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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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Posts Tagged ‘ACI Real Estate Dubai’

ACI Dubai Investmentfonds Dubios – Klage wegen Betruges gegen Robin Lohmann nicht zustellbar

Posted by 7starsdubai on September 21, 2011


In Deutschland liegt gegen Robin Lohmann und dessen Vater Hanns-Uwe seit April 2011 eine Anklage der Bielefelder Staatsanwaltschaft wegen Betruges (Verschweigen von Nachteilen in allen Fondsprospekten aus den Jahren 2006 und 2007) vor.

Diese Anklage konnte aber bis heute nicht persönlich zugestellt werden, da Robin Lohmann in Deutschland keinen festen Wohnsitz habe und eine Zustellung in Dubai aussichtslos erscheine, da Lohmann seit Februar 2010 nicht mehr an seiner bekannten Adresse Jumeirah Islands, Cluster 29 – Villa No. 14, Dubai / UAE wohne.

Lohmann soll sich mal in den Niederlanden, mal im deutschen Gevelsberg aufhalten, wo er von Anlegergeldern eine Firma gekauft haben soll.

Lediglich in einer Zivilklage eines Anlegers habe das Landgericht Bielefeld am 6. Mai 2011 beschlossen, ihm die Zivil-Klageschrift öffentlich zuzustellen. Am 14. Juni 2011 wurde die Zivil-Klagezustellung im Elektronischen Bundesanzeiger veröffentlicht und gilt seit 14. Juli 2011 als zugestellt. Im Strafprozess ist noch keine öffentliche Zustellung beschlossen worden.

Klage gegen Robin Lohmann nicht zustellbar - Der Geschäftsführer mehrere ACI Dubai Real Estate Unternehmen hat offensichtlich keinen festen Wohnsitz in Deutschland. Die Staatsanwaltschaft ermittelt wegen Betrug


Sobald der ACI-Junior-Boss Robin Lohmann (36) aus Bielefeld einen Fuß auf emiratischen Boden setzt, droht ihm eine Verhaftung. Die Staatsanwaltschaft in Dubai suche den Mitinitiator von sieben geschlossenen Wolkenkratzer-Fonds der Alternative Capital Investment aus Gütersloh in NRW mit einem Haftbefehl gleich in mehreren arabischen Staaten, berichtete ein von Anlegern beauftragter Detektiv dem Finanznachrichtendienst GoMoPa.net.

Robin Lohmann habe von arabischen Investoren Geld entgegengenommen, ohne die versprochenen Türme zu bauen.

Robin Lohmann habe aber den arabischen Gläubigern allen Ernstes nahegelegt, sie sollten sich mit ihren Geldrückforderungen an die rund 5.000 deutschen Anleger halten. Die hätten schließlich die Grundstücke für die Fantasietürme gekauft.

Ein Blick in die Eigentumsurkunden des Land Department der Regierung von Dubai (Title Deed) fördert aber zutage, dass nicht die Fondsgesellschaften, sondern eine Alternative Capital Invest GmbH (Dubai Branch) die Grundstücke gekauft hat. Diese Gesellschaft gehört laut Handelsregister des Amtsgerichts Gütersloh (HRB 6828) der Lohmann-Familie und nicht den Anlegern.

Während der deutsche Treuhänder die Gelder der Anleger auf ein Privatkonto von Robin Lohmann nach Dubai überwiesen haben soll, kaufte Lohmann mit dem Geld der Anleger zum Beispiel am 5. Dezember 2007 das Grundstück eines geplanten Q-Sami-Towers für 65,785 Millionen Euro und am 18. Juni 2009 das Grundstück einer Victory Bay für 64,586 Millionen Euro, immer auf den Namen der ACI GmbH und nicht für die Fonds-Kommanditgesellschaften (KGs), denen die Anleger als Gesellschafter beigetreten sind.

Im Fall der insolventen ACI-Fonds II bis V wurden die Fondsprojekte mit einem Schlag am 29. Dezember 2008 von Hanns-Uwe Lohmann (65) als Fondsgeschäftsführer zum einen an einen Fantasieinvestor (eine Yama International LLC aus Dubai, die nie eine Kaufzusage abgeben hatte) und zugleich an die ACI GmbH verkauft, für die sein Sohn Robin unterschrieb.

Aus der damaligen Kauf- und Forderungsvereinbarung geht hervor: Sollte der Kaufpreis von 41,423 Millionen Euro nicht am 1. März 2009 auf dem Konto der Kommanditgesellschaft bei der Sparkasse in Gütersloh vorliegen, könnten die Kommanditisten alles ohne Zuzahlung zurückkaufen. Insbesondere ging es um die Rechte an den Zahlungseingängen für die je nach Baufortschritt noch zu fertigen Eigentumswohnungen eines Wohnturmes Arabian Star. Diese Kaufoption lief aber schon am 22. April 2009 aus.

Weder wurden von Robin Lohmann 41 Millionen Euro an die Fonds überwiesen, noch wurden die Rechte an den künftigen Wohnungen zurückübertragen. Die Rechte liegen bei Robin Lohmann, der das seinen arabischen Gläubigern jedoch anders darzustellen versucht habe.

Die deutschen Anleger bangen um insgesamt 275 Millionen Euro. Doch deren Ansprüche verjähren. Es sei denn, sie würden klagen. Nur die wenigsten müssten persönlich vor Gericht erscheinen. Das Gericht würde nur die ersten Fälle verhandeln. Die restlichen Kläger bräuchten dann nur noch auf die Urteile verweisen. Da sich das Strafmaß nach der Schadenssumme bemisst, würde sich mit jeder Strafanzeige auch die Schadenssumme und damit das Strafmaß erhöhen.

Zehn ACI-Fonds-Vermittler haben sich mit 2.000 Anlegern zu einer Interessengemeinschaft der ACI-Anleger e.V. in Hillesheim zusammengeschlossen. Ziel ist es, das auf den Konten der Lohmanns gelandete und auf den Namen der Lohmann-Firma ACI GmbH investierte Geld zurückzuholen. Das will der Lohmann-Clan offenbar mit einer List verhindern.

Deutsche sollen sich an ihre Vermittler halten, nicht an die Lohmanns

So wie sich die arabischen Investoren an die deutschen Anleger halten sollen (zum Beispiel den deutschen Insolvenzverwalter für die Fonds II bis V), so sollen sich die deutschen Anleger an ihre Vermittler halten. Und es verwundert nicht, dass ausgerechnet die ACI-Anleger im August 2011 Anwaltspost erhielten, deren Vermittler sich in der IG ACI-Anleger e.V. zusammengetan haben. Insgesamt gibt es mindestens 60 Vermittler von ACI-Fonds.

In den Briefen bittet die Berliner Rechtsanwaltskanzlei Röhlke, zu deren Mandantschaft die Lohmann-Familie gehören soll, die Anleger, der Kanzlei den Auftrag zu erteilen, Schadensersatzansprüche gegen namentlich zehn Kapitalanlagevertriebe geltend zu machen. Auf Nachfrage eines Anlegers, woher die Kanzlei die Adresse des Anlegers habe, habe Rechtsanwalt Christian-H. Röhlke zugegeben, die Adressen vom Beteiligungstreuhänder bekommen zu haben. Beteiligungstreuhänder ist die Firma D.M.I Verwaltungs- und Beteiligungsgesellschaft mbH in der Bismarckstraße 57 in Gütersloh. Sie war innerhalb des Ermittlungsverfahrens gegen den Lohmann-Clan bei einer Razzia am 22. Juni 2010 ebenfalls durchsucht worden.

Nicht zufällig gehört zu den Vertrieben, die im Antwaltsschreiben aus Berlin namentlich aufgeführt werden, auch der Geschäftsführer der Interessengemeinschaft der ACI-Anleger, Rainer Regnery aus Hillesheim.

Regnery vereitelte die Pläne der Lohmanns, die zur Insolvenz angemeldeten Fondsgesellschaften II bis V wegen nicht vorhandener Gläubiger und wegen Masselosigkeit von Amts wegen löschen zu lassen.

Mit welchen Methoden die Gütersloher Riege, der noch immer einige Vertriebe treu ergeben sind, den Widersacher Regnery mundtot oder zumindest unglaubwürdig machen will, mag folgendes Beispiel zeigen.

Regnery bekam aus heiterem Himmel eine SMS vom Innenminister von Qatar. Der wolle mit ihm ins Geschäft kommen. Er habe die Handynummer von einem Freund. Der Freund sei der stellvertretende Verteidigungsminister von Nigeria. Regnery war darüber sehr verwundert, denn der Vizeverteidigungsminister von Nigeria war vor zwei Jahren verstorben. Er meldete den Vorfall der Botschaft der Vereinigten Arabischen Emirate. Kurz darauf habe sich Nadine Lohmann bei Regnery erkundigt, ob gegen ihn schon wegen Geldwäscheverdachts in Nigeria ermittelt werde.

Quelle Pressemitteilung GoMoPa® – der Finanznachrichtendienst (www.gomopa.net) – Pressemeldung vom 12.09.2011

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Posted in ACI Immobilienfonds, ACI Lohmann Dubai, Bielefelder Staatsanwaltschaft, Dubai Fraud, Real Estate Scandal Dubai, Robin Lohmann | Tagged: , , , , , | Comments Off on ACI Dubai Investmentfonds Dubios – Klage wegen Betruges gegen Robin Lohmann nicht zustellbar

Boris Becker Tower by ACI Dubai – I don`t have the latest news

Posted by 7starsdubai on February 8, 2011


source Arabian Business

Tennis legend Boris Becker has said that he is no longer involved in the Dubai project that bears his name, nor has he been in recent contact with project developer ACI.

In 2008, ACI and Becker announced the launch of the Boris Becker Business Tower in the Business Bay area of the city, alongside Michael Schumacher and Niki Lauda, who also had towers named after them,

“Well, it’s been a couple of years ago since I was involved in that, so I don’t have the latest news as to what is happening with the project,” Becker told Arabian Business on the sidelines of the Laureus Sports Awards in Abu Dhabi.

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Posted in ACI Immobilienfonds, Boris Becker, Real Estate Scandal Dubai, Robin Lohmann | Tagged: , , | Comments Off on Boris Becker Tower by ACI Dubai – I don`t have the latest news

Razia at the offices of ACI Dubai Investmentfonds Germany

Posted by 7starsdubai on June 28, 2010


source Spiegel online

Hamburg – Die Staatsanwaltschaft Bielefeld hat am Dienstag mehrere Geschäftsräume des Emissionshauses Alternative Capital Invest (ACI) in Gütersloh durchsucht. Nach Informationen von manager magazin inspizierten die Beamten zudem Privaträume von ACI-Verantwortlichen.

