fajer Proeprties will deliver an APARTENT in A RESIDENTIAL TOWER ( PLOT H3) JLT, like once purchased at NAKHEEL in 2005.  “NOTHING will change to the once original Purchase” ! … Completion 2008, crytsal clear lake view, 100 sqm luxury apartment – once named and launched by Nakheel as Falcon Tower Plot H3 , Jumeirah Lake Towers !!!!!!

Those victims of the Al Fajer game never hold a so called signable Contract in their hands. It was a Draft full of mistakes and blanks, with no floor plan with no attachments about the apartment…. only an inclomplete draft …. on which they forced ( extort)  them to agree and sign by writig them  the following email , early 2008
___________________________
email: January 2008 ( an email full of lies !!!!!!!)
Dear Mr ……..

Thank you for your email dated 31 January 2008 in relation to the typing error on your statement.  I have pleasure to attach an amended statement for your records which clearly shows your funds have been assigned to your unit on Plot H3.  Please be advised that despite the error showing the name of the tower, you have and will remain in Plot H3, in the same floor, in the same unit, as per the contracts in your possession.

I would also like to apologise for the delay in responding to your email 23rd January 2008, however this was due to the fact that this was incorrectly addressed to sharam@hhfajer.ae, instead of shahram@hhfajer.ae.   For all future email correspondence, we would be grateful if you could please send directly to my email leighjones@alfajerproperties.ae to ensure a prompt response.
Whilst writing, I would like to draw your attention to our email dated 17 January 2007 (copy attached) as we have still not received a response nor the required documentation.  As discussed, we are still awaiting your formal agreement to proceed with the contract for the Apartment in Plot H3 – Unit …, where we had provided an extended deadline for return of 24 January 2008, as these contracts have been in your possession since October 2007.

As a gesture of goodwill, we would like to hereby once again extend the deadline of 5 days from the date of this email (namely Tuesday 5 February 2008).   Unfortunately failure to provide the required documentation and agreement to proceed by this date, will be taken as your decision not to proceed with the purchase, whereby we will organise the immediate refund of your original booking deposit together with the cancellation of your rights in the property.
For the avoidance of doubt, we are continuing to act in good faith by once again extending deadlines, but cannot continue without the signed contracts being returned.

I trust the above answers your queries in detail and I look forward to hearing from you shortly, however in the meantime, please don’t hesitate to contact me directly should you require any further clarification or assistance.

Kindest regards

Leigh Jones Al Fajer Properties

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Al Fajer Properties – Dubai Court Case – Lawyer rubbishes lawsuit against Dubai sheikh

Posted by 7starsdubai on May 18, 2009


source BusinessMaktoob and  Zawya

Dubai Monday, May 04, 2009

The defence lawyer( Samir Jaafar) for a Dubai Sheikh ( Hasher Maktoum bin Juma Al Matoum, brother in law of H.H. Sheikh Mohammed bin Rashid Al Maktoum) being sued by an Iranian businessman over $1.9 billion property investments  on Monday rejected the lawsuit as baseless.

“All his allegations and the sums that he claims to have pumped into the company are unfounded,” lawyer Samir Jaafar told news agency AFP after the third hearing in the case.

Shahram Abdullah Zadeh has filed the $1.9 billion case against Sheikh Hasher Maktoum bin Jumaa Al-Maktoum and the Dubai-based real estate developer Al-Fajer Properties.

Zadeh insists he was the real owner and sole investor in Al-Fajer, which is registered under the name of Sheikh Hasher, a brother-in-law of Dubai’s ruler, Sheikh Mohammad bin Rashid al-Maktoum.

“There are surprises in the documents that we have presented to the court which will turn the case upside down,” Sheikh Hasher’s lawyer Samir Jaafar said, declining to elaborate.

“We believe that the lawsuit will be rejected after the court goes through the documents that we have presented,” Jaafar added.

Legal sources close to the case, asking not to be named, said the defence has charged that the sums which Zadeh says he invested in the company were in fact the “company’s money that he misused to appear as if it was his own”.

Zadeh, for his part, demands the “recovery of all material assets of Al-Fajer Properties“, according to legal documents obtained by AFP.

These include liquid assets and property, which are estimated at 7 billion dirhams ($1.9 billion), and 9 percent interest since the suit was filed.

His lawyer Salim al-Shaali, who asked the judge for time to study the defence document, said that at the next hearing on May 25 he will ask for an auditor to be appointed to look into the company’s accounts.

“The expert would decide who pumped capital into the company and … whether the defendants paid any money,” he told AFP.

Zadeh charges Sheikh Hasher made no investment in Al-Fajer and that he acquired the licence under the sheikh’s name only because Emirati law does not allow non-Gulf citizens to register real estate firms under their own names.

“For every dirham that Sheikh Hasher can show the court he has invested in Al-Fajer Properties, will give him the company and an extra $10 million bonus,” Shahram Zadeh told AFP after the latest hearing, which he did not attend

Shahram Zadeh said he started up the company from scratch, pumping in cash “as and when the company needed”, and that he only withdrew part of his initial investments after the company expanded from property sales.

“The Sheikhs claim I was an employee,” said Zadeh.

“My question to the court is what employee (can be) the sole investor, work for four years with absolute single authority signing billions of dirhams on cheques, contracts … but work without a salary or an employment contract?”

In addition to Sheikh Hasher, Zadeh is suing his daughter, Sheikha Maryam, a partner in the company, and son Sheikh Maktoum bin Hasher Juma Al Maktoum, who was made president of Al-Fajer after Zadeh was sacked in February.

Zadeh said he was detained by Dubai police after he was sacked and then held without charge for 60 days, and that his passport was confiscated and is still being held.

“I still don’t know why I was arrested,” he said.

The case comes as several executives from high-profile Dubai firms are being held on suspicion of embezzlement and as the once-booming regional business and tourism hub struggles to stave off the impact of the global economic crisis.

Dynasty Zarooni

Al Fajer Properties

GulfNews The first report about this case in the local UAE press

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Shahram Zadeh against Al Fajer Properties Maktoum Hasher Juma Al Maktoum – Comment of the Month

Posted by 7starsdubai on April 25, 2009


April 10, 2009 comment from Salahudin

I am a lawyer & familiar with such disputes known as financial cases.

Its actually very simple, the judge has to appoint an Accounts Expert (Court Appointed Auditor), to examine the accounts of Al Fajer Properties, and it will be very clear if Sheikh Hasher Maktoum has invested anything. I believe the lawyer of Sheikh Hasher Maktoum, Sheikh maktoum Hasher & Al fajer will do their best to close the case before the court appoints an Expert to avoid the embaressement.

If Sheikh Maktoum Hasher Al Maktoum succeeds in closing the case without the court Auditor examining Al fajer accounts, then it will be a big loss to dubai justice system because it shows they are afraid the truth will come out!!!

Sheikh Hasher Maktoum should be smart and try to settle the case with Dr.Zadeh Shahram before it becomes a nationalembaressement for Dubai ruling family.

__________________________________________________________

April 10, 2009 comment from Tom

If the sheikhs win this case, it will be the end of foreign investor’s trust in dubai. This will be a test for dubai, is it really a safe & secure investment hub as they portray it???? Or the laws are not applicable to the ruling family?

__________________________________________________________

April 10, 2009 comment from Al Fajer Victim

This is going to be a test case for dubai. This will reveal the depth of the corruption & behind the scenes torture, illegal arrest, fabrication of cases, all to protect the few sheikhs like sheikh hasher maktoum & his well known crook son who just thursday threatened me in front of my wife that if I complain about al fajer “it will have very bad consequences, I don’t want you to disapear” Shame on you sheikh maktoum hasher, you are nothing but a thief with everyone.

Posted in Dubai, Jumeirah Business Centre | Tagged: , | 3 Comments »

Al Fajer Properties – April 8 , 2009 – Dubai court postpones 1.9 Billion Dollar case against Sheikh Maktoum Hasher bin Juma Al Maktoum, Sheikh Hasher Maktoum Juma Al Maktoum and Sheikha Maryam

Posted by 7starsdubai on April 25, 2009


DUBAI, Apr 08, 2009 (AFP) –

A Dubai court postponed on Wednesday a 1.9 billion dollar lawsuit by Shahram Abdulla Zadeh ( Iranian) gainst members of the ruling family over an allegedly lost property investment to give the defence time to prepare.

Lawyer Hussein al-Jaziri asked for a “long period of time to respond to the case,” but the judge set May 4 as the date for the next hearing.

No one represented the defence during the first hearing, on March 11.

Iranian Shahram Abdullah Zadeh claims he invested the 1.9 billion dollars as the sole capital of a company, Al-Fajer Properties

Under United Arab Emirates law, only UAE and Gulf citizens may register property firms, and ruling family member Sheikh Hasher Maktoum bin Jumaa al-Maktoum is listed as the owner.

“I was the sole investor. Al-Fajer Propertiesis my company. Sheikh Hasher’s only contribution has been the real estate licence as a sponsor,” he said in March.

Zadeh, who was sacked as company president last year, is demanding the “recovery of all material assets of Al-Fajer Properties,” according to legal documents obtained by AFP.

These include liquid assets and property, which are estimated at seven billion dirhams (1.9 billion dollars), and nine percent interest since the suit was filed.

“We have enough documents to prove he was the sole investor,” Zadeh’s lawyer Salem al-Shaali told AFP after the first hearing.

Sheikh Hasher is a brother-in-law of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. Also named in the suit are his daughter, Sheikha Maryam, a partner in the company, and son Sheikh Maktoum, who was made president of Al-Fajer after Zadeh was sacked.

Their names were only made public on Wednesday.

Zadeh said he was detained by Dubai police at the time he was dismissed last year and held without charge for 60 days, and that his passport was confiscated and is still being held without explanation.

