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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 ‘Damac’

Damac Palm Springs Dispute solved – Investors recieved full refund

Posted by 7starsdubai on January 30, 2012


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

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

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

source Arabian Business

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

European couple is crying foul over a substandard unit sold to them by Damac in Dubai

Posted by 7starsdubai on November 11, 2011


Gulf News Dubai reported that Wahida and her husband, Mustafa Alibhai, both Swedish citizens, said they bought at shop at Lakeview Tower at Jumeirah Lake Towers Area from Damac  for Dh1.2 million, only to realise it fell short of their expections. Literally. The height of the mezzanine floor shop is just 2.1 metres, considered “unfit” for human occupancy .

The couple, who were textile merchants in Stockholm before they moved to Dubai, planned on putting up an apparel or a coffee shop in the 622-square-foot unit. They completed the payment on time in July 2009.

Quote in Gulf News Niall McLoughlin, Senior Vice President, Damac Properties, said,

‘’You will understand that I cannot go into details on individual customers’ cases albeit to say that the unit in question is fit for purpose and compliant with all prerequisites and requirements as per the sales and purchase agreement. However, as a gesture of goodwill, our customer relationship team have been working very hard with this customer to offer an alternative solution. This has included other units within the same project and also a variety of other units in other projects.”

However, when the couple did not like any of the properties offered, they said they were told by Damac to “take it or leave it”

continue reading…….. source Gulf News

Posted in Damac | Tagged: , | Comments Off on European couple is crying foul over a substandard unit sold to them by Damac in Dubai

Damac facing corruption charges in Egypt

Posted by 7starsdubai on March 26, 2011


UAE – Egypt March 2011  source ahramonline Egypt

Six prominent businessmen facing corruption charges in Egypt have offered to make financial reparations totalling some LE2.375bn, with one pledging to return five million square metres of land on the country’s northern coast he is alleged to have gained illegally.

The men – Ahmed Ezz, Mounir Ghabbour, Hisham Al-Hathek, Hussein Sajwani, Mohamed Abul-Enein and UAE businessmen Omar Al-Futtaim – made these offers during investigations into their business activities carried out by Ali Hawary, the Attorney General for public fund prosecution.

Former secretary of the National Democratic Party Ahmed Ezz offered to pay LE1bn, representing the value of shares seized by his Suez Steel Company in violation of trading regulations.

UAE businessman Omar Al Futtaim suggested paying LE1bn to cover the difference between the sum he paid for a plot of land in a deal with the former Minster of Housing Ahmed Al-Maghrabi, and the actual market value of the land, which was much higher.

Hussein Sajwani, Chairman of DAMAC Properties, pledged to pay LE150m representing the value of land allocated to him by Zuhair Garana, Egypt’s former tourism minister. Hisham Al-Hathek offered to pay LE150m as reparation for his involvement in the same case.

Posted in Damac, Dubai corruption, Egypt | Tagged: , , , , , | Comments Off on Damac facing corruption charges in Egypt

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

Posted by 7starsdubai on December 19, 2010


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

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

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

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

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

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

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

A Damac spokesman declined to comment.

continue reading…..

source The National December 2010

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

Damac Properties has closed its London office – official message to customers

Posted by 7starsdubai on March 4, 2010


Dear Valued Customer

Re: Office Closure 

In light of the continued slowdown in the worldwide property market DAMAC Properties has closed its London office in Mayfair .

The
UK market, in line with worldwide trends, has seen a drastic reduction
in people investing in overseas properties. This has inevitably led
DAMAC to review its staffing levels and position itself in line with
the changing market conditions.

Customers
in the UK will continue to be served by the company’s dedicated
Customer Relationship Management team at DAMAC Properties’ headquarters
in Dubai and any queries should be directed to them on + 971 4 51…. or by email at crm@damac……….com

UK customers can be assured that all documents relating to their transactions will be transferred to the Dubai office.

The
CRM team in Dubai has the most up to date knowledge and experience of
the property market in the Middle East and will be working hard to
ensure that the UK office closure has no adverse affect on customers.

Should you have any queries pertaining to any aspect of your property purchase with DAMAC please do not hesitate to contact us.

Yours sincerely,

CRM Department.