Nach Auskunft der Staatsanwaltschaft geht sie dem Verdacht auf Kapitalanlagebetrug nach. Es werde geprüft, ob “im Zusammenhang mit dem Vertrieb von Beteiligungen an geschlossenen Immobilienfonds unrichtige Angaben gemacht worden sind und ob diese gegebenenfalls für die Entscheidung der Anleger, sich an den Fonds zu beteiligen, erheblich waren”, heißt es in einer Mitteilung.

Die bei der Razzia gewonnenen Erkenntnisse hätten den Verdacht bisher nicht erhärten können, teilte die Staatsanwaltschaft weiter mit. Eine genaue Auswertung der vorgefundenen Unterlagen bleibe abzuwarten.

Die Ermittlungen gehen zurück auf eine Anzeige von Rainer R., ehemals Vertriebspartner von ACI und nach Informationen von manager magazin selbst im hohen fünfstelligen Bereich an den Fonds des Unternehmens beteiligt. “Wir halten einige Fondsprospekte für fehlerhaft”, fasst Hartmut Göddecke, Anwalt von R., die Vorwürfe zusammen. “Zudem sind bei zwei Beteiligungsgesellschaften die Eigentumsverhältnisse der Grundstücke unklar und wir haben Zweifel an der Seriosität von Fondskalkulationen.” Bei ACI war für eine Stellungnahme zunächst niemand zu erreichen.

Mehr als 8000 Anleger haben in den Fonds investiert

Die ACI gilt hierzulande als größter Anbieter von Kapitalanlagen mit Investitionsziel Dubai. Mehr als 8000 Anleger haben bislang mehr als 200 Millionen Euro in Fonds des Unternehmens investiert. Projekte mit einem Volumen von mehr als 600 Millionen Euro sollten mit dem Geld realisiert werden. Besonderes Markenzeichen von ACI ist dabei das sogenannte Tower-Branding, bei dem Prominente wie Michael Schumacher, Boris Becker und Niki Lauda den Projekten des Unternehmens ihren Namen leihen.

Posted in ACI Lohmann Dubai, Immobilienbetrug Dubai | Tagged: , , | Comments Off on Razia at the offices of ACI Dubai Investmentfonds Germany

10 year old Emirati Boy 100 % owner of ACI Real Estate LLC Dubai ?

Posted by 7starsdubai on October 26, 2009


original source ExtremNews

Jungunternehmer Robin Lohmann (34) aus Gütersloh (Nordrhein-Westfalen) wurde im eigenen Hause von einem zehnjährigen Jungen als jüngster Chef getoppt.

Mohammad Ahmad Thani Obdaid Thani Al-Muhairi
ist erst zehn Jahre alt und schon Boss zweier ACI-Firmen in Dubai: der ACI Real Estate LLC und des ACI Investment Project LLC. Robin Lohman ist dort sein Manager.

Das fand GoMoPa-Korrespondent Martin Kraeter (www.gomopa.net) zusammen mit Rechtsanwalt Hartmut Göddecke bei Recherchen im Departement of Economic Development (DED) in Dubai heraus, wo die genauen Firmenstrukturen des deutschen Fondsanbieters Alternative Capital Investment (ACI) aus Gütersloh eingetragen sind.

Damit sitzt also ein Zehnjähriger auf 300 Millionen Fondsgeldern, die deutsche, österreichische und schweizerische Anleger der ACI zum Bau von Türmen anvertrauten – die sogar von Boris Becker, Michael Schumacher und Niki Lauda beworben wurden. Die Projekte sind pleite, das Geld der Anleger wohl verschwunden.

Die ACI Real Estate LLC und die ACI Investment Project LLC gehören zu 100 Prozent dem zehnjährigen Moammad und seinem Vater, Ahmad Thani Obaid Thani Al-Muhairi (41).

Aber auch die beiden anderen ACI-Firmen in Dubai, die ACI General Trading Co LLC und ACI Consultancy, sind fest in der Hand eines einheimischen Besitzers: des Emiratis Ahmad Nasrulla Ismail Al-Ahmadi (57).

Al-Ahmadi besitzt aber nicht nur zwei ACI-Firmen als Mehrheitsgesellschafter beziehungsweise nationaler Agent, ihm gehört auch die YAMA International Commercial Broker LLC. Das ist die Firma, die alle ACI-Investmentobjekte im Dezember 2008 für 50 Millionen Euro offiziell gekauft hatte und dann nicht zahlen konnte. Weshalb die Anleger seit März 2009 in Deutschland vergeblich auf die versprochene Auszahlung von 50 Millionen Euro warten.

Die Lizenz der Yama war beim Verkauf schon ein Jahr abgelaufen

Die YAMA International Commercial Broker LLC wurde am 16. Oktober 1999 zum Handel mit Geschenken, Spielzeug, Kohle und Feuerholz gegründet. Die Firmenlizenz war aber bereits am 15. Oktober 2008 abgelaufen und wurde nicht verlängert. Der Verkauf fand also an eine Firma statt, die es zumindest von der VAE-Gewerbeerlaubnis her gar nicht mehr gab.

Und der Besitzer dieser Scheinfirma YAMA ist zugleich Mehrheits-Besitzer und nationaler Agent der beiden ACI-Firmen ACI General Trading Co LLC und ACI Consultancy. Die YAMA und die ACI Consultancy hatten sogar dieselbe Postfachnummer.
more….

official ACI Real Estate LLC Licence Details  ( expire of the Licence 20.September 2009)

Posted in ACI Immobilienfonds, Dubai | Tagged: | Comments Off on 10 year old Emirati Boy 100 % owner of ACI Real Estate LLC Dubai ?

Malika Karoum finally arrested – 28 month imprisonment

Posted by 7starsdubai on August 10, 2009


malika Karoum dubai crime

While Australians languished in Dubai jails, a much bigger fish made fraudulent millions with impunity. This glamorous but treacherous spy is finally behind bars, writes Rick Feneley.

They call her the modern-day Mata Hari, a spy-turned-criminal who laundered fortunes from drug runners and arms dealers through Dubai’s high-rise wonderland.

Alternatively, they have cast Malika Karoum as an innocent woman, a fugitive not from the law but from an abusive husband who maliciously defamed her – and concocted the whole spy-crime thriller – as part of a bitter custody battle for their young son.

The Netherlands media have been wrestling over the two Karoums for a year. The 33-year-old Dutch-Moroccan’s exotic good looks made great fodder for magazines, newspapers and tabloid television. But on Wednesday this week came the bombshell. The cover story of Revu, a quality weekly magazine, announced: ”Spy Malika in the cell.”

Only now could it reveal that Karoum had been in jail for the past six months in Egypt, where the Ismailiya State Security Court convicted her in April of money laundering and involvement in weapons trading, but acquitted her of espionage.

Karoum, who had also performed intelligence work for Egypt, had been sentenced to 28 months in prison, and the Court of Appeal had upheld the decision last month.

More sensational, though, is the news of how Karoum was caught. In a top-secret operation, her former colleagues from the Dutch secret service arrived at her Dubai apartment at 2am on January 21. They held her there for several weeks under house arrest before taking her to Egypt, an intelligence source has told Revu’s reporter Jan Libbenga. Dubai has no extradition treaty with the Netherlands. The Dutch, in effect, abducted Karoum only after negotiations with her lawyers, to bring her back to Amsterdam, broke down.

Four days after the swoop on Karoum’s home, Dubai police arrested two Australians, Matt Joyce and Marcus Lee, on suspicion of fraud. The pair are former executives of Dubai Waterfront, the world’s grandest waterfront project, a subsidiary of the Emirate’s biggest property developer, the government-owned Nakheel.

The jailed Australians, who are fighting to prove their innocence, are in no way linked to Karoum.

Karoum – using her apparent cover as a real estate executive – did do some work on property developments within Dubai Waterfront, among other sites. She was accused of funnelling drug and arms money – including that of an Egyptian weapons dealer – into Dubai’s property bubble, which burst spectacularly last year. Millions invested through her by criminal networks are said to have vanished.

While Joyce and Lee and other Australians languish in Dubai’s jails, the Karoum story throws light on the way business is done in the Emirate. The sheikhdom is making a big show of cleaning up corruption in its property industry, but it showed no apparent interest in stopping Karoum. Indeed, Libbenga says, she ended up spying for the United Arab Emirates, too, and it offered her protection. She had also spied for Egypt.

Her old Dutch colleagues could well understand the analogy with the original Mata Hari, the Dutch exotic dancer Margaretha Geertruida Zelle, a seductress who became a double agent during World War I, working for both French and German spymasters.

Karoum joined the Dutch secret service in 2004, Revu says. Most of her work had concerned secret investigations of Islamic organisations in the Netherlands suspected of terrorist aid. She was sent to Dubai late in 2006 to investigate terrorist financing and money laundering to and from Dubai. Once there, she soon defected to her own cause: making money.

For her Dutch spymasters, the alarm rang in October 2007, when a Dutch-Turkish money courier was arrested at Schiphol Airport, Amsterdam, with more than €100,000. He said it was to be collected by Karoum. This man was not known to her spy colleagues.

The secret service contacted police. It transpired that observation teams from the Bureau of National Research had photographs of a woman in the company of Dutch drug dealers. Only then did they realise it was Karoum.

Now authorities suspect Karoum played an important role in drug trafficking, Revu reported.

Karoum had managed to slip back into the Netherlands at the time of the man’s arrest, but she escaped via Madrid and Casablanca to Dubai. She left her hire car behind, with a note to the hire company, in a garage in the town of Breukelen. Diplomatic pressure on Dubai failed to have her returned to the Netherlands.

The Herald began trying to find Karoum in early February this year. As late as April our calls were being transferred to her extension at ACI Real Estate in Dubai, the subsidiary of a German-based company. Like many caught in the Arab Emirate’s collapsing real estate market, ACI is struggling to complete grand visions such as its Sports Trilogy: the Niki Lauda Twin Towers, the Boris Becker Business Tower and Michael Schumacher Business Avenue. ACI’s switch repeatedly told the Herald that Karoum was, indeed, still working there. But messages went unanswered, as did emails to Karoum’s address with the firm, requesting a detailed response to the many allegations against her. Now we know why.

Also in February, Political News of Morocco editorialised that Karoum was giving its emigrants a bad name and asked why Dubai was doing nothing about her. Now we know that the Dutch secret service already had.

In a webcast by Panorama Magazine late last year, Karoum said the whole story against her was a lie, created by her former husband Mohammed Boulnouar. She said she had fled the Netherlands because he had mentally and physically abused her.