The case comes as several executives from high-profile Dubai firms are held on suspicion of embezzlement and as the once-booming regional business and tourism hub struggles to stave off the impact of the global economic slowdown.

ak/al

More about the case Al Fajer Properties
which must be seen also in relation to the pending case Dynasty Zarooni

Posted in Dubai, Jumeirah Business Centre | Tagged: , , , | 2 Comments »

Comment of the day

Posted by 7starsdubai on April 14, 2009


Comment by “Criminology Professor” to Al  Fajer Properties – April 8, 2009 – Dubai court postpones 1,9 Billion Dollar case against Sheikh Maktoum Hasher bin Juma Al Maktoum, Sheikh Hasher Maktoum Juma Al Maktoum and Sheikha Maryam

In criminology, state crime is activity or failures to act that break the state’s own criminal law or public international law. For these purposes, A “state” is defined as the appointed officials, the bureaucracy, and the institutions, bodies and organisations comprising the apparatus of the government. In this situation the sheikh is not alone, the role of the state as one of the possible perpetrators of crime whether directly or in the context of state-corporate crime must be examined.

One way of examining state crimes is to study the occurence of a trend by the state security forces, whether the state respects human rights in the exercise of its powers.

A classical situation is when, the state is directly involved in excessive secrecy and cover-ups, disinformation, and unaccountability which often reflect upper-class, royalty and nonpluralistic interests, and infringe human rights and the state laws. One of the key issues is the extent to which, if at all, state crime can be controlled. Often state crimes are revealed by an investigative news agency resulting in scandals but, even among first world democratic states, it is difficult to maintain genuinely independent control over the criminal enforcement mechanisms and few senior officers of the state are held personally accountable. When the citizens of second and third world countries which may be of a more authoritarian nature, seek to hold their leaders accountable, the problems become more acute. Public opinion, media attention, and public protests, whether violent or nonviolent, may all be criminalised as political crimes and suppressed, while critical international comments are of little real value.

In a state where there is dictatorship and reoccurence of State Crimes, it will result in fostering organized crime, corruption, and authoritarianism. In some third world countries, this political atmosphere has encouraged repression and the use of torture.

JUDGING THIS CASE AGAINST THE SHEIKHS:
THIS IS A CLASSIC EXAMPLE OF A STATE CRIME, WHERE THE STATE INSTITUITIONS BREAK THE RULE OF LAW TO SERVE THE ROYAL FAMILY MEMBERS

Posted in Dubai, Jumeirah Business Centre | Tagged: , , , | 3 Comments »

The Case Dynasty Zarooni – Dubai Prosecutors Rejected Bail of Kabir Mulchandani

Posted by 7starsdubai on March 25, 2009


source WallStreetJournal 7starsdubai

Dubai prosecutors Sunday rejected a bail application from Dynasty Zarooni‘s Chairman Kabir Mulchandani who is being held by police on 450 million U.A.E. dirhams ($123 million) fraud allegations, according to documents seen by Zawya Dow Jones.

Mulchandani, who couldn’t be contacted by Zawya Dow Jones, has previously denied any wrongdoing.

Ayman Merdas, a lawyer for Global Advocates & Legal Consultants representing Mulchandani declined to comment when called by Zawya Dow Jones Monday.

Mulchandani applied for bail on March 11 but was refused March 22, according to the Public Prosecution document seen by Zawya Dow Jones.

The Dubai public prosecutor handling the Dynasty Zarooni case couldn’t be reached Tuesday.

-By Stefania Bianchi, Dow Jones Newswires, +9714 364 4967 Stefania Bianchi@dowjones.com

more about this case from Archive 7StarsDubai

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Al Fajer Properties Investors asking Maktoum Hasher” where is our money” – Headlines from Sweden told – Maktoum Hasher Maktoum buys into Saab

Posted by 7starsdubai on March 19, 2009


source Sweden Press

by google translated version

Chinese Geely need money to buy Saab.

Shekh Maktoum Hasher Maktoum al Maktoum.
GT can today reveal the name of a very likely co: Sheikh Maktoum Hasher Maktoum al Maktoum

More from the archive Al Fajer Propertie

critical discussion about the Saab Deal

and Saabunited.com

Posted in Dubai, Jumeirah Business Centre | Tagged: , , | 5 Comments »

Al Fajer Properties Case opened on Wednesday – lawsuit also targets Sheikh Hasher Maktoum`s daughter as a partner of the firm and the son, Sheikh Maktoum Hasher Maktoum Juma Maktoum

Posted by 7starsdubai on March 17, 2009


DUBAI, Mar 11, 2009 source Zawya

An Iranian businessman ( Shahram Abdulla Zadeh )  is suing members of Dubai’s ruling family for close to two billion dollars over real estate investments, in a case which opened on Wednesday.

Shahram Abdullah Zadeh, former CEO of Al-Fajer Properties
who was fired in 2008, has filed the lawsuit against the firm and its owner Sheikh Hasher Maktoum bin Jumaa al-Maktoum, a brother-in-law of the emirate’s ruler, Sheikh Mohammed bin Rashid al-Maktoum.

The lawsuit also targets Sheikh Hasher’s daughter as a partner of the firm and a son, Sheikh Maktoum, who has since been appointed president of Al-Fajer, according to legal documents obtained by AFP.

The case demands the “recovery of all material assets of Al-Fajer Properties
which gave no immediate reaction to the opening of the case.

Zadeh insists he was the real owner of the company and the only investor.

He had used Sheikh Hasher’s name to obtain the firm’s licence, as foreigners are not allowed to register real estate companies under their own name in the United Arab Emirates.

“I was the sole investor. Al-Fajer Properties
is my company. Sheikh Hasher’s only contribution has been the real estate licence as a sponsor,” he told AFP.

Zadeh is demanding seven billion dirhams (1.9 billion dollars), which “includes the plaintiff’s investments and the return on them,” his lawyer Salem al-Shaali said.

“We have enough documents to prove he was the sole investor,” he added.

Only a representative of the plaintiff’s lawyer was in the Dubai court of first instance for the hearing, which lasted a few minutes. The court’s list named Al-Fajer as the defendant, with no mention of the Maktoums.

The judge referred to them by numbers before the hearing was adjourned to April 8.

Zadeh has said he was detained by Dubai police without charge for 60 days last year, at the same time as he was dismissed, and that his passport was confiscated for a year, without an explanation.

The civil case comes as several executives from high-profile Dubai firms are held on suspicion of embezzlement and as the once booming regional business and tourism hub struggles to stave off the impact of the global economic slowdown.

ak/hc

also pulished in Press TV

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Comment of the Week – to Al Fajer Properties Dubai

Posted by 7starsdubai on March 11, 2009


I am not a lawyer, but as a real estate investor I am familiar with the real estate license being registered in the name of a local because the laws do not permit a non UAE national to be the owner of a real estate company. Every single real estate company I know has done the same thing.

The big question is,

IF ZADEH IS SAYING IT SO OPENLY IN THE PUBLIC MEDIA THAT SHEIKH HASHER MAKTOUM HAS NOT INVESTED A SINGLE DIRHAM INTO AL FAJER PROPERTIES, WHY IS SHEIKH HASHER MAKTOUM NOT REPLYING? IF ZADEH IS NOT TELLING THE TRUTH SURELY THE SHEIKH SHOULD BE COMING FORWARD WITH A STRONG STATEMENT AND PROOF OF FUNDS HE HAS PAID INTO AL FAJER PROPERTIES!!!

BY KEEPING QUIET SHEIKH HASHER MAKTOUM AND AL FAJER PROPERTIES ARE CONFIRMING WHAT ZADEH IS SAYING THAT THE COMPANY BELONGS TO HIM AND SHEIKH HASHER MAKTOUM HAS NOT INVESTED A SINGLE DIRHAM INTO THE COMPANY!!!!!!!!!!!

I don’t know any of the parties involved. I fail to understand why they have taken over Al fajer Properties when zadeh was detained without any charges for 2 months???? wHY THE AUTHORITIES ARE NOT REPLYING ABOUT THE 2 MONTHS JAIL WITHOUT CHARGES??This is going to damage dubai’s reputation and will hurt the rest of the real estate market because at the end, dubai will be regarded as a city that investors do not have the basic security. So what is the difference between Dubai and Zimbabwe? Mugabe did the same to my parents’ farms.

Very sad, because it affects all our businesses.

Dear John, I am sure sheikh hasher maktoum is an honorable man in your eyes but sheikh hasher and zadeh have to be treated equally under the law or we have to accept Dubai is Zimbabwe

read more about ….. Al Fajer Properties

read more comments to….

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Al Fajer Properties – Comment of the day

Posted by 7starsdubai on March 5, 2009


dubai-2009-globus-small1I started with Al Fajer Properties from day 1 under Dr. Shahram and saw how he invested his money, dedicated his time 24/7 and created a brand out of Al Fajer. Sheikh Hasher Maktoum is an old fashioned 65 year old who loves gossip and whispers.

All the Al Fajer staff witnessed how Dr. Shahram fought with Al Ahmadiah (sheikh hasher’s contracting company that was building the towers for al fajer), because Al Ahmadiah was not doing anything on site. That was damaging Al fajer Properties name and Dr. Shahram felt responsible towards the investors and thats what triggered sheikh hasher maktoum’s aggressive behaviour towards Dr shahram.

The son, Sheikh Maktoum Hasher Al maktoum, was a nobody. Even Sheikh Hasher always told us not to let him in the office! I remember sheikh maktoum hasher used to call Dr. Shahram’s secretary or the receptionist and request to book the meeting room to bring his friends and show off!!!