Posted in Damac, Dubai | Tagged: , , | Comments Off on Damac Properties has closed its London office – official message to customers

Dubai legal System an Trial – German Investor filed five motions against Damac Properties

Posted by 7starsdubai on February 10, 2010


original source 7Days Dubai

DAMAC Properties has filed a motion to stop an investor’s lawsuit being heard in the Dubai International Financial Centre (DIFC) courts, and has also moved to strike the case entirely, the lawyer for the investor told 7DAYS yesterday.

German investor Lothar Hardt, who has invested in around dhs100 million worth of properties from Damac, filed a suit against the firm in December with the DIFC Courts, alleging breaches of contracts in the form of delays, misrepresentation of properties, fraud and improper use of funds, among other claims.

Hardt has invested in Lotus Residences and Water’s Edge in Business Bay, Park Towers at DIFC, Wildflower in Jumeirah Golf Estates and Ocean Heights in Dubai Marina.

He filed the suit with the DIFC Courts because Park Towers is located at DIFC and Damac is a DIFC-listed company.

Ludmila Yamalova, a partner at Al Sayyah Advocates and Legal Consultants, which is handling the suit, previously told 7DAYS that having the case heard at the DIFC Courts has a number of advantages over the Dubai Courts, including the fact that DIFC operates under British law, which has had more experience of property disputes in comparison with Dubai law.

Yamalova said yesterday that Damac was contesting the jurisdiction of the case and was also moving to strike out the case due to a lack of “reasonable grounds”.

However, she said Hardt had filed five motions in response to Damac, including a motion for judgement by default and an award of damages of over $132 million because Damac failed to support its motion with proper statements and failed to file its defence, and defences for individuals named in the case, on time.

The requested damages include actual damages of about $44 million  in lost profits and legal expenses, and punitive damages, which can be  up to three times the value of actual damages in the DIFC Courts.

The motions of both Hardte and Damac will be heard at DIFC Courts later this month.

Hardt told 7DAYS in January that if DIFC Courts decided jurisdiction belonged with the Dubai Courts, he would still pursue the suit.

“First I am hoping that I will regain my money and the second thing is, while I have been negotiating with Damac I’ve seen so many people in the situation where all the money they had was in one apartment and they stand to lose it all… so I see myself also as being the spearhead for these people,” he said.

Read also: An interesting case to watch – German Investor is suing Damac Properties

Posted in Dubai, Dubai Legal - Real Estate Lawsuits, Dubai Property legal, Lawsuit Dubai | Tagged: , , , , , | Comments Off on Dubai legal System an Trial – German Investor filed five motions against Damac Properties

German investor is suing Damac Properties Dubai – an interesting court case to watch in the coming weeks

Posted by 7starsdubai on January 29, 2010


source The National by Angela Giuffrida

Dubai, January 2010

German investor Lothar Hardt is suing Damac Properties for alleged breach of contract in what could be the largest lawsuit taken by an individual against a Dubai developer.

Lothar Hardt has filed his case against one of the region’s biggest developers and four of its executives at the Dubai International Financial Centre Courts.

Mr Hardt claims to have invested US$9.7 million (Dh35.6m) across five of Damac’s developments in Dubai, including one building on land he says is owned by the UN.

The dispute relates to a series of off-plan investments made since 2006 in projects including: Park Towers at DIFC; Water’s Edge and Lotus Residences at Business Bay; Wildflower at Jumeirah Golf Estates; and Ocean Heights at Dubai Marina.

Mr Hardt alleges the developer failed to deliver the projects on time, mismanaged escrow accounts relating to some of the projects and did not register the transactions with Dubai’s Land Department, court documents show.

Damac is also accused of selling property in Water’s Edge, Lotus Residences and Wildflower to Mr Hardt without owning the land or obtaining construction permits.

The land on which Lotus Residences is planned is owned by the UN, the court documents claim.

Mr Hardt, considered one of Damac’s “VIP investors”, is also suing for additional loss of income after he claimed to have signed agreements with retail outlets that were going to rent the commercial units he bought from Damac.

“Through my experience with Damac I have been very frustrated,” he said. “I think this has to be fought in public. When I pursue something, I will really pursue it until the end. This is a young country but I’m confident in the new laws here.”

Now Mr Hardt is demanding a refund of the $9.7m he has invested in Damac projects, in addition to damages and lost profits.

Damac has acknowledged the case against it and four of its executives: Hussain Sajwani, the company chairman; Faisal Sajwani; Sofyan Khatib; and Peter Riddoch, a former chief executive.