Jacques Smits, an Amsterdam private investigator and former policeman, has been on Karoum’s trail since January last year. He was originally employed by Boulnouar to hunt her down in Dubai and retrieve their son, Mohammed jnr, now aged about eight.

In February last year Smits flew to Dubai, hoping to confront Karoum. He had already intervened and warned her then employer, the Dubai property firm Omniyat, about Karoum. The company went on to sack Karoum and her boss for alleged fraud.

Smits only managed to get Karoum by phone. He told the Herald: ”She said, ‘I am going to kill you.’ I had ruined her life in Dubai.”

He believes she is capable of it, and this motivated his campaign to bring her to justice, long after he stopped working for her husband. A Dutch court later ordered Karoum to return her son to the Netherlands, then overturned that ruling last December.

Either way, Smits is no friend of Boulnouar, who had been a travel agent in West Amsterdam. He says Boulnouar paid him only €7000 ($12,000) and still owes him €10,000. Smits says he helped Dutch intelligence to keep pursuing Karoum.

Last November customers accused Boulnouar of stealing the money they had paid him for the haj to Mecca. He had claimed he was the victim of a robbery on October 31 when he tried to deliver about €300,000 in cash and several hundred passports to Royal Jordanian Airways. He claimed the robbers told him they were sent by ”Malika”.

Smits does not buy his story. Nor does he buy Karoum’s. In January last year Smits received a tip that she was returning to the Netherlands for a wedding. He says he went to Schiphol Airport and, armed with photographs, alerted a Dutch military police officer. The officer had called up Karoum’s Interpol file, then left the room briefly to get the print-out of the document. Smits says he was able to read the warrant on the screen. ”There were six or seven felonies.” They included money laundering and drug offences.

Dutch police observation teams had seen a woman in the company of a British man, Simon John ”Slapper” Cowmeadow. Only later did they realise she was Karoum. Cowmeadow was shot dead in an Amsterdam street on November 18, 2007.

Nadim Imac, a suspected heroin importer and the sponsor of a Dutch soccer team, Turkiyemspor, was thrown to his death from a moving bus on February 17 this year. Police found €223,000 in his home.

A player from his soccer team had acted as a money courier to Dubai, where money from a Turk associate of Imac’s was invested in Damac Properties. Karoum had handled that introduction.

Revu has reported on Karoum’s connections with the Dutch company Palm Invest, which has come under the spotlight for alleged fraud. Karoum’s old boss at Omniyat took her with him in June last year when he launched Define Properties in Dubai. Define had 12 lots on Nakheel’s Waterfront site, and relied heavily for funds on a key Karoum contact, an Egyptian arms dealer. But when stories began circulating about Karoum, the boss sacked her.

Later, Define could not raise enough capital and ACI Real Estate took over some of its properties. It first employed the Define boss, but dumped him after recruiting Karoum. ACI has not responded to the Herald’s questions.

From last December Karoum’s lawyers advised her to co-operate with Dutch authorities. Revu reported she was offered an ”ample golden handshake” from the secret service and an opportunity to start a new life in a third country. Los Angeles, Singapore, Luxembourg, Malta, Egypt and the Dutch Antilles were destinations recommended.

The Dutch, more than anything, wanted to stop her giving intelligence to other countries, and to stop her criminal pursuits.

Karoum had seemed agreeable but withdrew at the last moment. She reportedly believed she would be afforded the protection of sheikhs in Dubai. That came to nothing at 2am on January 21.

In most countries the snatching of Karoum – a breach of sovereignty – would have caused a diplomatic crisis. But there has not been a peep out of Dubai, which does not care about bad publicity.

The Dutch Ministry of Foreign Affairs said it could not answer any of the Herald’s questions, on privacy grounds. The names of even convicted criminals are protected in the Netherlands.

Jan Libbenga will publish a book, The Hunt for Malika, Modern Mata Hari, in October.

Jacques Smits says an estimated €19 million is still missing from Karoum’s crimes and the Dutch secret service may recruit him to help retrieve it.

”If the price is right, I’m your guy,” he told the Herald. Smits says he feels safe until Karoum’s release from jail – but only until then

source  artivle original

also source Revu

read more about Malika Karoum

interview Video Malika Karoum in Dubai

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ACI Real Estate Dubai: Nakheel hits back at ACI Waterfront claims

Posted by 7starsdubai on July 14, 2009


source Arabian Business

Master developer Nakheel on Monday hit back at claims made by Dubai property group ACI Real Estate – and insisted its Waterfront mega-project was going ahead.
 
Robin Lohmann, managing director of ACI Real Estate, in an interview with Arabian Business this week, blamed the state-owned developer for a lack of progress on his flagship Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence projects, located in the Madinat Al Arab area of the Nakheel’s Waterfront development in Jebel Ali.

“We have invested in several plots in Dubai Waterfront. We need to know from the master developer of Waterfront, which is Nakheel, if they plan to go ahead with the project now or not. Once we have these answers we can give to answers our purchasers,” Lohmann said.

But in an emailed statement to Arabian Business Nakheel said it had handed over ACI’s two plots and the company was free to start construction.

“The two plots which ACI own at Madinat Al Arab have already been handed over,” a spokesman for Nakheel said.
 
“Waterfront has not been cancelled. Our current focus at Waterfront is on Badrah, Veneto, and Madinat Al Arab. Work continues to make good progress at these sites,” the spokesman added.

The Madinat Al Arab phase of the Waterfront is due for completion in 2015. Other sub-developers such as Plus Properties have started construction at Madinat on its Pixel Tower and Wave Residence projects.
 
“At Madinat Al Arab, we remain committed to providing infrastructure to third party developers as per their Sales and Purchase Agreements. The majority of plots in this phase have been handed over with some third party developers already mobilised on-site,” the Nakheel spokesman added.
 
Dubai-based property developer and investment company ACI Real Estate, is a division ACI (Alternative Capital Invest) Group, a German firm with interests in asset management and real estate.

The Waterfront is a planned seaside mega project, twice the size of Hong Kong. It is being built over six phases and completion dates range from 2010 to 2018.

Nakheel said in December the Madinat Al Arab, Veneto, Badra and Canal District phases of the Waterfront were pressing ahead, while other sections would be delayed in the wake of the global crisis.

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German Developer ACI Dubai verzettelt sich in Dubai – Financial Times Germany

Posted by 7starsdubai on July 10, 2009


source Financial Times

Prominente verkauften ihre Namen für Bauvorhaben in Dubai – jetzt gerät das Projekt zum Skandal. Es geht um geplatzte Immobilienspekulationen, neue Identitäten in Panama – und für Anleger um 600 Mio. Euro.

Promis sind gut. Promis ziehen immer. Daher erblickte, wer vor zwei Jahren ins glamouröse Dubai reiste, überall Plakate eines Projektentwicklers aus dem nicht ganz so glamourösen Gütersloh. Sein Name: Alternative Capital Invest (ACI). Selbst Wolkenkratzer waren mit Riesenpostern bedeckt, die mit den Konterfeis von Promis wie Michael Schumacher, Boris Becker und Niki Lauda für Türme warben, die deren Namen trugen. “Man dachte, die ganze Stadt gehört ACI”, erinnert sich Lothar H.

Der Geschäftsmann hat Strafanzeige gegen ACI-Chef Robin Lohmann gestellt. Für ihn geht es um 150.000 Euro. “Lohmann ist ein Betrüger”, sagt H. Mit der These ist er nicht alleine.

Rund 600 Mio. Euro will ACI von insgesamt 8.000 Anlegern für Projekte im Scheichtum eingesammelt haben. Doch an den Baustellen stehen die Kräne still, zugesagte Auszahlungen fließen nicht. ACI beschwichtigt – und schießt gegen Kritiker zurück: Man sei Opfer von Internet-Stalking, es liefen Rufmordkampagnen. Nutzer von Finanzforen stießen kritische Recherchen an – und behaupten: Die Chefs von ACI sollen versucht haben, für 750.000 Euro die Flucht aus Dubai nach Panama vorzubereiten, unter fremder Identität. ACI dementiert das. Anlegerschützer sind dennoch alarmiert: “Wir befürchten das Schlimmste”, sagt Claudia Lunderstedt-Georgi vom Deutschen Verbraucherschutzring.
Dass es für das Geschäftmodell von Lohmann schwierig ist, liegt auf der Hand. Die Immobilienpreise haben sich in Dubai seit ihrem Hoch halbiert, die Analysten der Deutschen Bank rechnen mit einem weiteren Preisverfall um 20 Prozent. Der Preissturz brach vor allem den so genannten “Flippern” das Genick, den Spekulanten, die Immobilien erwerben und sofort weiterverkaufen. In Boomzeiten brachte das sichere Gewinne: In den USA wie auch in Dubai wechselten Immobilien bis zu zehn Mal zwischen den Flippern, ehe sich der erste Baukran drehte. Bricht der Markt jedoch ein, sitzen die Flipper auf Objekten, die sie nicht wollen. Oder nicht zahlen können.

Den “Master of Flipping” nennen Immobilien-Insider Lohmann im Wüstenemirat. Doch es hat sich ausgeflippert. Ohne Extrakugel. “Hier gibt es leere Häuser und Büros ohne Ende”, sagt Esther Stimmler vom Deutschen Wirtschaftskreis in Dubai. Auch ACI-Projekte sind so ins Schlingern geraten. Bei der Auszahlung der Anleger von vier Fonds gebe es “Verzögerungen”, gesteht ACI auf seiner Homepage ein, das Kapital sei nur noch “weitestgehend gesichert”. Es geht zunächst “nur” um 54 Mio. Euro. Schuld sind die Anderen: Ein Käufer von ACI-Bauten könne angeblich nicht zahlen. Während FTD-Anfragen in den ACI-Büros in Gütersloh und Dubai unbeantwortet bleiben, meldete sich Robin Lohmann am Donnerstag auf der Online-Plattform “Arabian Business” mit den Worten: “Geld zurück ist derzeit keine Option”.

Jetzt fahnden mehrere Anwaltsbüros nach geprellten ACI-Investoren. Anwalt Jens-Peter Gieschen aus Bremen, hat nach eigenen Angaben zehn Mandanten gewonnen. “Nach unseren Informationen sind auch bei Projekten, die Investoren als Sicherheit dienen sollen, die Bautätigkeiten inzwischen weitgehend eingestellt”, sagt Gieschen. Auch einstige Vertriebspartner des Fonds haben sich von ACI distanziert. Man sehe “dringenden Handlungsbedarf”, heißt es in einem Schreiben, dass der FTD vorliegt. Sie haben ein Kontrollgremium eingerichtet und fordern eine Gesellschafterversammlung der Fonds.