When Dr Shahram disappeared, we were told by sheikh maktoum hasher that the state security has taken him and he is never coming back!!! That was the begining of a series of illegal activity by sheikh maktoum hasher in the company, including changing documents, illegal sales of properties, threatening many staff members with state security arrests,…etc

Everyone in Al Fajer knows that Dr. Shahram was & is the owner of Al Fajer Properties. Sheikh maktoum hasher always uses his “uncles” name Sheikh Mohammed Bin rashid, the dubai ruler to threaten people.

The rest of the world is not stupid, somebody is locked up for 60 days, tortured, passport confiscated for a year, no charges against him, his business has been stolen by the brother in law of dubai ruler, the case he filed at the public prosecution is closed without an explanation.

Is this the fair, just society that sheikh mohammed bin rashid has envisioned in his Dubai Strategy? So the government is actively helping criminals? Why nobody dares to talk?

Al Fajer Employee
22. February 2009

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Al Fajer Properties Scandal – Comment of the day

Posted by 7starsdubai on March 4, 2009


what-aboutComment of the day – to 7starsdubai by Sulaiman

May be Altik you have been coming here for 30 years and have seen the locals stealing from the foreigners. But that is wrong to say all locals are the same. The big fuss is that its the first time a sheikh from the al maktoum family stealing a company from its true owner, threatening the staff and then going ahead to partner with a crook like kabir mulchandani in a mass misrepresentation campaign showing construction photos that don’t exist and cheating investors thanks to the arrogant support of sheikh maktoum hasher al maktoum the nephew of the dubai ruler.

Dubai is not a bad place and has wonderful people, its just that the law is not enforced equally and that has been more evident recently. Dubai can not afford to continue to allow such injustice towards investors while a junior member of the royal family is pocketing the money.

Sheikh mohammed himself is a man of law and order, its the clan around him who are corrupted and take advantage of the situation. That happens in many countries by the way, but normally the courts are supposed to be independent, in here unfortunately, dubai police, public prosecution, courts are all biased towards prominent locals who get away from such criminal acts as al fajer properties and dynasty zarooni.

read more about …..

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Maktoum Hasher Maktoum Al Maktoum Interview – The easy money maker – From the Archive

Posted by 7starsdubai on March 4, 2009


Sheikh Maktoum Hasher Maktoum bin Juma al Maktoum loves to win – on the racing track and in business, writes Andrew Cave

original published in 2007  telegraph uk

maktoum-hasher-maktoum-faceSheikh Maktoum Hasher Maktoum Al Maktoum is sitting surrounded by bodyguards trying to explain how easy it has been to make money in booming Dubai.

“If you invested 10pc down, say $300,000, in new-build properties and waited for them to be built and rented out, over five years the rent increased so much that if you sold them you could get profits of $10m,” he says at his family-owned Jumeirah Carlton Hotel in Knightsbridge.

Dubai has had the highest yield return for offices anywhere in the world, and it is still very high-yielding.”

Similar returns have apparently been available all over the tiny emirate state, according to Maktoum, a nephew of Dubai’s ruler, Sheikh Mohammed.

Large villas on The Palms, the controversial offshore development popular with Premiership footballers, could be bought for £630,000 six years ago, he says. They now fetch £2.5m.

“Anyone who bought there would have made a killing,” says Maktoum, who clearly did so himself. “I bought a couple,” he confirms, adding that his investment success helped increase his company’s value tenfold in four years.”

Maktoum, 30, who is dyslexic, seems to have found that grand prix racing cars are pretty profitable too, even if they did wreak collateral damage on his slender frame.

“I have broken every bone in my body except my spinal column motor racing, skiing, mountain biking: anything that involved danger,” he says.

At the age of 26, Maktoum set up A1 Grand Prix as a winter “world cup of motorsport” to rival Formula One, launching the venture in 2004 and selling out last year after a successful first year of competition. Hedge fund group RAB Capital bought 80pc of the venture for a reported £100m.

So how much money did he make?

Maktoum starts to look nervous. He’s apparently not allowed to say, as part of the contractual arrangements of the sale, but suggestions by a trade newspaper that he pocketed £5m profit look to be a bit light.

“I cannot say I did not make £5m,” he says eventually, “but had someone offered me that, I would not have taken it.”

“I achieved all my financial goals,” says Maktoum. “I had a very, very nice return on my investment. It was a project for me to prove myself; something for me to get my teeth into. And it has been a huge success.

“I sold it because I achieved my financial targets. It took me three years. It was a very challenging project but it has proved what I can do.

“A1 was a big risk. I planned the whole project myself.” Maktoum hadn’t lain idle before that. He helped his father run Al Fajer Group, one of the largest office contractors and developers in Dubai and was one of the founding investors in the first Virgin Megastore in the United Arab Emirates.

He also became a big personal investor in property. Now he plans to go into consumer electronics through his holding company DIHC.

So is he setting himself up as Dubai’s answer to Sir Alan Sugar?

Maktoum shrugs off the comparison but is hugely excited about the mass market product he is patenting. He thinks it can become very, very big. But does he really need to make even more money? He takes the question seriously. “When you achieve most of your dreams by the age of 30, you can become very introspective,” he says.

“The most important things in life are friends and family. I think you have to achieve a blend. You have to try to give something back. I don’t want to be the richest man in the human race. That’s not my game.”

Instead, he says he has been approached to help his state government in a fund management project and also has opportunities to get involved with hedge funds and to go on the board of a US private equity group.

Maktoum has the well-mannered poise of many of his oil-rich contemporaries. Still single, he is bashful about his private life and the delicate question of how much he is worth. He is predictably supportive of Dubai’s increasing involvement in western capital markets, such as Dubai Ports World’s £3.3bn takeover of Britain’s ports and ferries group P&O in 2005, and Dubai International Capital’s purchase of Tussauds Group.

He also applauds Sheikh Mohammed’s huge development of Dubai’s tourism industry to make up for the expected loss of oil revenues.

“It’s a very efficient way to move,” he says. “If you are the government, you want to make the economy efficient and generate less red tape.

“Sheikh Mohammed has seen the challenges ahead and is responding to them. He is a real visionary.

“There is still a lot of value being created in Dubai. Last year we had one of the biggest stock market crash anywhere in the world, with stock prices going down by 60pc to 70pc, but it is still a pretty rewarding place, which has had some of the best stock market growth anywhere in the world.

“Fifty years ago, Dubai was a little desert oasis. Dubai now is like the swinging 1920s in America. We have had a big crash. It is not to say that we will not have a big crash again, but there has been a lot of success as well.”

It’s easy to be sanguine about a financial crisis when you took sufficient precautions beforehand. Maktoum’s claim that he has a “gut instinct” for finance and markets seems to have been borne out by his actions this time.

“A month before the crash, I thought something was happening and sold a lot of my investments,” he says.

“Part of my success is that I am not greedy… You want to leave a party while it is still going on. You don’t want to leave at 3am. I want to leave something when it feels good.”

Read also: Criminal complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Al Maktoum

and

Shahram Zadeh Lawsuit against Al Fajer Properties Dubai

and

Posted in Dubai, Jumeirah Business Centre, Sheikh Maktoum Hasher Al Maktoum | Tagged: , , , | Comments Off on Maktoum Hasher Maktoum Al Maktoum Interview – The easy money maker – From the Archive

Al Fajer Properties Dubai – For all who ask 7starsDubai about a construction Update Jumeriah Business Centre 8 and 9, or Ebony and Ivory Tower by Al Fajer Properties – Dynasty Zarooni

Posted by 7starsdubai on February 25, 2009


Here we go. Construction Update Jumeirah Business Centre 9  , Plot H3 the so called Ebony Tower Jumeirah Lake Towers Dubai, construction status 15 February 2009, original published Skyscrapercity

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Posted in Dubai, Jumeirah Business Centre | Tagged: , , | 1 Comment »

Iranian conned by Dubai ruling family

Posted by 7starsdubai on February 18, 2009


original published

http://www.presstv.ir/Detail.aspx?id=86038&sectionid=3510212

Dubai’s royal family, mired in controversy and scandal, has reportedly swindled a prominent Iranian investor out of millions of dollars.

Exposing the seamy underbelly of Dubai’s real-estate sector, The Wall Street Journal recently revealed how an elite Iranian expatriate, Shahram Abdullah-Zadeh, was kicked out of a USD 750-million real-estate company he had helped establish.

Read the rest of this entry »

Posted in Dubai, Jumeirah Business Centre | Comments Off on Iranian conned by Dubai ruling family

News from Dynasty Zarooni and Al Fajer Properties – I’m the victim’, says property tycoon

Posted by 7starsdubai on February 12, 2009


http://www.thenational.ae/article/20090211/BUSINESS/886702850/1051

  • Last Updated: February 11. 2009 10:28PM UAE / February 11. 2009 6:28PM GMT
  • fraud1Kabir Mulchandani, an Indian property tycoon detained by police in Dubai, says people who are accusing him of fraud are trying to get out of investments that turned sour because of the property downturn.

    The chairman of Dynasty Zarooni is being held because more than 25 investors, with claims worth Dh280 million (US$76.2m), have accused him of fraudulently selling them property and running an illegal investment scheme, a lawyer for the investors said. Mr Mulchandani, 36, denies the accusations and says he is being targeted by a group of investors who are unable to meet their obligations as the property market deteriorates.

    “I am the victim here,” he said. “After Lehman Brothers went bust the world changed… The system is being misused by certain individuals who are just wanting money and wanting to get out of commitments they have made that they are not able to fulfil because the market has turned.”

    Mr Mulchandani said his case was likely to be a predecessor to a rash of similar cases caused by the decline in the property market. Dubai property prices have fallen by about 25 per cent since hitting a peak last year.

    “It is going to turn into a bloodbath of attacks by investors who just want to get out of obligations,” he said. “Do you think I would be sitting here had the market been OK?”