But the company is contesting that the case be heard at DIFC, where it is registered and where one of the projects, Park Towers, is located.

It has until February 4 to declare its reasons for contesting the DIFC’s jurisdiction, which follows English common law and, unlike the main Dubai courts system, allows foreign lawyers to represent clients and cases to be heard in English.

Damac declined to comment yesterday.

If all or part of the case takes place at DIFC, it will be the first major dispute against a property developer to be heard at the court since it was set up in 2004, said Ludmila Yamalova, a partner at Al Sayyah Advocates and Legal Consultants, which is pursuing the case on behalf of Mr Hardt.

“We think at least part of the case has to be heard at DIFC, such as the part that relates to projects located there, like Park Towers,” said Ms Yamalova. “Damac is also a DIFC-registered entity.”

If Damac’s bid to have the case heard elsewhere is granted, then the rest of the dispute would have to go through the main Dubai courts system, which is more costly for complainants as they have to pay separately for each contract dispute, rather than take a class action.

“Right now, investors think there is no justice or no recourse, but at DIFC we do have a world-class institution that can deal with these issues at an international level … this is what DIFC has aimed to represent,” added Ms Yamalova.

“If DIFC steps up to the plate and starts looking at these cases, it will give people confidence.”

Read also……from The National …Legislation lifts investor outlook

Posted in Damac, Dubai, Lawsuit Dubai, Lothar Hardt | Tagged: , , , , | Comments Off on German investor is suing Damac Properties Dubai – an interesting court case to watch in the coming weeks

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

Posted by 7starsdubai on December 18, 2009


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The trial was adjourned until January.

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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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Damac Dubai – UK TV news investigation

Posted by 7starsdubai on July 29, 2009


Dubai – 29. July 2009

In a report broadcast Monday night in the UK, Channel 4 News spoke to unhappy British investors with property developer Damac who have yet to see a return on their money in the Dubai market.

While some wanted quick returns, others simply wanted an apartment in the sun – not least David Hunter of Oxfordshire who said he had handed over £60,000, so far, for an apartment at Damac’s Lotus development.

Hunter said a Damac representative told him at the time (February 2007) of purchase that construction on the development had already started.

Three months later Hunter found out otherwise when it emerged that the plot was occupied by a UNICEF building. Hunter not surprisingly said he ‘should have been told’.

Citing documents, Channel 4 claimed Damac had been selling developments off-plan without having title to the land in the first place – a practice outlawed by the Dubai Government last August.

Another document, dated from ‘late last year’ alleged that almost one quarter of the firm’s projects had been put on hold.

Meanwhile, a Harrow NW London resident who bought off-plan in the Flamingo Heights development 18 months ago, told the broadcaster he had paid three instalments totalling £70,000.

”I asked them in writing what the current state (of the development) was before I made my investment. I was assured that the foundations had been laid and construction was well under way at the site.”

With the Flamingo Heights development showing no evidence of construction when Channel 4 recently visited it Ludmila Yamalova of Al Sayyah Legal Consultants – to whom Channel 4 took the investor’s complaint – said he may have a case as a statement claiming foundations that had been laid when in fact they hadn’t, could amount to misrepresentation.

Erik Pekarski, former VP Customer Relations at Damac said the line being put out to customers was that ‘progress is ongoing, development is ongoing and construction is ongoing’.

Customers would continue to scream and yell at you as they should, because they had been put off for months, he added.

Damac has, in some cases, since offered alternative flats either complete, or near completion. However, many investors Channel 4 spoke to said they wanted their money back but, like the Harrow investor, had been informed by Damac that there is a ‘no refund’ policy.

When asked about the ‘no refund’ policy an unnamed former manager at Damac said the company took a tough line. David Hunter meanwhile says he has hired a lawyer.

In a statement to Channel 4 News the company confirmed it didn’t have a refund policy, except within ‘the provisions of the regulatory framework’.

It also denied any allegations of wrongdoing and said investors interviewed by the broadcaster were ‘not a representative group’. The company added that it had no intention or policy to mislead customers.

Addressing the allegation that the company had claimed foundations had been laid at the Flamingo Heights development when in fact they hadn’t Damac said: ”It is possible to have a rogue element who communicated information which was inaccurate and not endorsed.”