Der Berliner Anwalt Sven Tintemann will die prominenten Zugvögel, die die Immobilien bewarben, zur Verantwortung ziehen. Er bastelt nun an einer Klage gegen Schumi, Becker und Lauda.

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Troubled German Developer ACI puts Dubai Waterfront Towers on hold

Posted by 7starsdubai on July 9, 2009


source The National

Alternative Capital Invest (ACI) Real Estate, the troubled German-owned developer behind projects such as the Boris Becker, Michael Schumacher and Niki Lauda towers, says it will put on hold its developments on the Dubai Waterfront and shift investor holdings to other assets.

Affected projects include the Ferretti and Pershing towers, which have yet to begin construction. The company said it would shift client’s investments in these developments to its towers in Business Bay, which consist mainly of the towers linked to prominent German sport figures. The Becker, Schumacher and Lauda towers are currently under construction but running significantly behind schedule.

In recent weeks a group of German investors in ACI-linked funds, which have financed the developments, complained that the developers have missed payout deadlines. The postponement of the Dubai Waterfront towers comes as ACI is struggling to maintain investor funding that it needs to complete existing projects.

Robin Lohmann, the managing director of ACI Dubai, said in a recent interview slowing payment was having an impact on construction schedules.

“All our sites [in Business Bay] are under construction,” he said. “But since there are delays in people’s payments, we have had to slow down in order to deal with it. If nobody pays, the risk is that construction stops. This is the last thing that we want.”

He added that of the 11 projects the company had underway, at least seven were under construction.

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ACI Real Estate Dubai Update: ACI Owner ordered new identities in Panama

Posted by 7starsdubai on July 6, 2009


source 06. July 2009

ACI owner Uwe Lohmann (64) and his son Robin (34) shall have offered 750.000 Euros down payment in cash to an international offshore and consulting provider in Panama – to receive two new identities in South America!?!

The consultants should also care for a secure domicile abroad with protection against extradition – as well as for bodyguards as company for both German “businessmen”. Robin Lohmann shall also have transferred huge amounts to Bahrain, further funds shall be deposited in Panama and Belize.

What the Lohmann family did not consider with their supposed flee preparations: The consultant which has been contacted by them, is also correspondent of the Financial Intelligence and News Service http://www.gomopa.net.

Father and son Lohmann planned and launched in Dubai commercial and residential tower projects, accumulating 300 Million Euros from more than 8.000 German investors, at least in the same amount from Off-Plan unit buyers in Dubai and further 500 Million Euros from UAE banks. Parts of their projects have been branded with the names of celebrities like Boris Becker, Michael Schumacher and Niki Lauda. Meanwhile, Robin Lohmann was forced to deposit his passport at Dubai authorities and has to show up frequently at police and public prosecution in Dubai. His management team under Indian Sanjay Chimnani already left the country.

In spite of several trials, none of the Lohmanns was available for statements. For journalist colleagues from ArabianBusiness as well as GoMoPa and others, Robin Lohmann was not reachable – neither in person, nor via phone.

Under these conditions, it seems to be just a matter of time till the former “CEO of the year” will be brought into custody.

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ACI Group denies CEO Robin Lohmann has been jailed, fled UAE

Posted by 7starsdubai on July 2, 2009


source Arabian Business

UAE-based real estate broker ACI Group has denied stories in German business media that the company’s CEO Robin Lohmann has been jailed.

Trade title Financial Intelligence Service last week reported that Lohmann has been under investigation by the Dubai police.

The paper stated that four independent sources had confirmed Lohmann had been taken into custody for one night, had surrendered his passport to the authorities, and was not allowed to leave the country before the debts of ACI Dubai were settled.

Real estate companies have been battered by the collapse in property prices in the UAE, which has led to several master developments grinding to a standstill.

Sub developers with projects within these master developments have been battling to satisfy investors who have paid deposits for property that is not currently being built, while struggling to pay contractors on jobs that are ongoing.

Last week a senior executive of Khoie Properties, the developer behind a $550 million project on Ras al Khaimah’s man-made island of Al Marjan, was handed a three year jail sentence for bouncing two cheques totalling over $30 million.

An official from ACI, who spoke exclusively to Arabian Business but would not be named or directly quoted, said that reports in the German business press about Lohmann’s arrest, and rumours circulating in the Gulf that he had fled the country, were not true.

ACI Group is a German-based company that entered the Gulf market in 2004 with a multi-million dollar marketing programme for a succession of projects and established a glamorous headquarters – a large converted beach villa that overlooks the Arabian Gulf.

High profile projects in the emirate included tie-ups with F1 racing legend Michael Schumacher and former Wimbledon tennis champion Boris Becker.

The office is still functioning, as Arabian Business discovered when it visited the premises last week. Mr Lohmann was not available for a meeting and has not returned our calls.

A company spokesman mounted a robust defence for ACI, noting that, unlike many other developers who had already fled the country, ACI was still operating and construction work was ongoing. The company’s web site, he said, showed pictures of ongoing construction work that proved work is progressing.

There are 19 projects promoted on the web site, but only seven have “construction updates” that show progress on building sites.

The remainder, which includes the Boris Becker Beach Resort & Tennis Academy in Ras Al Khaimah, have no construction updates on the web site.

ACI said that no refunds were being paid to investors because projects have been postponed, not cancelled, but added that investors were not required to pay additional instalments until construction work restarted.

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ACI Real Estate Dubai – ACI Funds Germany and Austria – Investors in Becker, Lauda and Schumacher Towers demand refund

Posted by 7starsdubai on July 2, 2009


source The National  July 01, 2009

German and Austrian investors are demanding their money back from funds set up for the construction of the Niki Lauda, Michael Schumacher and Boris Becker towers in Dubai.

The investors paid about €150 million (Dh779.7m) into funds to pay for the buildings. The investments would then be repaid from the capital gains.

But the investors said money due in March had not been repaid and they were consulting lawyers to withdraw their money from the funds.

Alternative Capital Invest (ACI), the investment company behind the project, insists it has “solid assets” and the towers will go ahead, according to its managing director, Robin Lohmann.

Mr Lohmann said the money to repay investors was not available because the projects could not be sold as planned due to the market slowdown.

He offered the investors the choice of waiting until ACI’s assets could be liquidated, or the chance to take property assets owned by another company, Falcon International Investment Group, based in Dubai.

But some investors fear that if they accept the Falcon option, they may end up with additional risk and costs.

“Since I do not know the value of Falcon’s properties nor what exactly the liabilities and commitments are according to Dubai law, I am extremely sceptical,” said Hartmut Goddecke, the lawyer for several German investors. “We don’t know what exactly we are buying here.”

According to Martin Kraeter, a German business facilitator based in Dubai, the ownership of Falcon’s assets is unclear, although it has links to ACI.

Falcon only speaks about reservation contracts of different properties but reservation contract is not a purchasing contract,” Mr Kraeter said. “We may end up with shifting Falcon’s risk into investors’ responsibility.”

But Mr Lohmann said: “With this package, we just wanted to show people that we have the ACI assets which are the Boris Becker Tower, the Schumacher Tower and all the rest, and th0at in addition to that we also offer a security package through Falcon of fully paid assets worth about €100m, which is almost the double of what was due in March.”

In Dubai, property buyers who have invested off-plan in apartments in ACI’s buildings are also upset at delays in construction. Mr Lohmann said there had been complaints from the buyers but also delays in their payments to the developer.

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ACI Real Estate Dubai – Comment of the Day

Posted by 7starsdubai on June 29, 2009


Comment from : complain.aci June 28, 2009 at 1:13 pm

REQUEST FOR CONTACTS

The press releases in Germany did lead to an enourmous media recognition.
Actually, there are several serious national and international requests, looking now for “ACI victims” here.

Thus, we are looking for

a) unit buyers with running cases,

b) suppliers running behind their moneys,

c) other serious detailed information.

Please, no gossip or twitters. Just facts.

As a first step, we can be contacted via E-Mail, complain.aci@gmail.com

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ACI Dubai : The Fizzling ACI Towers from Boris Becker, Niki Lauda and Michael Schumacher

Posted by 7starsdubai on June 24, 2009


18.06.2009 – The Fizzling ACI Towers from Boris Becker, Niki Lauda and Michael Schumacher

Souce: GoMoPa Berlin

ACI Niki Lauda Tower Define PropertiesAlternative Capital Invest (ACI), Germany‘s first and biggest mover in offerings of property investments funds in Dubai, went now in a sorrowing financial swirl. Senior head Uwe Lohmann (64) has to fear meanwhile daily that his son and head of Dubai operations, Robin Lohmann (34), has to move his presence in Arabia into a Dubai jail due to financial debts. Huge funds for projected towers with the branding partners Boris Becker, Niki Lauda and Michael Schumacher seem to be trickled somewhere in Dubai, the projects appear bankrupt.

The Germany based Financial Intelligence Service http://www.gomopa.net gained from four independent sources in Dubai that Ferrari and Maybach driver Robin Lohmann shortly has been taken in Dubai into custody for one night. The junior chief of ACI had furthermore to deposit his passport with the Dubai authorities. He shall not be allowed to leave the country before financial debts of ACI Dubai are finally settled.

Based on own publication, ACI since 2004 did accumulate EUR 300m (AED 1.5bn) from more than 8,000 private investors in Germany and Austria only. Purpose of the funds was the project development of residential and commercial property in Dubai in a volume of EUR 600m (EUR 3bn).

Up to date, only construction pits with unclear ownership situations are existing. Within the total of seven separate investment funds entities, independent external auditing and control never has been settled. Another managerial from ACI, formerly employed at Dynasty Zarooni, additionally shall have collected huge sums among Arab private investors. Dubai’s public prosecution is in process of investigation against ACI and its entire management due to suspected fraud and embezzlement of funds. The former DZ manager as well as most of ACI’s other managerial meanwhile left the country. Except Robin Lohmann, he now frequently has to show up at Dubai Public Prosecution.

According to ArabianBusiness, Dubai’s Real Estate Regulatory Authority RERA is investigating as well against ACI due to bounced cheques, fronting and breaking of Dubai’s Escrow Laws. Robin’s father, Uwe Lohmann (operating from Guetersloh, Germany) meanwhile tries to calm down the more than 8,000 German investors, who are waiting since March 2009 without success for a promised front-up profit share of EUR 60m (AED 300m). For June 26, 2009 he initiated an extraordinary general assembly via fax voting.

Even in 2008, many investors signed ACI shares with the expectation to make easily some 12% annual profit with a lot of emphasis. They paid at least shares in the value of EUR 10k (AED 50k) plus a surplus of 5% to ACI. Thus, due to the enormous success of ACI’s pilot investment fund from 2004, which was the first Germany based fund in Dubai over all, with profit returns higher than calculated.