    Dynasty Zarooni, a joint venture between Mr Mulchandani and Hilal al Zarooni, an Emirati businessman, is one of the highest profile property companies to come under scrutiny by the authorities since the property market began to fall late last year. The company was the top newspaper advertising buyer in the Emirates last year, spending $14.6m and topping the likes of Nakheel and Emaar Properties, according to figures from the Pan Arab Research Centre. Its advertising spending ranked 10th across the Middle East.

    The company, founded in 2005, is a property resale and marketing operation. It has bought entire buildings off-plan from developers with a bulk discount and re-sold floors and units to investors at a premium. Then, as a service to these core investors, it would market the buildings prominently around the country to facilitate their resale to retail buyers. Usually, Dynasty Zarooni would play a middleman role for the first payments and then contracts would be issued between the buyer and the developer, cutting the company out of the deal.

    It sold 29 buildings in this way last year, according to executives. The business was profitable, with Mr Mulchandani planning a foray into New York City property before his arrest.

    He lives in the Emirates Hills development in Dubai.

    A group of investors, however, allege Mr Mulchandani built his company by misleading investors, according to Salem al Shaali, a lawyer representing several investors.

    One of the allegations is that Dynasty Zarooni displayed one building and sold another.Investors said they were shown buildings that were several storeys high, and told that they were the Ebony and Ivory towers. They bought dozens of units, and in some cases several floors, of the buildings. The buildings were also misrepresented in advertising, the investors say.

    One advertisement in a daily newspaper on July 23 last year showed 24 photographs of “round the work” progress on the Ebony and Ivory projects. A caption for the photographs reads: “Shot at location on 10th June 2008. Ebony & Ivory – Jumeirah Lakes Towers.”

     In fact, the images showed other buildings in the Jumeirah Business Centre complex that were further advanced in construction.

    Work on the Ebony and Ivory towers plots still has advanced only to shoring and piling. A contractor has yet to be chosen for the Dh2 billion project.

    sandhole-g32The Picture shows the construction Status of today 2009, Ivory Tower ( or named Juemirah Business Centre 9, Developer Al Fajer Properties, Jumeirah Lake Towers Dubai)

    Al Fajer Properties, the developer of Ebony and Ivory towers, said a construction contract would soon be signed for the towers, which it said were to be finished between next year and 2012.    An Al Fajer spokesman declined to comment on the issue.

    Mr Mulchandani said the advertisements were meant to show the larger Jumeirah Business Centre complex and depict Al Fajer as a hard-working developer.

    “I don’t believe it is misrepresentative in any way,” he said.

    He said the company had sold the entire building in April and that the investors involved in claims against him had signed contracts that detailed which plot of land the buildings were to be built on.

    Claims have emerged involving other projects that were bought and resold by Dynasty Zarooni, including the Sheffield Classique and Al Qoraishi Tower, according to Mr al Shaali.

    Imran Karim, the son of an investor taking action against Mr Mulchandani, said his father, Abid Karim, was sold units in the Classique and Al Qoraishi Tower under the impression that Dynasty Zarooni was the developer.

    Mr Mulchandani said he never represented himself as a developer.

    Officials from Sheffield Real Estate and Baiti Properties Development, the developer behind the Al Qoraishi Tower, declined to comment.

    Another allegation against Mr Mulchandani is that he created an illegal “investment club” where 12 investors were invited to pay Dh300,000 a month for 12 months for a guaranteed return of up to Dh1m a month. After six months, they expected to redeem their investments, but Mr Mulchandani did not pay, investors said.

    One such investor, Mohammed Arif, who also invested with Dynasty Zarooni in several properties, said he had Dh25m with Mr Mulchandani and projects sold by Mr Mulchandani.

    “I invested a lot of money with him,” he said. “I fear the money is gone.”

    Mr Mulchandani said the Dh300,000 was actually a membership fee for 12 investors who bought from him in bulk. The fee would give the members the first right of refusal to buy up to 5 per cent of buildings that Dynasty Zarooni acquired, as well as use of the Dynasty Zarooni offices for resales. The fee also contributed to advertising, he added.

    Marwan bin Ghalita, the chief executive of the Real Estate Regulatory Authority (RERA), declined to comment on the accusations against Dynasty Zarooni. In November, RERA stated that there were no complaints against Dynasty Zarooni, after allegations in two Indian publications that the company had sold projects while representing to investors that they were buying another project.

    Officials from the Dubai Public Prosecution declined to give details on the cases, but confirmed staff members were investigating the claims.

    Posted in Dubai, Jumeirah Business Centre, Kabir Mulchandani | Tagged: , , , | Comments Off on News from Dynasty Zarooni and Al Fajer Properties – I’m the victim’, says property tycoon

    An Example of : The differenence between PR and Reality – 5 Towers Jumeirah Business Centres will be delivered in September 2009 ?????

    Posted by 7starsdubai on February 12, 2009


    Jumeirah Business Centre 1 , Developer Al Fajer Properties  was launched Dezember 2005. Sold within a few weeks after the launch, said by the company. The completion of this Office Tower was announced first for end 2007 , after this end 2008 and now end….. of year ……… ???

    The History between PR and Reality show this pictures:

    Happy going ? …. 2006   sand-castle-photo-july-20062

     

     

     

     

     

     

     

    Construction Status of Jumeirah Business Centre 1,launched in December 2005,  Plot G2, Jumeirah Lake Towers, Al Fajer Properties 

    jbc-1-2007-01

     

     

    Jumeirah Business Centre  1 by Al Fajer Properties Construction Status in May 2007

     

     

     

    jbc1-feb-2009-panorama1Panorama of February 2009 shows that the Towers around Jumeirah Business  Centre 1( those Towers around also launched in 2005) are still ready.

    The completion of the Jumeirah Business Centre 1, the first ever launched Tower of Al Fajer Properties is…………. ??????????

    Latest interview , February 2009,with the project Manager , construction company, for Al Fajer Properties:

    o3. Feb. 2009 7days.ae  

     http://www.7days.ae/storydetails.php?id=73328%20%20%20%20&page=local%20news&title=Riding%20out

    ………“[The atmosphere in construction] is a bit depressed, but I think Dubai and the UAE in general is much better off in general than the rest of the world,” said Andre van Schalkwyk of Al Ahmadiah Contracting and Trading (AAC), who is site manager of Al Fajer Properties’ Jumeirah Business Centre.

    He added however, that his workers are more confident of their position, as he believes AAC will outlive the downturn.

    “The workers are not anxious, AAC has a very stable working environment and we tend not to over extend ourselves, which makes it much easier to get through downturns, particularly of this magnitude. I think we’re a lot better off than a lot of other companies,” he said.
    Van Schalkwyk has been working in construction in Dubai for six years and has always found it challenging.
    “[Challenges] are very simple – usually time and Dubai has a knack for changing things very suddenly!”
    “It’s the changing environment that is your biggest challenge in the whole construction industry,” he said.

    His current development with Al Fajer Properties is the largest he has been involved with since coming to Dubai, although he has been part of big projects such as Ibn Battuta Mall.
    Jumeirah Business Centre is a group of five high-rise office buildings in the Jumeirah Lakes Towers development, which are scheduled to be delivered this September.

    “The biggest challenge [with this project] is having to do five towers running exactly on the same timeframe, while not being located on the same plot. They’re in the same area but not on the same plot, that is a serious challenge, because projects are usually phased,” van Schalkwyk said.
    Back when the centre got started, he also had to deal with the cement shortage, which he said affected them “quite seriously”.However, he is “fairly confident” of reaching the September deadline for the new development.
    “After His Highness Sheikh Maktoum bin Hasher Al Maktoum came on board, it changed the whole management structure of the Al Fajer Group and we’re now managing to accelerate the project quite dramatically. We’re actually doing very well – we’re running slabs at around six, sometimes five, working days cycles,” he said.
    When Sheikh Maktoum became president of Al Fajer Properties (AFP) in March last year, workers were working days and knocking off at night, but now construction takes place round the clock with the workers doing shiftwork in order to meet the delivery date.

    In fact, a lot of changes have taken place at AFP so that it can streamline its business and meet its obligations.
    Joseph Paul, finance manager at AFP, told 7DAYS that a “planning and financial restructuring” had taken place last March, which resulted in the entire land bank of the company being disposed of by the middle of last year.
    “[This] has turned out to be an excellent decision, keeping in view the current drastic devaluation of land,” he said.
    “Because of apt and timely decisions, AFP is still in a robust position to operate with zero debt, even in this worst scenario of world economic recession.”

    Van Schalkwyk also sees the upside of downturn, particularly for real estate and construction.
    “I think there will be a lot more stability and sense in the market. My personal belief is that the downturn at the moment is a bit of a blessing in disguise – it will stabilise the market and I believe we will get a much more healthy growth afterwards,” he said.

    And despite the myriad announcements of job cuts in the sector, he feels construction won’t stay down for long.
    “I think in the next two to three years, the workforce will shrink overall – but then it will grow again,” he said.

    Posted in Dubai, Jumeirah Business Centre | Tagged: , , , , | Comments Off on An Example of : The differenence between PR and Reality – 5 Towers Jumeirah Business Centres will be delivered in September 2009 ?????

    Dubai Fraud alligations – The Case Dynasty Zarooni: Complaint at Dubai Police now also against Al Fajer Properties

    Posted by 7starsdubai on February 10, 2009


    original published Financial Times

    http://www.ft.com/cms/s/0/2af58370-e013-11dd-9ee9-000077b07658.html?nclick_check=1

     

    fraud1Dubai Police are investigating fraud allegations against the chairman of one of Dubai’s largest private real estate companies as dozens of aggrieved investors claim he defrauded them of more than $100m.

    Kabir Mulchandani, the chairman of Dynasty Zarooni, was arrested last week on allegations of fraud and is helping with inquiries, police officers told the Financial Times.

