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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 ‘Sheikh Maktoum Al Maktoum’ 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

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

Dubai seize properties from off-plan investors

Posted by 7starsdubai on May 5, 2010


original published The National – Angela Giuffrida Dubai-  Abu Dhabi 25 April

The Dubai Land Department may begin seizing off-plan properties whose owners are in default.

The authority has started notifying investors who have defaulted that if they fail to make their outstanding payments within two weeks that 40 per cent of any money they have paid so far will be confiscated, and the properties will be sold at auction.

The confiscated money, along with any profits from the auctions, will be handed over to the developers. The rule applies to projects that are 80 per cent or more complete.

The move, according to Mohammed Sultan Thani, the department’s assistant director general, is intended to spur the completion of unfinished projects. “The idea is to see what we can do before the property is cancelled,” he said.

During the property boom, many developers depended on the off-plan model, whereby a property is sold before building work starts to provide finance for construction. Many analysts say the model fuels speculative buying and inflates prices.

A number of developers, including Kuwait’s Al Mazaya Real Estate, which has eight projects in Dubai, have had such cancellation notices issued to investors.

Omar Ramaznouf, a Russian investor who has so far paid Dh10 million (US$2.7m), 60 per cent of the total price, towards 16 office units at Mazaya Business Tower in Jumeirah Lake Towers, recently received one of the Land Department’s notices.

Mr Ramaznouf, who has not made any payments on his development since December 2008, was told in the letter that the developer would be allowed to “sell the related unit[s] by auction in conformity with common regulations, and with the price asked for by the developer in addition to expenses”, unless he paid the next 20 per cent instalment within two weeks.

The final instalment is due when the properties are handed over.

Mr Ramaznouf said he has been unable to pay some instalments because of “cash-flow problems” brought on by the financial crisis. He has been trying to extend his payment plan with Al Mazaya, according to Medhi Guliyev, his business partner.

“But now he’s being told ‘you don’t own this property anymore,’” said Mr Guliyev.

George Ezman, a businessman from the Czech Republic who bought several office units in Jumeirah Business Centre 5, a project by the Dubai developer Al Fajer Properties, has received a similar notice. He has paid 30 per cent of the total cost and is due to pay the remainder on completion.

Mr Ezman complained, however, that the developer breached its agreement by delivering the property more than a year late.

He said that, according to his contract, he had the right to cancel the contract and receive a refund if the property was late.

The building was supposed to be finished in 2008, he said. “I’m not paying any more because the agreement to cancel our contract and get a refund has been ignored. This, along with the fact that they can take our money and keep our property, is insane.”

Spokesmen for Al Mazaya and Al Fajer were unavailable for comment yesterday.

Lawyers working for investors such as Mr Ezman say that while the Land Department can issue cancellation notices, a property agreement can only be officially cancelled by the courts.

Mr Thani said the authority had yet to auction any properties and did not believe there would be many such cases. “Very few people will opt for not completing payments if the building is almost ready.”

Posted in Al Fajer Properties, Dubai, Dubai Legal - Real Estate Lawsuits, Dubai Properties, Real Estate Scandal Dubai, Rera Dubai, Sheikh Maktoum Al Maktoum | Tagged: , , , , | Comments Off on Dubai seize properties from off-plan investors

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-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

 
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