This kind of masterpiece was the newcomer’s “ice breaker” in relations to many German speaking as well as Arab investors. Robin Lohmann received a lot of honors in Dubai as exceptional entrepreneur: He was the first German who received 2008 the “CEO Middle East Award” as well as the “Arabian Property Award”.
And, Robin Lohmann “invented” 2007 the so-called Tower Branding – giving huge investment objects the names of living legends. November 2007, Robin inked with the motorsport legend and airline chief Niki Lauda from Austria his first branding license agreement. Two residential and commercial towers (33 and 30 floors) in Dubai Business Bay shall be named Niki Lauda Twin Towers. Lump sum to be paid from the investor’s funds back in Germany to Lauda, was EUR 1m (AED 5m).

In January 2008, tennis and poker game legend Boris Becker became patron for another planned tower with 23 floors, next to Niki Lauda Twin Towers. Although his branding was related only to one tower, he received from ACI 100% more than Niki Lauda: EUR 2m (AED 10m).
Im Summer 2008, Formula One Driver Michael Schumacher joined as third prominent branding partner – name of “his” project Michael Schumacher Business Avenue with 35 floors. He received EUR 5m (AED 25m).
What a genius move! The media applauded and investors queued up in front of ACI’s offices. Huge funds went into ACI’s accounts and no one did wonder that the concerned HNWIs Lauda, Becker and Schumacher didn’t invest a single penny themselves in “their” tower projects.

Entrepreneur and millions juggler Robin Lohmann jumped with the branding strategy on top of Dubai’s Tower Flip Sales Bubble. “Sales is tremendously increasing”, stated his father Uwe in press releases. But when Dubai’s property bubble did burst in autumn 2008, the free fall for Robin Lohmann couldn’t be stopped. What did he wrong? Why did his projects switch “on hold”, although most of the other projects sustained the crisis? Martin Kraeter (45), Principal, Trustee and Dubai analyst at KLP Group Emirates and living in UAE since 5 years: “Lohmann’s branded towers with the name of prominent people have been very ‘hip’ in Dubai. But Lohmann and his management team closed any sales deal they could get. More or less blind they sold their off plan units to anyone, whoever came across. By this, they often sold units to ‘flippers’.

‘Flippers’ paid with signing of contracts just a down payment of 5 or 10%. If feasible, the project started with the first project step. Before starting the next level, the buyers had been scheduled to pay the next installment, what they didn’t or couldn’t. Because it was their plan to ‘flip’ – means to sell the purchased off plan unit before the next installment due date with a ‘premium’ to the next following ‘flipper’ – themselves. The financial crisis came up and all follow up ‘flippers’ disappeared, being the needed target to make the buck.

Due to the financial crisis and the consequences in lending policies of banks, these terrible speculator models disappeared over night. Serious fonds initiators and developers take at least 20 or 30% down payment so that the off plan buyers keep on track.”

What went wrong now with the fund entities II to V from ACI, to which also the branded towers are belonging?
The reasons gave Senior Uwe Lohmann by himself with a letter to all investors end of May: The fund entities would have been closed and finalized as per 31st of December 2008, due to the negative change of the double taxation treaty between Germany and the UAE. Closing per end of 2008 would enable the entities to pay out profits tax free, by this all projects has been sold out in one move to one buyer end of December 2008. Buyer was a company called YAMA International LLC from Dubai. But YAMA has not been able to pay the contract price in the amount of EUR 100m (AED 500m) because their bank loan and finance agreements failed. Due to that reason, ACI would not be in the position to pay its investors the front up profit share of EUR 60m (AED 300m) as promised per March 2009.

Dubai expert Kraeter values this letter as a Bluff: “It seems for me that the project purchase by YAMA is a fake. This over hasted sale of the construction pits should have been initiated by the specific tax-free situation, ending with December 31st 2008. But this obviously cancelled deal is in my view possibly more the spoofing of inproper usage of investor’s moneys.”

Before 26th of June – the deadline of the general assembly – now one wants to comment on that at ACI.

************

There are some more actual press releases in Germany coming up at the moment:

17.06.09 – http://www.gomopa.info/Pressemitteilungen.html?id=256&meldung=Die-Pleitetuerme-von-Becker-Schumacher-und-Lauda [Translation above]
22.06.09 – http://www.gomopa.info/Pressemitteilungen.html?id=259&meldung=ACI-Dubai-Fonds-inklusive-Lear-Jet-fuer-den-Juniorchef [German]
23.06.09 – http://www.gomopa.info/Pressemitteilungen.html?id=261&meldung=ACI-Dubai-Dr-Schulte-Anwaelte-pruefen-Haftung-von-Boris-Becker-Michael-Schumacher-&-Niki-Lauda [German]

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Comment of the Day – Driven by good faith in the name ACI and its German CEO

Posted by 7starsdubai on June 16, 2009


Wirtten to 7Stars by James 16. Jun2 2009

Driven by good faith in the name ACI and its German CEO, I have entrusted ACI AED 750,000.00 with the INTENT to purchase an apartment/unit in ACI’s Project PALAZZO ARABIA Al-Furjan.

I have not signed any reservation contract/agreement, much less the Purchase/Sales Contract, since I did not consent to the conditions. Since the project entertains an escrow account with NBAD, I trusted that my funds will be sitting in that account.

In order to have access to information about that, I would have to register the Unit, which I “intended” to purchase with RERA. This would cost another up 3 percent of the offered sales price of some AED 2.6 million.

As per legal advise, I decided not to do that and instead file a very clear-cut criminal complaint based on allegations of potential embezzlement of funds and unjustified enrichment, after the legal department of ACI responded negative to the request of my attorney to refund my AED 750,000.00.

Question: would anyone, who read this comment, know of other formerly interested parties of the PALAZZA ARABIA project of ACI?

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Middle East’s rich and powerful may not be beyond the law any more

Posted by 7starsdubai on May 21, 2009


source Times UK May 22, 2009

When a crime is committed in the Middle East and nobody is punished, invariably the explanation is that the rich and powerful have proved once again that they are beyond the reach of the law.

For years the shady activities of Gulf sheikhs, powerful ministers and rich businessmen have been swept under the carpet. But something profound could be changing in the Arab world.

Thanks in part to the advance of technology, satellite news channels and internet blogs, the elite are no longer shielded from public scrutiny. Now they may also have to answer to the law.

First was the case of Sheikh Issa bin Zayed al-Nahyan, a brother of the President of the United Arab Emirates, who was filmed apparently torturing a business associate. The footage was smuggled out of the country and aired on television last month. The incident caused a diplomatic spat with Washington and the sheikh was detained while the authorities investigated.

Now we have the case in Egypt of Hisham Moustafa, a businessman and member of Cairo’s elite being sentenced to death for ordering the murder of Suzanne Tamim.

The actions could give renewed hope to others seeking justice in the region, like the family of Martine Vik Magnussen, the Norwegian student who was murdered in London last year. Police want to question Farouk Abdulhak, the son of an Arab billionaire, who left Britain soon after the murder in Mayfair and is now in Yemen.

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ACI – Alternative Capital Dubai Invest Fonds in Trouble

Posted by 7starsdubai on May 21, 2009


source DieWelt Germany May, 20. 2009

Dubai – Vier Dubai-Fonds des Gütersloher Initiators Alternative Capital Invest (ACI) sind offenbar in Schieflage geraten. Die Fonds II bis V könnten vorerst keine Ausschüttungen leisten, berichtet der Branchendienst Fondstelegramm.de unter Bezugnahme auf ein Schreiben der ACI an ihre Anleger. Zwar sei ein Verkauf der Fondsimmobilien vertraglich vereinbart. Jedoch habe der Erwerber entgegen einer früheren Zusage seiner Bank keine Kredite erhalten. Aus unternehmensnahen Kreisen wurden die Informationen der WELT gegenüber bestätigt. ACI-Geschäftsführer Uwe Lohmann war bis Redaktionsschluss nicht für eine Stellungnahme zu erreichen.
Mit einer Investitionssumme von insgesamt 474,5 Mio. Euro ist ACI nach der Marktstudie der Beteiligungsmodelle von Feri EuroRating der größte Anbieter von Dubai-Fonds in Deutschland. Auf ihrer Internetseite beziffert die Gesellschaft ihr Gesamtinvestitionsvolumen im Wüstenstaat sogar mit “über 550 Mio. Euro”.Investoren hatten in den vergangenen Jahren für Milliardenbeträge Bürotürme und Hotels in Dubai errichtet und damit eine gewaltige Spekulationsblase geschaffen, die mit der Finanzkrise platzte. Verbraucherschützer hatten schon im Jahr 2005 vor Engagements im Immobilienmarkt des Öl-Emirats am Persischen Golf gewarnt. rhai

_____________________

see also:

Mehrere Dubai-Fonds in Schieflage?

Niki Lauda Tower , Boris Becker Tower, Michael Schumacher Tower, Dubai Star Tower and others by ACI Robin Lohmann, Dubai

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ACI Real Estate Dubai Niki Lauda Tower Project – Define Properties executive detained

Posted by 7starsdubai on April 10, 2009


source The National

DUBAI // A principal shareholder of Define Properties has been detained by Dubai authorities on provisional charges of fraud, prosecutors said today.

The arrest of the executive comes in the middle of negotiations with Alternative Capital Invest Real Estate (ACI), a Germany-based property developer operating in Dubai, to take over some of Define’s assets.

The major shareholder was arrested in mid-March after complaints were filed by an investor in Define Properties, said Tarek Daoud, the administration director of the company. He said the amount being sought by the investor was close to Dh30 million (US$8.1m).

“He is arrested and in Bur Dubai police station,” Mr Daoud said. A lawyer for the detained executive did not return messages today.

Robin Lohmann, the managing director of ACI, said the arrest would not disrupt his company’s negotiations with Define Properties.

“It is not affecting our deal,” Mr Lohmann said. “We are negotiating over a different part of the company that is unrelated to this case.”

Earlier this year, ACI took over the Niki Lauda Twin Towers in Business Bay from Define Properties after construction stalled and the future of the project appeared to be in jeopardy.

ACI had marketed and sold units in the building last year, but Define Properties was still responsible for building it. Read the rest of this entry »

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The interview mysteriously disappeared from Arabian Business December 13 2008

Posted by 7starsdubai on December 20, 2008


found in a comment:

http://www.revu.nl/12737 and http://www.skyscrapercity.com/showthread.php?p=29679964

Interwiew can be read here:

http://fraudconstructions.wordpress.com/about/

 

Taking over Niki Lauda
by Jamie Stewart

Saturday, 13 December 2008

 

The Niki Lauda Twin Towers project in Business Bay has run into problems that have resulted in claims and counter-claims from developers
ACI Real Estate and Define Properties, The Real Estate Regulatory Agency (RERA), and anxious investors. With Define Properties unavailable for
response despite repeated attempts to get in touch, ACI projects director Joerg Grunwald talks about the future of the project to Jamie Stewart in an exclusive interview.