    At least 10 members of Dynasty Zarooni’s ”investment club”, which last year promised vast profits from the company’s preferential access to real estate deals, have lodged complaints against Mr Mulchandani, an Indian national, his Emirati business partner, Hilal Al Zarooni, their joint venture Dynasty Zarooni, and two other employees.

    Investors say that Mr Mulchandani in March received subscription fees of Dh300,000 a month from 12 members. He promised them returns of Dh1m a month after six months, or Dh6m, in September, they say.

    One British loser says he was encouraged by initial profits made by another club member, who had reinvested the proceeds into the scheme rather than taking the cash.

    The fraud allegations weigh further on Dubai’s financial hangover as its six-year property boom fizzles out, with investor confidence hitting rock bottom as people are marooned in an illiquid, declining market while developers are hamstrung by financing difficulties.

    More than 25 executives have been detained in an anti-corruption investigation at state-linked property companies. None have gone to trial yet, but the arrests have had an impact on investor confidence in Dubai.

    News of the complaints against the chairman could raise concerns among other investors in Dynasty Zarooni’s claimed Dh21bn real estate portfolio.

    Mr Zarooni denied any participation in, or knowledge of, a fraudulent scheme. ”One hundred per cent I deny this, there is nothing illegal whatsoever,” he said.

    Mr Mulchandani, who has been detained but is seeking bail, could not be reached for comment. He denied any wrongdoing in a local press interview last week.

    Lawyers say more than 100 other investors are preparing cases against Dynasty Zarooni over misrepresentation during the sale of its real estate projects.

    ebony-ivory-al-fajer-properties-plot-h3-g3-jlt-dubaiOne aggrieved investor, who in May placed a 20 per cent deposit on an apartment in Ebony Tower 1, opposite the Dubai Marina, for Dh650,000, yesterday lodged a complaint with the police against Dynasty Zarooni and their development partners, Al Fajer Properties, for allegedly misleading him about the progress made on the building’s construction, thereby raising the supposed value of the property. ”I have been cheated and am very distressed,” he said.

    The cases, if they go to trial, could seek the recovery of hundreds of millions of UAE dirhams, said Salem Shaali, managing partner at Al Shaali & Co, which is representing the victims of the alleged fraud.

    This could develop into one of the UAE’s largest fraud cases if other individual investors in Dynasty Zarooni come forward, he said.

    Posted in Dubai, Jumeirah Business Centre, Kabir Mulchandani | 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

    Something about the 20 % deposit mentioned by Dynasty Zarooni

    Posted by 7starsdubai on January 13, 2009


    In a Forum of Skyscrapercity this comment was left directly by Dynasty Zarooni August 20, 2008

    http://www.skyscrapercity.com/showthread.php?p=24219792

    FOR THE ATTENTION OF JUNIOR MEMBER : rohitd

    The nature of the blog comments which you have posted regarding our company have been brought to my attention and I would like to very clearly, formally respond and clarify for the record each of your points to this audience.
    The points you have made with reference to the Dynasty Zarooni Inc “Ebony & Ivory” development project located in Jumeriah Lake Towers, Dubai;UAE are incorrectly stated and for that matter I would like to clarify the actual facts pertaining to this project.

    1. The “Ebony & Ivory” buildings were purchased by Dynasty Zarooni Inc from Al Fajer Properties LLC. The reference details of these projects are as follows:
    Ivory 1 : Also known as Jumeriah Business Center – Plot G3-JBC8
    Ivory2 : Also known as Jumeriah Business Center – Plot H1-JBC7
    Ebony 1 : Also known as Jumeriah Business Center – Plot H3-JBC9

    2. A 20% payment has been made to Al Fajer Properties LLC.

    3. The project is Escrow compliant

    4. This project has been sold onto Dynasty Zarooni Inc purchasers, who in turn, were assisted by Dynasty Zarooni Inc in the capacity of providing them with a 6 months time period to pay this 20% payment, without charge of any interest. Dynasty Zarooni Inc has already signed unit SPA’s (Sale & Purchase Agreement) with Al Fajer Properties LLC for every unit in the above aforementioned Towers. On receipt of this 20% payment, Dynasty Zarooni shall assign the unit SPA’s to the purchaser of the relevant unit.

    5. With reference to the point relating to Area Differentials, it is clearly stated on the Dynasty Zarooni Inc Receipts’ provided to all purchasers, that a typical floor within this aforementioned Tower has the following clearly defined area designation:
    Gross Area : 14,690 sq ft
    Net Area : 11,314 sq ft
    Thus, no purchaser of the Ebony1 (Project: H3-JBC9) will be surprised by this information as it remains entirely transparent to the purchaser throughout the purchase process.

    Our records indicate that the blogger (rohitd – Member ………) is NOT a purchaser of any Ebony 1 unit in his own name (also known as Jumeriah Business Center – H3-JBC9 ) and thus the blog statement made by this person is wholly unfounded. We would ask Mr Rohit …. to communicate his complete contact details, including passport details, correspondence information so that our Lawyers may take up this matter directly.

    We would appreciate that any such queries regarding our companies projects be directed to us in the first instance and we would to happy to address any such genuine queries in order to avoid any misrepresentation in future being aired on the Internet in such blog channels, which are wholly incorrect in fact and furthermore clarify our companies’ standpoint. In future we would kindly request that the Moderator or Active Member within this on-line community, kindly verify that all facts are clearly confirmed in order to avoid future instances of erroneous statements.

    N. Vishram
    CEO
    Dynasty Al Zarooni Real Estate LLC
    Dubai; UAE

    20th August 2008.

    Posted in Dubai, Jumeirah Business Centre | Comments Off on Something about the 20 % deposit mentioned by Dynasty Zarooni

    Dynasty Zarooni – Al Fajer Properties -Dubai Property Tycoon Mulchandani Held; $123M Scam Alleged

    Posted by 7starsdubai on January 12, 2009


    By Stefania Bianchi

    Of ZAWYA DOW JONES

    DUBAI (Zawya Dow Jones)–Dubai’s Public Prosecution is detaining Kabir Mulchandani, chairman of Dynasty Zarooni Real Estate, amid allegations he defrauded investors of up to 450 million U.A.E. dirhams ($123 million), according to lawyers for the investors, government officials and one of his business partners.

    His detention is the latest in series of arrests in Dubai related to real estate and finance, but there’s no evidence at present Mulchandani’s arrest is related to any of the previous cases.

    Mulchandani, who couldn’t be reached for comment, has previously denied any wrongdoing.

    Hilal Al Zarooni, Mulchandani’s local partner in Dubai, said in a phone interview with Zawya Dow Jones “there is no evidence against the company. We sold everything legally.”

    Al Zarooni confirmed that Mulchandani is being held for questioning in Dubai, adding that he hasn’t been contacted by authorities on the matter.

    Ali Al Hashimi, an attorney for Global Advocates & Legal Consultants who are representing Dynasty Zarooni, also denied that there had been any wrongdoing on the part of his client in a phone interview.

    Dubai police officials told Zawya Dow Jones Sunday that Mulchandani has been transferred from Jebel Ali police station to the custody of Dubai’s Public Prosecution pending an investigation of his case.

    According to law firm Al Shaali & Co., which is acting on behalf of the investors pursuing Mulchandani who have complained to the police, he is being questioned on two counts both subject to the Federal Penal Code and Dubai’s property laws.

    The first case relates to allegations that he conned a small group of wealthy investors into pledging large sums of money with the promise of a hefty monthly return.

    The second case involves the selling of property at the AED2 billion Ebony and Ivory development in Dubai’s Jumeirah Lake Towers district. According to Salem Al Shaali, the lawyer handling the case at Dubai-based Al Shaali & Co., Mulchandani took deposits for 20% of the property but failed to deliver the project.

    A visit to the site of the project by Zawya Dow Jones confirmed that no work was underway. According to the lawyers, Mulchandani had shown investors other buildings under construction in Dubai an effort to convince them that the project was ongoing.

    Jaydeep Anand, Dynasty Zarooni’s chief operating officer, declined to comment on whether Mulchandani was being held when called by Zawya Dow Jones.

    “I’m not the right person to comment on this,” he said and referred the call to Rajesh Gupta, Dynasty’s chief financial officer. Gupta didn’t answer calls to his mobile.

    Mulchandani was initially held by police earlier last week for an alleged liquor-related offense and bouncing a check for an undisclosed amount, which is an offense in the United Arab Emirates, an official at Dubai’s Public Prosecution told Zawya Dow Jones on Tuesday.

    He was later released on bail for AED46 million, but was re-arrested Thursday afternoon after further cases relating to the Ebony and Ivory development were brought against him by investors, according to Salem Al Shaali, a lawyer at Al Shaali & Co.

    Al Shaali said Mulchandani’s bail has now been raised to AED76 million.

    Investors interviewed by Zawya Dow Jones who were involved with Mulchandani say they paid AED300,000 a month into the program for which Mulchandani promised a return of a million dirhams a month after the first six months in September.

    The investors, who asked not be identified, said Mulchandani had promised to invest their funds in Dubai real estate projects but had failed to deliver any returns, or their initial capital.

    According to the allegations being made by Al Shaali’s clients Mulchandani got a group of 12 investors to pay AED30 million in deposits for another real estate project in Dubai, called Al Quorashi Tower. According to Al Shaali, the project never existed.

    Earlier this year, Dubai’s Real Estate Regulatory Authority, or Rera, cleared Dynasty Zarooni of any wrongdoing after two Indian publications ran reports that some investors had complained Mulchandani had misled them by showing one property and selling them another.

    Officials at Rera were unavailable for comment when called.