Can you make clear the roles of ACI and Define Properties with regard to the Niki Lauda project?It’s a development from Define Properties. ACI had bought the entire project – the land – and sold it. The responsibility for construction lied on Define. But we saw that Define was struggling in the process of doing the construction and the site had been idle for more than two months. This is what concerned us and our investors. They wanted to know the situation. Until now we have had to refer back to Define as they were the developers but now we have been forced to involve ourselves more.

 

There’s a completely new reorganisation taking place as we speak. Define will be in combination with ACI together. ACI will be the vendor, and will be involved in the construction and the development itself.

What was the nature of the problems that Define ran into?

Financial problems. They could no longer afford to pay contractors.

When did you realise Define was in trouble?

It became clear two weeks ago. That’s when we decided to take action.

So what is the current construction status of the project?

In the previous plans the foundation used a traditional piling system which has now been changed to a raft foundation. Define has produced a third party survey as is obligatory for the approvals for a raft foundation. That has been done and the results were positive so a raft foundation will take place in due course.

ACI has identified the construction company for the same (to be named in mid-December) which will also do not only the construction but also the raft. The contracts will be signed in due course. Mid-December will be very exciting for us and also for our investors.

International Foundation Group (IFG) says it is owed US $680,000 (AED2.5 million). Will ACI or Define be paying this?

That and all open invoices that have been accrued over the last month will be settled either through Define or ACI or a newly formed company which I cannot disclose details of as yet.

Will this new company be a joint venture between yourselves and Define?

Most probably yes.

Investors have expressed concern about the whereabouts of monies paid to date. Is the money being held in an ESCROW account in line with RERA Law 8 2007 (concerning guarantee accounts of real estate developments in Dubai)?

Yes.

100% of it?

One hundred percent of our obligations for the entire building of Nikki Lauda is. That is clearly in our existing contract with Define Properties with the approvals from RERA with the certain conditions of this contract also fully approved by RERA. So the investor’s money is safe in the ESCROW accounts.

To reiterate, 100% of it?

I cannot comment on how many funds have fully gone to the ESCROW accounts. I believe some percentages were taken out for advertisement, for admin and as such but all that goes along with the regulations of RERA law no 8.

RERA Law 8 says that the money has to be used to pay the construction costs, such as the money owed to IFG. So if the money is there, why can’t IFG be paid out of that account?

This is a subject that we must clear up. Why have they not been paid? Money has been paid into the ESCROW account from our side. This is clearly recoverable. Why they have not been paid so far is under investigation but nevertheless, whatever it takes, all debts to third parties within the field of the construction will be paid off in full.

A lawyer representing the investors has said there is a clause in the contract between ACI and Define that says ACI is entitled to 40% of all investor’s money and that Define retains the other 60%, and that ACI have a letter from RERA which confirms and allows this agreement, and allows it to withdraw its premium at any time. Is that accurate?

Yes that is correct. Whatever contractual terms we agreed on with Define have all been approved by RERA.

Is this agreement in violation of RERA Law 8 2007?

RERA’s Law 8 has been changed various times over the last month. With amendments, new clauses and so forth. We just took advantage of the possibilities of a contract that we entered with Define Properties which are in line with the regulations.

Have the regulations changed since you signed the contract?

In various aspects yes. With the retention of monies; with the amount of monies to be withdrawn from the ESCROW account for certain purposes; and others with the termination clauses and so forth. Many times. But we are always in line with those.

But whatever it takes and whatever clauses are to be obeyed and followed we saw that the construction stalled and this is not acceptable for us because it is our reputation. Our name and our brand stands behind it. We take it seriously and that is the reason why we have now initiated this transition of Define Properties in combination with ACI to continue the construction immediately.

Did ACI and Define approach RERA to have this share clause put into the contract?

Frankly speaking the percentages of what has been withdrawn or was legally allowed to be withdrawn I cannot comment on. I am not in the finance department – I am director of projects and my concern is to keep things going.

Will ACI cancel any projects?

No.

Have you taken over all of Define’s projects, such as Define Essence?

That will be revealed in a press release in mid-December.

Can you estimate the new construction timetable for Niki Lauda Twin Towers?

As a rough calculation, raft foundations will commence very soon and take about four months, then basements and super construction will take around 15 months. So 19 months in total. Detailed figures will be given once we have signed the contracts with the new company.

Do you have a message for those who have invested in the Niki Lauda Twin Towers?

We are doing our best to raise the trust and confidence of our investors despite these difficult times. We see massive lay offs from other developers, other mergers, and so forth. We are propagating confidence and we will show that we fulfill and deliver what we promise.

We have not been able to get in touch with Define Properties. Have all the staff been told to go home until this has cleared up?

Yes that is true. Rest assured that things will commence in a professional way now. We will do our best to safeguard the interests of other Define clients as well. From those Define projects which are proceeding and where sales have already commenced and clients are to be honoured with their contracts we will also honour that. Later this month – the picture will be clear

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Malika K. has done her Job well

Posted by 7starsdubai on December 18, 2008


http://fraudconstructions.wordpress.com/about/

Amsterdam, 03 September 2008 —

The UAE is an important crossroads for businesses and, as a result, also for crime. It relies heavily on the entry of international businesses to Dubai and the scale of some of the new real estate projects makes them entirely dependent upon foreign business investment. There are simply not enough local firms to justify the ambitious structures being built.

Dubai has become one of the hottest real estate spots in the world. Dubai’s drive to become one of the major tourist attractions in the world and to attract the rich and famous as residents has resulted in an unprecedented real estate boom.
All these hotels, condos, islands and villa’s have to be built and for that to happen you need money, a lot of money.

Such circumstances offer vast opportunities for less scrupulous citizens. Enter the world of money laundering and fraud.

Real estate investments have long been a preferred way for crime to channel illegally retained funds (drug trafficking, gun smuggling, corruption, etc.) into the regular economy, also referred to as money laundering.
Many countries have taken serious measures to prevent criminal money from entering their real estate markets.
It seems Dubai still has a long way to go.

To be able to launder money you need means to transfer illegally retained funds from one hand to another, from one country to another country. Transferring cash money has become very difficult. The only way is through banks.

The Dutch spy incident, were special agent Malika K. turned from excellent infiltrator and anti terrorist expert into a money launderer for the major drug rings in Europe, showed that even today banks of name and fame are willing to transfer such funds. Malika used Swiss banks to transfer tens of millions of Euros from European crime syndicates to Dubai.
Malika suposedly heads an organization that collects criminal funds all over Europe, transfers the funds through European banks to Dubai, and invests the funds in Dubai real estate.

In Dubai, Malika K. works for Define Properties, a company that was recently set up by Tarek Kandil with money from a well known Egyptian arms trader.
Define Properties gives Malika a perfect cover to funnel the collected illegal funds into the booming real estate market of Dubai. The illegal funds are used to invest in property which is than sold at a profit. Now the illegal funds have become legal.
As a (former) anti terrorism intelligence officer Malika has access to a vast network that supports her in her illegal practices.

Before Define Properties Malika K. worked with Omniyat were she was responsible for another well known Dubai real estate decease: fraud.
This Dubai decease has many faces, but what is most concerning and damaging Dubai’s image is the fact that it affects honest people, with honest jobs and honestly earned money.

Over the years we received many questions and complaints from concerned investors about real estate offers from Dubai. Most offers were coloured with tax free, beautiful weather, high returns and low crime figures.
Doctors, architects, engineers and other white-collar professionals are being conned.

Researching the offers and sales pitches we identified some that smear Dubai’s image:

-Real estate agreements many times resold at a profit while construction wasn’t even started. In some cases there were only fantastic architectural drawings and models and but land was never bought to build it on or there were no roads to the development.
-Hundreds of millions laundered with agreements for delivery of constructions that will or can not be finished.
-The UAE is implementing rules and regulations to prevent fraud and money laundering, but unfortunately it is not enough (yet) able to check all offers, and in particular the companies and expatriates that offer projects to the public outside the UAE.
-Agreements with guarantee. The first buyer is guaranteed for the basic investment or completion. This implies that the first buyer will see project completion or will get his money back if the development fails for some reason.
But a large chunk of those first buyers look for a quick profit and are not interested in completion, they sell their rights at a handsome profit.
Some contracts have changed beneficiaries 4-5 times at “market value”. The second, third, fourth and fifth party that bought at “market value” only has the initial guarantee of the first beneficiary leaving them with nothing.

Although our research shows that there still is much to be improved in Dubai’s booming real estate market, Dubai has recently started a crackdown on persons and businesses it suspects of being involved in fraud and money laundering.

Read the rest of this entry »

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Interpol – Money laundry – Malika worked for Define Properties in Dubai – ACI – Niki Lauda Towers

Posted by 7starsdubai on December 18, 2008


malikadefinepropertiesacidubai1

original translated by google: http://translate.google.com/translate?sourceid=navclient&hl=en&u=http%3a%2f%2fwww%2erevu%2enl%2f12499%2eEx%2dspionne%2520Malika%2520K%2e%2520staat%2520op%2520straat Malika K., the Moroccan ‘Mata Hari’ from Slotervaart, is dismissed by her company Define Properties in Dubai. It says the director of the company Tarek Kandil in an e-mail. Last week showed that he still Kandil, Malika had suspended “pending the investigation into the allegations” which in his opinion firm were unfounded. . Under pressure from intelligence Kandil has drawn a different conclusion, the work is finally dissolved Monday. Malika’s lawyer mr CMJ Zillikens confirmed yesterday morning in each case the suspension against Revu. According Zillikens the suspension is the result of a “defamation campaign from the Netherlands.” ” “We see what the consequences are,” says Zillikens, it aimed at the continuing online publications of former police officer and private detective Jacques Smits, who was hired by her ex in an attempt to control their son back. Kandil has threatened with legal action if he does not stop with publications about the company. Zillikens together with criminal lawyer Han Jahae last week spoorslags traveled to Dubai. What it wants is discussed Zillikens not say, except that it is a “good trip” and there was more news will soon follow. Malika worked until March of this year by property developer Omniyat Properties. Since she was fired when the company informed brought her back. Smits knew that include telling customers to Omniyat Malika by referring to

Tarek Kandil, an Egyptian who has just started Define Properties.
Kandil had worked for Omniyat, but was fired for unclear reason, as sources tell Revu. Tarek Kandil then dove at Schon Properties, responsible for projects such as Dubai Lagoon and Schon Business Park. The company became discredited because of the various construction projects but did not want rafts and investors suspected that they were taken by the nose. Tarek Kandil to Define Schon left to be examined. tarek kandil define properties dubai

Define Malika has for almost all funds governed by an Egyptian dealer who they already knew, sources tell Revu. Her resignation means to Define also possible that her visa will be revoked and they will have to leave Dubai. In May, the full bench that her 8-year-old son back to the father in the Netherlands, but Malika opposes the extradition of the child. Whether there is a relationship with the custody dispute is not clear, but her ex-husband Mohammed B., owner of an Amsterdam reiswinkel was last Friday when he robbed money and passports of over four hundred customers to airline Royal Jordanian would bring. The robbers have the vault with all the money and a few hundred passports taken. The location of the incident is a massacre, according to eyewitnesses. The two predators would firmly establish the name of Malika have said. The shop was closed Monday. “This is the end of his shop,” says a friend who for years assisted Mohammed state. “We were all scared for a long time that this would happen.” Mohammed B. has many times against Malika declaration made threats and violence, but her lawyers say that the stories B. sucks his thumb to prevent Malika her child in Dubai may hold. Jan Libbenga Jan Libbenga Malika werkte voor inlichtingen én criminelen Malika worked for intelligence and criminals Malika K. Malika K. duikt op in Dubai shows up in Dubai Malika naar Dubai door wangedrag ex-man Malika to Dubai misconduct by ex-husband Wordt Malika K. Is Malika K. uitgeleverd? extradited? this is an google translation from the original report:

Malika K., the Moroccan 
'Mata Hari'  from Slotervaart 
 who as a former spionne 
would have earned millions 
 with the laundering of 
dirty  money, 
is reported in Dubai.  
Sources told Revue this weekend that she has an apartment at the Dubai Marina.

She also has a new job. About her residence were several stories in recent weeks the round. So that they heard Revue in June with a false passport would have landed in France and from there to the Netherlands would be brought, but at different addresses in the Netherlands where they could stay observation teams have found nothing. Since Dubai has no extradition treaty with the Netherlands, authorities can no way. Cees Korvinus lawyer, who for many years the interests of Malika’s ex-husband represents in a custody case, early this year has already called for justice for extradition and that following the publication in Revue last week again done. At the time that there was contact with head Interpol in Dubai to take action, the judiciary refused to provide further details. . The prosecutor wrote that they do not know what the situation is. The publications on Malika in Revue, Telegraph and other newspapers have many disconnected.

Define Properties. Sources refused
Revue not only to her home address
but also on the new job of Malika
This brand new property 
developer,Define Properties  
 in Number One Tower on 
Sheikh Zayed Road in Dubai 
is largely run by former 
managers  of Omniyat, 
the company 
Malika was dismissed 
on March 16.
Director is Tarek Kandil, formerly sales manager at Omniyat.
The name of Malika is nowhere to be found on the website of the company, but it is to see the photo of the press in early June.

The company says now have a working capital of 500 million Dirham, and would have bought land sales worth 1.7 billion Dirham. . The main project is the construction of the Nikki Lauda Twin Towers, which should be completed in 2010. . Director Kandil promised opposite business magazine Business Emirates’ Define that no building plans launches as they do not actually completed, it aimed at the many fraud cases so slowly that Dubai is a very bad name have worried. Supervisor Real Estate Regulatory Agency (Rera) currently doing research on mala fide developers who buy contracts sell many occasions, with no other purpose than to fat profits to gather. . Some of these developers are even funded with money arms from Egypt. Middlemen purchase contracts let criminals’ pre launch ‘on the basis of the beautiful building plans and models,” Frank knows Englishman of Ultra Scan, a Dutch agency that specializes in financial fraud cases. It is a pyramid game that once burst out. ” Damac blies het zogenoemde Palm Springs-project af toen bleek dat men niet eens beschikte over bouwgrond. Certainly eighty investors have from England earlier this year from Dubai developer Damac Properties put under pressure because the luxury apartments were sold but not delivered, even stronger: Damac blew the so-called Palm Springs project off when it became clear that not even available on plot . . Later that was again denied and the company will now still six months to the construction to begin. In June unveiled the Egyptian Telegraph – El Fagr (The Dawn) – in a page article filled an even bigger scandal surrounding a 30 million-acre area covered by the denominator Gamsha Bay to the Red Sea Riviera in Egypt by Damac would be developed as a vacation area. Prime Minister Ahmed Nazif was at the presentation in 2006 and since then there have been 100 million euros to purchase contracts signed. Until various ministries in Egypt peril smoking: the area contains mines, there is oil under and is not suitable for human habitation. Indeed, this area is no formal ownership of Damac. Malika K. diverted, while they worked for rival Omniyat, (criminal) to customers Damac, which they 8-9 percent commission was, according to intelligence data. Piquant detail is Damac El Fagr according to former agents of the secret service as sellers had hired. During his investigation into possible investment frauds of Palm Invest private detective Englishman has an account code detected by Malika at Credit Suisse in Lugano, which they used for money laundering. From this account would be tens of millions of dollars were transferred to Dubai. At Schiphol by the Royal Military Police on August 16 arrested again a money courier who claims that he works for Malika. The man flew from Amsterdam to Milan and from there would go to Dubai. . The Royal Military Police would like this against Revu not confirm. We do not have communications arrested persons, unless we come out themselves.” The arrest of a Turkish money courier in October 2007 was for intelligence agencies to cause great alarm to save on their ‘Malika’. They had to investigate suspicious money flows in the fight against international terrorism, but showed itself at the center of this network are. Jan Libbenga also http://www.revu.nl/12003 http://translate.google.com/translate?sourceid=navclient&hl=en&u=http%3a%2f%2fwww%2erevu%2enl%2f12003

International intelligence agencies and criminals are hunting the

32-year old Malika K., a Dutch infiltrators on the wrong side of the

line landed, and that during her work for intelligence agencies grew

into a broker in criminal relations.

The Amsterdam of Moroccan descent is suspected from its place of Dubai international drug shipments to finance and facilitate, including XTC-Dutch merchants. According to rough estimates in recent years, there were more than 100 million euros through her hands. Many criminals showed their traditional money laundering addresses in the lurch for Malika K.. Attempts to her earlier this year failed to hold. Malika M. is wanted for money laundering, fraud, receiving stolen goods, arson, kidnapping and the commission for liquidation.

http://fraudconstructions.wordpress.com/about/

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Curious – Arabian Business Journal blocked latest reports about ACI Real Estate

Posted by 7starsdubai on December 17, 2008


The  Interview from Joerg Grunwald Aci Real Estate  , hold with Arabian Business and published by Arabian Business on 13. December 2008 , and other reports about ACI Niki Lauda Towers , have been deletd or blocked since December 17.2008. Thats realy strange !

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The Times of Flipper over ? Ouf! That’s pretty gloomy

Posted by 7starsdubai on December 14, 2008


Reassuring investors during disputes is paramount

http://www.arabianbusiness.com/540868-reassuring-investors-during-disputes-is-paramount

………And it’s during these uncertain times that one would hope that established authorities and regulatory bodies are there for support and guidance.

The Government of Dubai has done a sterling job in guaranteeing bank deposits across the Emirate, and government-controlled developer Emaar Properties has been pro-active in attempting to stimulate the stuttering residential sales market.

In fact, rather than behaving like a skittish kitten in a roomful of barking dogs, government agencies in the Emirates have demonstrated remarkable aggressiveness to deal with the problem.

But legal wrangles, such as that what is brewing between prominent developers ACI Real Estate and Define Properties and Dubai’s Real Estate Regulatory Agency (Rera), has left a bitter aftertaste in the mouths of would-be investors in the Niki Lauda Twin Towers dispute.
…………………….

http://www.arabianbusiness.com/540868-reassuring-investors-during-disputes-is-paramount

The Times of Flippers are over ?

Once ACI Robin Lohman said in an interview:

“It is simple. We develop and we flip. We make people money”

http://www.arabianbusiness.com/505737-the-brand-master

comments about ACI:

http://www.skyscrapercity.com/showthread.php?t=538159&page=4

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The Result of Buy and Flip ? German Developer ACI Real Estate Dubai- The Boris Becker Tower is facing a delay as its contractor files for bankruptcy protection

Posted by 7starsdubai on December 14, 2008


The Michael Schumacher Business Avenue and Boris Becker Business Tower projects have been pushed back as the South Korean firm hired to build them has filed for protection from bankruptcy, Construction Week has learned.

Shinsung Engineering and Construction, the South Korea-based contractor building the developments, requested court protection to avoid bankruptcy in South Korea earlier this month.

As a result, Michael Schumacher Business Avenue will be delayed by 150 days, and the Boris Becker Business Tower will be delayed by 60 days, according to Joerg Grunwald, director of projects at ACI, developer of both projects

http://www.arabianbusiness.com/540847-projects-delayed-as-contractor-seeks-bankruptcy-protection

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German Developer ACI Real Estate Dubai under investigation from RERA Dubai

Posted by 7starsdubai on December 14, 2008


Sunday, December 14, 2008
ACI Real Estate Projects Schumacher and Boris Becker delayed as contractor seeks bankruptcy protection – Construction & Industry – ArabianBusiness.com

Also under investigation from RERA Dubai: Niki Lauda Towers – German Developer ACI Real Estate Dubai

http://www.arabianbusiness.com/540840-aci-steps-in-to-save-niki-lauda-twin-towers-project
ACI Real Estate Projects delayed as contractor seeks bankruptcy protection – Construction & Industry – ArabianBusiness.com

The Michael Schumacher Business Avenue and Boris Becker Business Tower projects have been pushed back as the South Korean firm hired to build them has filed for protection from bankruptcy, Construction Week has learned.Shinsung Engineering and Construction, the South Korea-based contractor building the developments, requested court protection to avoid bankruptcy in South Korea earlier this month.As a result, Michael Schumacher Business Avenue will be delayed by 150 days, and the Boris Becker Business Tower will be delayed by 60 days, according to Joerg Grunwald, director of projects at ACI, developer of both projectshttp://www.arabianbusiness.com/505737-the-brand-master

 

and

http://dubai7stars.blogspot.com/2008/09/new-property-law-number-13-of-2008.html

and

ACI steps in to save Niki Lauda Twin Towers project

http://www.arabianbusiness.com/540840-aci-steps-in-to-save-niki-lauda-twin-towers-project

What is Law No. 8 Dubai Lands Department Government of Dubai

http://www.dubailand.gov.ae/ld_website/pdfs/trust_law_eng.pdf

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Interview Malika Karoum in Dubai

Posted by 7starsdubai on December 11, 2008


Interview Malika Karoum Dubai 2008

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The Master of Flip – ACI – Robin Lohmann : It is simple. We develop and we flip.