    Big Advertising Spend

    Dynasty Zarooni was created in September 2007 with the merger of the Hilal Al Zarooni Group and the Bahamas-registered business consultancy firm Dynasty Enterprises Inc. The company had a net equity of 1.35 billion U.A.E. dirhams ($367.5 million) at the time of merging, according to Zawya.com data.

    Dynasty Zarooni was the country’s top spender in advertising during the first half of 2008, overtaking Emaar Properties PJSC (EMAAR.AI).

    According to the Pan Arab Research Centre, the company’s ad spend for the first six months of 2008 was estimated at $10.58 million (AED38.8m). Leaping from an almost non-existent advertising spend in 2007, the new advertising budget accounts for around 1.8% of the company’s total business of AED21 billion.

    Investors interviewed by Zawya Dow Jones said that Dynasty Zarooni’s prominent advertising campaigns in Dubai, which showed pictures of the Ebony and Ivory real estate project under construction, had played a major factor in their decision to invest with Mulchandani.

    By Stefania Bianchi, Dow Jones Newswires; +971 4 3644967; stefania.bianchi@dowjones.com

    (Tahani Karrar and Majdoline Hatoum also contributed to this item).

    Copyright (c) 2009 Dow Jones & Co.

    (END) Dow Jones Newswires

    11-01-09 1625GMT

     

     

    Posted in Dubai, Jumeirah Business Centre, Kabir Mulchandani | Comments Off on Dynasty Zarooni – Al Fajer Properties -Dubai Property Tycoon Mulchandani Held; $123M Scam Alleged

    A Statement to the so called ” criminal” complaints of Investors Dynasty Zarooni – Al Fajer Properties

    Posted by 7starsdubai on January 8, 2009


    Dear Victims of Dynasty Zarooni with the launch od Ebony Ivory Tower Plot H3 and G3, Jumeirah Lake Towers,by Dynasty Zarooni.

    Your case with Al Fajer Properties start in March-April 2008, with you are saying false advertisements by Dynasty Zarooni and your purcahse in Units or Floors at Dynasty Zarooni Ebony / Ivory Towers Jumeirah Lake Towers Plot H3 – G3.

    It`s not a secret that you start with your complaints in June 2008, and not just now, after the so called financial crisis .

    The original documents we hold in hands is not a direct matter with Dynasty Zarooni but it can be seen in the simiular, because this matter is direct linked to long ongoing story around the Plots H3 and G3 in Jumeirah Lake Towers. The investors who are still in this disaster didn`t ever complaint at the police in Dubai, as ther is n sense to do so – the so called untouchable ” backing” in Dubai for the Developer seems to be a special !  

    WE think that you, at this time havent been aware, that Al Fajer Properties has promised and 100 %contractual agreed with DMCC the following to protect the rights of the Ivestors left from Nakheel Flamingo and Falcon Towers on this Plot H3 and G3 in Jumeirah Lake Towers.

    “Plot H3 Jumeirah Lake Towers launched in 2004 directly by Nakheel , Tower named Falcon Tower
    Full information here:
    http://www.skyscrapercity.com/showthread.php?t=138300

    and the letter of DMCC ( 100 % Government owned company) dated August 2005 to all investors of Falcon Tower Plot H3, Jumeirah Lake Towers:
    http://www.skyscrapercity.com/showthread.php?t=138300&page=3

    As you can read out of the options from this letter, DMCCA said:
    …as a result of these changes, we would like to offer you the following options:

    i.) Transfer to new developer…………….

    This developer DMCC found October 2006,confirmed in a letter from DMCC to an investor 22. October 2005, was Al Fajer Properties.

    DMCC wrote end 2006

    Dear Mr…. with regards to your first query kindly refer to our letter 22, October 2006 in which we stated:
    “Al Fajer Properties will developing the Falcon and Flamingo Towers with the same design. Consequently your apartment will be on the same specifications and price you and your initial pruchase with Nakheel.”
    As for second query, pertaining to the issuance of a contract by Al Fajer Properties for your apartment, we ask you to be in touch with Ms. Kati Sebour of Al Fajer Properties. Kind regards Ysamine Hussain, Customer Service DMCC.

    Until end of 2007, nobody from the Investors who have agreed to the transfer from Nakhee to Al Fajer Properties has been told that they are not willing to built the Towers as agreed , 100 % Residential Towers !

    This was also the time Al Fajer starts to tell those investors a lot of stories – pushed them to sign a document which nobody would ever sign , because at least it had been null and void -with the only goal to kick them out – to have a free way – what was already in their mind. At least they start to act agressive in early 2008, also with the help of their lawyer Denton Wilde Sapte.

    To this actions of Al Fajer Properties RERA Dubai is informed since March 2008. The investor in this case was at this time not aware that Al Fajer Properties has already started to launch this Towers completly new under changed names : Ebony and Ivory Towers.

    Fact is, that at the time Al Fajer Properties  had still taken the agreement with Dynasty Zarooni for this both towers, and selling them complete to Dynasty Zarooni, that at this time the agreements of the former investors left from Nakheel on this Plots and 100 % confirmed by DMCC, have been still legal valid.

    These Investors, who are still in and fighting for their rights, have become aware of this Act ( changing the names to Ebony and Ivoory, changing the complete use of the building into offices and no apartments, selling all units in this building Plot H3 and G3 to Dynasty Zarooni) – only by the Press in Dubai, when they give out the notice:
    Dynasty Zarooni gets clean chit.

    By the acknowledge of this and some deep invstigations to get evidence – for them it became clear – what was the real reason of the agressive acts – Al Fajer Properties forward to them Januar – March 2008.

    As Al Fajer Properties is still acting illegal against this investors , on which RERA is aware, and Al Fajer Properties try to denigrate them. Those investors have collect all evidence by showing only all and only original correspondence and documents  starting from the purchase at Nakheel 2005 , the correspondecne with DMCC up to the transfer to Al Fajer Properties and the agressive acts of today. The numer of original documents will be around 120 pages

    It`s very interesting to read in the Dubai Press, that Dynasty Zarooni`s Chairman, is calling the complaints of those Investors “Criminal Complaints” in the public.Statements like this are acts of discrimination  under the header “Human Rights”  and should be filed outside of Dubai.

    * Al Fajer Properties is a private Dubai Developer owned by Sheikh Maktoum Hasher bin Juma Al Maktoum
    * Dynasty Zarooni is the business partner for the project Al Fajer Propteries Towers Plot H3 + G3 , today named Ebony and Ivory Tower, before Jumeirah Business Centre 8 + 9 , Jumeirah Lake Towers Dubai

    Posted in Dubai, Jumeirah Business Centre | 1 Comment »

    Business Partner of Al Fajer Properties – Chairman Dynasty Zarooni arrested in Dubai

    Posted by 7starsdubai on January 7, 2009


    brochure01afpdynastyzarooni01

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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    Posted in Dubai, Jumeirah Business Centre | Tagged: , , , | Comments Off on Business Partner of Al Fajer Properties – Chairman Dynasty Zarooni arrested in Dubai

    Dynasty Zarooni Real Estate Chairman arrested in Dubai

    Posted by 7starsdubai on January 7, 2009


    brochure02afpdyza021      brochure01afpdynastyzarooni03        brochure02afpdyza031   brochure01afpdynastyzarooni02
    DUBAI (Zawya Dow Jones)–Kabir Mulchandani, chairman of Dubai property company

    The official confirmed that a case has been filed against Indian businessman Mulchandani in Dubai for an alleged liquor related offense and bouncing a cheque for an undisclosed amount, which is an offense in the United Arab Emirates.

    Dynasty Al Zarooni Real Estate
    Dynasty Zarooni
    UAE | Real Estate
     News | ProfileOfficers

    , has been held this week by Dubai police, an official at Dubai’s Public Prosecution told Zawya Dow Jones Tuesday.

     

    Jaydeep Anand, Dynasty Zaroonis chief operating officer, was unable to confirm the arrest when called by Zawya Dow Jones.

    “I have no information,” he said.

    The Public Prosecution official said that Mulchandani has been questioned but was unable to provide further information.

    Earlier this year, Dubai’s Real Estate Regulatory Authority cleared Dynasty Zarooni of any wrongdoing after two Indian publications ran reports that some investors had complained that Mulchandani had misled them by showing one property and selling them another.

    The developer was created in September 2007 with the merger of the Hilal Al Zarooni Group and Dynasty Enterprises Inc and a net equity of 1.35 billion U.A.E. dirhams ($367.5 million).

    -By Majdoline Hatoum and Stefania Bianchi, Dow Jones Newswires; +9714 364 4964; majdoline.hatoum@dowjones.com

    Copyright (c) 2007 Dow Jones & Company, Inc.

    (END) Dow Jones Newswires

    06-01-09 1041GMT

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    Posted in Dubai, Jumeirah Business Centre, Kabir Mulchandani | Comments Off on Dynasty Zarooni Real Estate Chairman arrested in Dubai

    Dynasty Zarooni Chairman – Criminal Business Partner of Al Fajer Properties Dubai – arrested

    Posted by 7starsdubai on January 5, 2009


    http://www.bi-me.com/main.php?id=29498&t=1&c=33&cg=4&mset=

    UAE. The head of a Dubai-based real estate firm has denied reports that he had been arrested on allegations of fraud.

    Kabir Mulchandani, Chairman of property investment consultant Dynasty Zarooni, said in an interview for Gulf News there was no police arrest warrant against him.

    “I know some complaints have been lodged with the police by some people against our firm but these people gave cheques that bounced. They have no legitimate reason to complain,” he explained over the phone.

    He said the company was “in good shape.”

    Company President Hilal Al Zarouni said the company is “functioning properly”. Both executives said they didn’t know if the police were investigating the complaints.

    Lawyer Salim Al Sha’ali, who represents a number of complainants, said the complaints are related to an alleged fraud scheme.