Posted by 7starsdubai on September 3, 2008


original published: ArabianBusiness

http://www.arabianbusiness.com/505737-the-brand-master

Robin Lohmann is a man in a hurry. No sooner have we finished lunch then he turns to racing legend Niki Lauda for a quiet word. “I have another idea. We can discuss it after pudding is served,” says Lohmann.

The chances are it is another cracking idea – right now, Lohmann is on a roll. The boss of German-owned ACI has added spice to the UAE’s property market, by putting branded buildings onto the market. And not just any brand – in the past month, Lohmann has persuaded sporting legends Michael Schumacher, Nikki Lauda and Boris Becker to lend their names to his projects. Early next year, the Michael Schumacher Business Avenue will be launched in Dubai – hot on the heels on Niki Lauda Twin Towers and Boris Becker Tower.

“I nearly got burnt when I first started out and Niki nearly got burnt when he drove Formula One cars, so we have a lot in common,” jokes Lohmann, adding: “It is something different, something new and something that I think will make our investors a lot of money.”

His track record suggests he is more than right. In less than two years of trading in Dubai, ACI has revenues topping the billion dollar mark. So far the company has launched Victory Bay and Sami Tower in Dubai’s Business Bay, Dubai Star in Jumeirah Lake Towers and Wings of Arabia in Dubailand. With his sports-branded developments now off the mark, car-branded buildings are on the drawing board, again in new projects based mostly in Dubai.

It is simple. We develop and we flip. We make people money. There is a lot of talk about the property market not being sustainable but those people talking that way – well, they don’t know what they are talking about.

There are still millions of people forecast to move to Dubai in the coming years. They all need somewhere to live and work. Prices will keep rising and I actually think we can double our turnover next year,” says a confident Lohmann, adding: “As for the idea of branded buildings, well, again it is a simple equation. What would an investor pay more for – No.1 Business Avenue or No.1 Michael Schumacher Business Avenue?”

The real coup for German-born Lohmann has been in persuading Lauda and friends to join his property empire. Lauda’s son Lukas is a friend of Lohmann, through whom the plan for Niki Lauda Twin Towers was first pitched.

Lauda liked what he saw and very quickly signed up. “I’ve never seen anything like Dubai – the pace of development here is just amazing, and everything is so much bigger every time I come here,” says former F1 champion Lauda.

“Robin approached me with this idea and I was very impressed. The property market here is booming so it is nice to be a part of it in some way. I don’t think you can find this kind of pace and energy anywhere else in the world,” he adds.

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Wall Street Journal – Scandals in Dubai Cast a Cloud

Posted by 7starsdubai on May 1, 2008


original published Wall Street Journal http://online.wsj.com/article/SB120941603017750659.html
and
http://www.zawya.com/story.cfm/sidDN20080428017680/lok233629080428?weeklynewsletter&zawyaemailmarketing

Some Problem Deals In Real Estate May Dent Trust
By MARGARET COKERApril 29, 2008; Page C2

DUBAI, United Arab Emirates — This city-state’s real-estate market is booming. Massive building projects scrape the sky. Sales and rental prices appear buoyant as investments flow in from other oil-rich Persian Gulf states, the former Soviet Union, India and Iran.

But a series of legal tussles and property-related scandals could dent foreign-investor confidence and tarnish the business-friendly reputation the government has tried so hard to burnish.
Earlier this month, the chief executive of one of Dubai’s largest publicly traded developers was jailed. And two disputes involving European and U.S. investors have raised concerns about Dubai’s regulatory and legal safeguards.
Foreigner-Friendly

The U.A.E., a collection of seven, semiautonomous emirates, was the first of the Arab Gulf states to allow foreign-property ownership. The country, a major oil producer, remains at the center of the Gulf region’s construction surge. More than a third of the estimated $1.2 trillion in projects under way in the region are in the oil-rich U.A.E., according to a report by the London-based Middle East Economic Digest, which tracks building projects.

While Dubai lacks the big oil reserves of its neighbor Abu Dhabi, it has diversified away from petroleum, building a reputation as a hub for tourism, business and transportation. Crucial to that strategy are its development projects.
Dubai has regaled tourists and investors alike with megaprojects such as the construction of Burj Dubai, the world’s tallest building, and the planned Palm developments, three separate man-made island clusters in the shape of palm trees.

“The perception of Dubai is based on the Burj, the Palm trilogy and sunshine 365 days a year. So far, you could call it a successful marketing campaign,” said Martin Kohlhase, a senior analyst in Dubai for Moody’s Investors Service, the credit-rating company. “There is so much at stake.”
Marwan bin Ghalita, chief executive of Dubai’s Real Estate Regulatory Agency, said he has worked hard over the past few months to improve rule making and enforcement among Dubai’s 742 licensed developers. “We are doing a very good job, but there are still lots of things to do to achieve awareness about the rules and procedures here,” said Mr. bin Ghalita.

Deyaar Development PJSC said earlier this month that its former chief executive, Zack Shahin, had left the company and was being held by Dubai police. The company, listed on the local stock exchange, disclosed the moves after the Zawya Dow Jones wire service reported the arrest.
Mr. Shahin, a U.S. citizen, is being held as part of an investigation into alleged financial wrongdoing at the company. In a jail-house interview, he told the wire service he was innocent.

Mystery has shrouded the case, raising concerns about the extent of its repercussions on the company, one of Dubai’s biggest developers. A Deyaar spokeswoman declined to comment.
Another project — on the Palm Jebel Ali archipelago, one of the three clusters — also recently became a battleground between a Dubai developer and disgruntled investors.
In 2003, Damac Properties, one of Dubai’s largest private developers, sold apartments in a 25-story building, known as Palm Springs. The company targeted British investors, eager to snap up retirement or rental properties.

Last month, Damac sent letters to those investors, saying the project had been canceled, giving few details. When investors pressed, they were told Palm Jebel Ali’s government-controlled master developer, Nakheel PJSC, hadn’t given Damac suitable land on which to build.
‘Out of the Blue’

Damac promised to return investors’ money, plus 6% interest, or give discounts on another Damac property. The Palm Springs apartments were sold for about $220 a square foot, according to investors. Current market prices in the same area are as much as $890 a square foot.
“It came out of the blue,” said Colin Murray, who lives southwest of London and bought two Palm Springs apartments.

Mr. Murray helped band together 80 investors in the United Kingdom. They filed a formal complaint with Dubai’s Real Estate Regulatory Agency. Nakheel denied it had caused the project cancellation, and regulatory officials launched talks between Nakheel and Damac. Damac then told investors that the project was back on.

The agency’s Mr. bin Ghalita said Dubai law gives Damac six months to start construction. He said he “would be keeping my eye” on the situation.

The controversy over Palm Springs was just the most prominent in a series of property-investor complaints. The local English-language press has reported stories of middle-class families being bilked by unlicensed brokers or unscrupulous developers who have taken large deposits and failed to deliver. And then there are delays in finishing construction. Damac has completed only 18% of its $30 billion real-estate portfolio.
Financiers in Tussle

It isn’t only small investors getting ensnared. U.S. private-equity firm Capital Partners, a real-estate-development arm of McKinley Reserve, of Wisconsin, is in a $1 billion legal dispute with Tecom Investments, a subsidiary of Dubai Holding, which is owned by Dubai’s ruler, Sheik Mohammed bin Rashid Al Maktoum.

In 2005, Capital Partners and Tecom signed a contract allowing the Americans to develop a 15-hectare site called Riverwalk. Months later, however, the deal had turned sour. Capital Partners accused Tecom of selling it land that it didn’t own, specifically, almost a hectare that was a designated archaeological site.

With $10 million already sunk into the project, Capital Partners refused to make a scheduled second payment to Tecom until the ownership issues had been worked out. Tecom said that missed payment was grounds to terminate the contract. The case is before the Dubai International Arbitration Center, an independent tribunal.

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ACI Dubai Fond Anleger Warnung

Posted by 7starsdubai on April 12, 2008


Dubaifonds, der Alternative Capital Invest GmbH.

Das Immobilienprojekt umfasst 45 Stockwerke oberirdisch, 3 weitere Ebenen sind unterirdisch als Tiefgarage ausgelegt. Im Erdgeschoss bis zum 13. Stock werden Büroflächen in unterschiedlichen Größenordnungen angesiedelt.

Von dem 14. bis zum 23. Stock werden 1-Schlafzimmer-Apartments, Vom 24. bis zum 31. Stock 2-Schlafzimmer-Apartments, vom 32. bis 35. Stock 3-Schlafzimmer-Apartmens, vom 36. bis zum 41. Stock 4-Schlafzimmer-Apartments und vom 42. bis zum 45. Stock Duplex Penthouses voraussichtlich angesiedelt. Zusätzlich sind 529 Parkplatzeinheiten geplant.

Das Grundstück des Towers ist direkt in Dubailand gelegen.

Die Beteiligung läuft voraussichtlich bis zum 31.12.2009

Fondsentwicklung:

Derzeit sind nur unzureichende Informationen über Entwicklungsstand des Projekts vorhanden.

In zahlreichen Foren und nach zahleichen Expertenmeinungen wird die Erfolgsaussicht der Dubaifonds und im speziellen des III. DUBAI Tower KG sehr kritisch gesehen.

Teilweise wird von einem dilettantischen Auftritt gesprochen und davor gewarnt.

Aus unserer Sicht bestehen sowohl hinsichtlich des Kaufs des Grundstücks für die Fondsgesellschaft als auch hinsichtlich der Realisierung dieses Fonds erhebliche Unklarheiten und Risiken im Raum.

Zudem muss die Steuerliche Berechnung mit Blick auf das aufgelaufene Doppelbesteuerungsabkommen zwischen den Vereinigten Arabischen Emiraten und Deutschland als zusätzlicher Unsicherheits- und Risikofaktor gewertet werden.

Fondsbewertung:

Aufgrund der zahlreichen Unsicherheiten und erheblichen Risiken an diesem Fonds raten wir Anlegern des III. DUBAI Tower KG dringend mit der Deutschen Anleger Stiftung Kontakt aufzunehmen.

Die Deutsche Anleger Stiftung hat bereits Ihre Korrespondenzanwälte mit der Begutachtung der III. DUBAI Tower KG beauftragt
.

Wenn Sie dieses bestellen möchten wenden Sie sich bitte an:

Kontakt@DeutscheAnlegerStiftung.de

Oder

Deutsche Anleger Stiftung

Stichwort: III. DUBAI Tower

Pettenkoferstr.40 80336 München

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