    “We have been studying the legalities of the case… and we believe that there is a supposed crime of conning people out of money,” he said.

    The Federal Penal Code and the property laws issued lately are the legal grounds in this case, argued the lawyer. Sources said the complaints involve some 30 investors with at least US$1 million each invested with Dynasty Zarooni.

    However, Mulchandani denied the accusations and said he has “all the documents that support our position that those people have reneged on their commitments”.

    Reports yesterday claimed clients said they paid AED 300,000 per month for which Mulchandani promised a return of AED 1 million a month after the first six installments. But Kabir Mulchandani said that the montly payment was a fee for investors to secure first refusal on properties sold by Dynasty Zarooni at pre-launch prices, an average discount of between 2% and 5%. And he insists no returns were ever guaranteed.

    “There is not a single document, email, a fax, an SMS, that anybody can produce in Dubai or elsewhere in the world that in any way represents that we guaranteed any form of return,” he said.

    He added that many investors had actually made far more than the guaranteed return he is claimed to have given, despite the slump in the property market.

    He said: “This is a case of people having a situation where they can’t meet their obligations, which is unfortunate, but they shouldn’t have over-traded. You can’t buy what you can’t pay for.”

    He said those making the complaints against him had bounced post-dated cheques given to the company for both the membership fee and for the properties they purchased.

    Mulchandani had left India for Dubai where he set up Dynasty Zarouni, to cash in on Dubai’s booming real estate market.

    Kabir Mulchandani is also the founder of Baron International, the Mumbai company that pioneered cheap colour TVs and music systems under the brand names Aiwa and Akai, a firm which came under scrutiny from the DRI and Enforcement Directorate in India.

    Dynasty Zarooni markets ready-to-move in properties constructed by Dubai real estate company Al Fajer. The firm advertises these properties on his website and invites NRIs to invest money.

    Al Fajer is known for its projects in Jumeirah Business Centre 1 and 2 apart from various projects at Jumeirah Lakes and Jumeirah Island.

    Dubai’s Real Estate Regulatory Authority (RERA) is probing the company’s operations after nearly 30 NRIs from India, Russia and UK complained online that he had misled them by showing a different property and selling them another

    RERA authorities are reported to have told Indian newspapers that the firm had also not followed the local rule of depositing sale proceeds of real estate properties into a government-shared escrow account.

    One particular complaint cites how Mulchandani allegedly sold apartments in a three-tower complex, showing the two completed towers as the properties that were for sale but allotting ownership documents of the third tower which has yet to come up.

    Speaking to Mumbai Mirror RERA’s head of legal cell, Imad Hussein, is reported as saying: “We have received complaints of 30 investors from India, Russia and the UK. The company Dynasty Zarouni offered real estate properties at half the market price.

    “It also allegedly lured investors by misrepresenting a different property in the name of another. Each buyer has invested at least US$1 million with the firm.”

    According to Hussein: “We have invited all investors with similar complaints through advertisements in local newspapers to come forward, and have assured them that RERA will play an active role in safeguarding their money under law number 8 in line with the directives of Dubai’s ruler Sheikh Mohammed.”

    Posted in Dubai, Jumeirah Business Centre, Kabir Mulchandani | Tagged: , , , , , | Comments Off on Dynasty Zarooni Chairman – Criminal Business Partner of Al Fajer Properties Dubai – arrested

    The False Story ? Mumbai Mirrow – Dynasty Zarooni Dubai

    Posted by 7starsdubai on August 26, 2008


    original published Mumbai Mirrow

    Kabir Mulchandani, owner of Baron International, the company that pioneered cheap colour TVs and music systems under the brand names AIWA and AKAI, and who fled Mumbai after scrutiny by the DRI and Enforcement Directorate, is once again at the centre of controversy.
    This time in Dubai.
    Mulchandani had left Mumbai for Dubai where he set up a company, Dynasty Zarouni, to cash in on Dubai’s booming real estate market.
    He markets ready-to-move in properties constructed by a real estate company called Al Fajer.
    Mulchandani advertises these properties on his website and invites NRIs to invest money.
    Al Fajer is known for its projects in Jumeirah Business Centre 1 and 2 apart from various projects at Jumeirah Lakes and Jumeirah Island.
    But now Dubai’s Real Estate Regulatory Authority (RERA) is probing Mulchandani’s operations after nearly 30 NRIs from India, Russia and UK complained online that he had misled them by showing a different property and selling them another
    RERA authorities told this newspaper that Mulchandani’s firm had also not followed the local rule of depositing sale proceeds of real estate properties into a government-shared escrow account and instead pocketed the entire money.
    At least 20 NRIs, originally from Mumbai, had invested money ranging from US $1 million and above in residential-cum-commercial properties developed by Al-Fajer and marketed by Mulchandani.
    The smallest of these properties is approximately 5000 square foot.
    One particular complaint cites how Mulchandani allegedly sold apartments in a three-tower complex, showing the two completed towers as the properties that were for sale but allotting ownership documents of the third tower which has yet to come up.
    Speaking to Mumbai Mirror RERA’s head of legal cell, Imad Husein said, “We have received complaints of 30 investors from India, Russia and the UK. Kabir’s company Dynasty Zarouni offered real estate properties at half the market price.
    It also allegedly lured investors by misrepresenting a different property in the name of another. Each buyer has invested at least one million US dollars with Kabir’s firm.”
    According to Husein, “We have invited all investors with similar complaints through advertisements in local newspapers to come forward, and have assured them that RERA will play an active role in safeguarding their money under law no 8 in line with the directives of Dubai’s ruler Sheikh Mohammed.”
    Husein said, Mulchandani’s operations through Dynasty Zarouni involve sale of over 20 towers each consisting of 40 floors, approximating 20,000 residential and commercial units.
    The RERA official said Dynasty Zarouni was also under scanner for irregularities in fund management.
    “As per the rules of the Emirates, the money received from investors has to be deposited in an escrow account jointly held by the government with the developer.
    The money is released only on delivery of the property.
    Kabir Mulchandani and his company did not deposit money in the escrow account and hence it results in a case of breach of contract,” Husein said, adding that in such a scenario the developer may vanish leaving investors in lurch.
    One of the NRIs, originally from Mumbai, who has filed a complaint with RERA said, on condition of anonymity:
    “I was devastated to find that it is illegal for Dynasty Zarouni to collect money without the existence of an escrow account.
    Not only does this leave my funds unsecured, in addition I have just been told by Al Fajer properties, the developers, that the total area being committed to me in the contract provided by cis inaccurate and is exaggerated by 30 percent,” the NRI added.
    Mulchandani could not be contacted.
    original published: Munbaimirrow.com
    also published: zawya.com

    Posted in Dubai, Jumeirah Business Centre, Kabir Mulchandani | Tagged: , , | Comments Off on The False Story ? Mumbai Mirrow – Dynasty Zarooni Dubai

    Gulfnews: Dynasty Zarooni gets clean chit

    Posted by 7starsdubai on August 26, 2008


    Dynasty Zarooni gets clean chit

    By Saifur Rahman, Business Editor
    Published: August 25, 2008, 23:12

    Dubai:

    Dynasty Al Zarooni Real Estate is considering legal action against some Indian publications and those behind an alleged ‘smear campaign’ to malign its reputation, officials said.

    The campaign has allegedly been launched by a former employee of Kabir Mulchandani, chairman of Dynasty Zarooni, who was fired for alleged ‘wrongdoing’, Gulf News has learnt.

    Two Indian publications ran reports referring to some investors’ complaint that “he [Mulchandani] had misled them by showing a different property and selling them another”.

    One of the reports said “Dubai’s Real Estate Regulatory Authority [Rera] is probing Mulchandani’s operations after nearly 30 NRIs from India, Russia and UK complained online”.

    Dynasty Zarooni, formed in 2005, is a joint venture between Hilal Al Zarooni and Kabir Mulchandani. The company has been engaged in developing, buying and selling residential and commercial properties to wholesale investors and cashing in on soaring prices and growing demand that fetched solid returns.

    “Dynasty Zarooni, having a real estate portfolio in excess of Dh20 billion, has been the target of a series of false accusations in relation to complaints from investors, with regards to their Ebony & Ivory project in Jumeirah Lakes Towers,” the company said in an e-mailed statement

    The project is being developed by Al Fajer Properties, a leading property developer in the UAE, managed by its president Shaikh Maktoum Hasher Al Maktoum.

    Over the past week there have been a number of internet blog stories and these culminating with a article in the Indian media, incorrectly quoting Rera officials, the company said.

    The Ebony & Ivory development project is a Dh2.7 billion project, which was originally sold out within hours of its launch. “To date, the construction of all of the towers being developed by Al Fajer Properties is progressing rapidly,” the statement said.

    Meanwhile, the Rera has given Dynasty Zarooni a clean chit.

    “Dynasty Al Zarooni Real Estate has no violations relating to the registration of property brokers until August 25, 2008,” Rera said in a letter yesterday, a copy of which was obtained by Gulf News.

    Hilal Al Zarooni, president of Dynasty Zarooni, told Gulf News, “We are pursuing legal action against those who are behind this campaign that is damaging our reputation.

    “These imposters have not only targeted Dynasty Zarooni, but the UAE real estate market as a whole. The imposters should be brought to justice.” he said.

     

    see also Video TV Agust 2008

    http://www.zawya.com/video/default.cfm/sidVID20080826112123

    Posted in Dubai, Jumeirah Business Centre, Kabir Mulchandani | Comments Off on Gulfnews: Dynasty Zarooni gets clean chit

    Buy Back Complaints Al Fajer Properties – Damac – Nakheel Comments

    Posted by 7starsdubai on April 16, 2008


    http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=5606

    Richard says
    Dear Developer (from the smallest upwards)of Dubai, May we remind you that we, the investors from Europe, have still to bear 30% losses by the currency convertion (Euro/AED) from today to the original purchase dates 2004-2006. What you are going to do cannot be called “buying back”. Buying back means: You have to pay investors the actual market price from today if you wish to call your practice “buying back” If we remeber right, we bought and invested in apartments, villas or units of buildings, not in your companies. If your calculation has failed, we the investors are not the ones who have to understand that your profit is not the one that you once thought. To shift every risk now to the former investors is not the way how it works in global economy.

    Jeff says
    With Real Estate prices falling 30 percent in the last year from Europe to California (with New York being the only major exception) how long can the desire to live in the Middle East continue? Having lived through a few Real Estate bubbles in Miami there is an economic max before people move on. I have properties in Miami that were over $2 million US a year ago and can be picked up for less than $1 million.

    more comments:

    http://www.arabianbusiness.com/516597-more-firms-look-to-quit-projects-as-costs-soar

    Posted in Jumeirah Business Centre | Comments Off on Buy Back Complaints Al Fajer Properties – Damac – Nakheel Comments

    ArabianBusiness.com Damac threatened with lawsuit after project axed

    Posted by 7starsdubai on April 1, 2008


    original published: arabianbusiness.com 31.March 2008
    http://www.arabianbusiness.com/514985-legal-action-threatened-after-damac-axes-project

    Investors in Damac Properties’ Palm Springs project on the Palm Jebel Ali are threatening legal action after the developer cancelled the venture five years after launch.The project was axed due to changes made to the Palm Jebel Ali masterplan, which meant Damac would suffer a significant loss if it continued with the venture, according to UAE daily Gulf News.Investors are unhappy with the compensation offered by Damac, which said it would only offer 6% per annum interest on the sum invested, the newspaper said.

    The cost of real estate in Dubai surged up to 15% in 2007, according to Egyptian investment bank EFG-Hermes.Damac has said it will either refund customers’ investment or allow them to transfer their investment to any other project in its portfolio at a discounted price of 15% below current market value.“Due to redevelopment of the plots, the building forming the Palm Springs development cannot be situated on the re-allocated plot and as a result the Palm Springs project has been cancelled,” Hussain Sajwani, chairman of Damac Holding, said in a statement carried by Gulf News.The 25-storey Palm Springs project had originally been planned for completion by late 2007, and buyers were already angry over repeated delays, contractual issues and complaints of poor customer service by Damac. Damac currently has real estate interests worth $30 billion across Dubai, North Africa, Jordan, Lebanon, Qatar and Saudi Arabia. The developer announced in September that it has launched a total of 79 towers across the region over the last five years, all of which are in various stages of construction.

    Comments:

    Damac Victims are not alone
    Posted by Falcon, Munich, Germany on 1 April 2008 at 03:00 UAE time

    The victims of Damac are not alone. They bring to daylight what happens day by day in Dubai.We bought 2005 Falcon Tower JLT directly at Nakheel.We paid 45% until June 2006. In August 2006 we got a letter from DMCCA. Falcon will not be built – a decision of Nakheel.But we were told the Falcon Tower would be transfered to AL Fajer Properties, nothing would change for the customers.Today, 2008, we are getting letters from the lawyer of Al Fajer Properties trying to cancel every right to our purchased apartment.We have got our own lawyer – but they have refused to correspondence with him.The case is with RERA – but until today without any response.

    damac Plam Springs
    Posted by Richard, London, UK on 1 April 2008 at 01:35 UAE time

    DAMAC- Palm Springs this was a dream Five years ago and now in 2008 a COMPLETE nightmare.
    Damac’s treatment of its clients
    Posted by Sanj, London on 31 March 2008 at 20:31 UAE time

    I am outraged at the way Damac have treated us. We have accepted delay after delay and been loyal to this project for the past 5 years. Many of the purchasers can no longer afford to get into the Dubai market let alone a comparable apartment on Palm Jebel Ali. It has been rumoured that Damac has canceled this project because they do not stand to make the financial gain because of the increase in construction costs in Dubai. A penalty that we the buyers are having to bear. We hope that Dubai will make an example of Damac and insist that they fulfill their contractual obligations.

    Palm Springs
    Posted by jo on 31 March 2008 at 18:05 UAE time

    We the investors of Palm Springs are disappointed by what appears to be a unilateral cancellation of the Palm Spring project at Palm Jebel Ali. Following the purchase of our apartments in this project in 2004, Damac thanked each of us “for placing your trust in our company and making this investment in Palm Springs,” It is clear that this trust has morally and contractually been misplaced. Damac have abandoned their duty of care towards their loyal investors. Having relied upon your representations, and remained loyal to the project, despite numerous set backs and delays, we have been rewarded by their abandonment of the project. By canceling the entire project, Damac has set a worrying precedent. This will inevitably have a major impact on the commercial credibility and trustworthiness of Damac in delivering on both current and future developments in Dubai.

    Ethics?
    Posted by Ilyas, London on 31 March 2008 at 15:19 UAE time

    Remember that Damac HAVE been give a plot by Nakheel, and they are using this as an excuse to get out of honouring the investors who bought early. Damac will get 3 times the amount from new investors so thats why they want to return the money to the investors. If the investors had put their money into virtually any reputable developer in Dubai they would have seen a nice return. All the time Damac would have presentations and tell people how much money their investors were making, they should now tell people that they cancelled a project so they could sell it for more to new investors!

    Palm Springs Cancellation
    Posted by Terry, UK, UK on 31 March 2008 at 15:17 UAE time

    I am shocked and disappointed by Damac cancelling Palm Springs Project. I believe that Damac acted illegally and breached the contract with their investors.I feel angry and hurt together with my family because our dream of having our apartment in Palm Springs has been shattered by Damac after nearly five years of waiting, where the prices in Dubai since have more than tripled and we cannot afford to buy any comparable apartment at the current market price.Damac must honour their commitment to their investors without giving us unacceptable excuses. Damac has several plots in Palm Jebel Ali you can build Palm Springs or redesign it.

    Damac Palm Springs
    Posted by Robert Miller, Newport, UK on 31 March 2008 at 14:57 UAE time

    Having bought in to Palm Springs in 2003, the amount Damac are offering will mean that I cannot afford to purchase another property. Put simply, Damac could not build at a profit so will not build at all. Come on Mr Riddoch, do the lawfully and morally correct thing and return to us our investment and the growth we had earned by supporting you in your infancy. Last November I should have received a luxury apartment, instead I am going to receive less than I gave you and a similar apartment will now cost more than three times the price.Just how many apartments have Damac actually built, review the amount they have sold and the amount they have actually built. They are a problem waiting to happen.

    Palm Springs
    Posted by Palm Spring Investors Group, United Kingdom on 31 March 2008 at 12:37 UAE time

    Just a small matter of all those who bought on resale, they have lost anything up to £150,000…Damac will not look at this issue and not refund the premiums. Why should Damac cancel the project when they still own the plot. It has only being relocated and they can redesign the Palm Springs…They will wait a year or two and resell units built at the site for overinflated prices and make a large profit instead of a large loss.

    Damac cancels Palm building
    Posted by Bob on 31 March 2008 at 09:44 UAE time

    They have been using the investors money over the past 5 years to build and build and now we are offered 6% ROI?? DAMAC “Live the Luxury” Yeah right!

    Damac
    Posted by Heba, Dubai, Egypt on 31 March 2008 at 08:41 UAE time

    I am not sure why people are angry, Damac is giving them two options, (1) get back your money with interest or (2) get another property for a discounted price.Damac has not taken the money and fled away. It is a company trying to do the right thing for its customers. I can imagine how customers are angry becuase they thought they can make a profit out of the property, but this in itself shows that the customers motivation for anger is also greed..In fact, the more people get angry and follow the herd, they stand to lose more ..

    Showing True Colours!
    Posted by Louie Tedesco, Dubai on 31 March 2008 at 08:28 UAE time

    Thank you Damac for showing the world your real character – which is not the friendly, caring, persona that you try to typify on your glossy brochures and advertising. Your actions, after five years of sitting on customer down payments, by refusing to honour a huge contract with an international consortium of investors has added one more argument to not buying property or investing in Dubai. In this modern era, people do talk, they send emails around the world and the internet is too open for such a breach of contract to remain hidden from the public. The right thing to do is to step forward, fulfil contractual obligations made five years back, suck up the loss now and move on to reap future profits that lay ahead. Until then, my money stays in my (foreign offshore) bank.

    Management has no understanding of reputation
    Posted by Dubai Warrior on 31 March 2008 at 06:26 UAE time

    It seems that the incredible greed of Damac is strong enough to obscure its management from the potential incredible losses it can incur thanks to a tarnished reputation.How many investors do they think will now be willing to put their money in their next project after the company forced the situation to become this public.The real estate market is shaky and without restoring confidence it can implode like a bubble as many have already said. The fact that it takes time for the effect to happen does not mean it doesn’t happen, or haven’t we learned from the stock market crash two years ago?

    Damac threatened with lawsuit after project axed
    Posted by H L Nagpal, London, United Kingdom on 30 March 2008 at 21:32 UAE time

    It is foolish for a company like Damac to back out from a project just because it is going to make a loss. If Damac does not care about its goodwill, the UAE Government should make it honour its obligations as otherwise its effect will be far reaching. Investors in the West are investing heavily in the upcoming real estate of UAE on the understanding there is rule of law. Damac have launched projects at heavily inflated prices which are going to bring bumper profits to the Company. If the company is going to walk away from its contractual obligations, its effect on other projects by other developers will be enormous. One bit of bad news can ruin the whole market. The writer has no interest in the project and is concerned on a matter of principle.

    Posted in Dubai, Jumeirah Business Centre | Comments Off on ArabianBusiness.com Damac threatened with lawsuit after project axed

     
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