It added that the Flamingo Heights project tender is due to go out shortly.

source of this report Arabian Business

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Damac back in the Headlines – Stressed Investors from UK – A TV Report

Posted by 7starsdubai on July 28, 2009


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Dubai Damac Haz Tower scandal – Business Bay 

Posted by 7starsdubai on May 16, 2008


Confusion over the Haz Tower project in Business Bay may be nearing an end as both Damac and Hilal Al Zarooni will have to sign an agreement by next week, according to Land Department officials, Gulf News reported.

Emad Eldin Farouq, legal counsel for Dubai Land department, said, “There is a settlement agreement that both parties have to sign. They have no choice.”

The signing has so far been delayed due to a possible second option.

The Haz towers project was launched July 8, 2007, after Damac bought it from Dubai Properties before selling it on to Hilal Al Zarooni. The cause for the delay is unclear but Eldin Farouq says it is due to the reservation agreement. “Damac blames Zarooni for breaking the reservation agreement. Zarooni was meant to sell the building after approval.”

However, Damac had received no authority for the floor plans or marketing of Haz Tower, according to official documents received by Gulf News. “Damac didn’t have approval from Zoning Authority for the floor plan and elevations for Plot BB.B.01.040 [Haz tower plot].

“Damac has not taken any approval for marketing any tower on the above plot. Damac, owner of plot BB.B.01.040, has not got any approval to start selling the tower or units in the plot which need bank guarantee first to be provided to Dubai Properties.”
Last week, a Damac employee said that the Haz towers project is “on hold, according to a statement by the chairman”.
However, Niall McLoughlin, senior vice-president of corporate communications at Damac, denied this. “Haz towers is going ahead. It would be inappropriate for me to further comment on Haz towers. As you know, it is sub-judice,” McLoughlin said in an email to Gulf News. Another Damac employee said any queries should be directed to Hilal Al Zarooni.
Investors are becoming increasingly frustrated as there appears to be no reason why the project shouldn’t go ahead.

Hilal Al Zarooni told Gulf News, “We’re waiting for the Land department to give their answer. They said it would be next week.”

However, investors are losing confidence in the Land Department as they have now had the complaint for over six months.

Eldin Farouq said yesterday that “the chapter will be closed next week.”

gulfnews – Haz Tower impasse set to end as Damac and Al Zarooni near pact

Posted in Damac Dubai, Dubai, Dynasty Zarooni, Hilal Zarooni, Vereinigte Arabische Emirate | Tagged: , , , | 1 Comment »

Dubai angry Damac Investors launched Website Damacuncovered

Posted by 7starsdubai on April 10, 2008


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

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

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

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

source Timesonline UK continue reading……

The Website of the Damac Investors is here…….

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

Dubai Government Turns Blind Eye

Posted by 7starsdubai on March 25, 2008


Original published 19 March 2008 at 12:07 am
http://damaconcovered.wordpress.com/category/lack-of-government-regulation/

If the Palm Springs project ‘cancellation’ by Damac is anything to go by, then Dubai’s reputation as a premier and safe place to invest in real estate is heading for a nose dive. And it seems that the Dubai government is happy to sit by and watch investors being ripped off. If appropriate action is not taken soon, then contracts written by Dubai businesses will not be worth the paper they are written on!

A group of distressed investors (284 to be precise) are suing Tameer Holdings over its failure to deliver apartments that were supposed to be handed over this year. Investors have rejected an offer of 25% on top of the money they have invested.

In spring 2004 investors signed contracts with Tameer Holdings to purchase apartments in Al Ameera Residential Tower development, Sharjah, expecting to move into their new homes in August 2008. The Al Ameera residential tower was to be the largest of its kind in Sharjah mirroring its counterpart in Dubai, the Princess Tower. But that was then.

In August 2005 the buyers received a letter stating that the Al Ameera Tower project had been delayed due to the lack of a licence, resulting from a delay in the implementation of a new real estate ownership law. It is mind boggling that Tameer were selling real estate with contracts that were relying on a yet un-enacted law! As far as we know the law in Sharjah hasn’t changed since the seventies. By any standards, Tameer have misled investors, and their actions need to be investigated by the Dubai government.

The picture of Dubai real estate that seems to be emerging is one where fraud is being overlooked by the government. It is simply not acceptable for Tameer to claim that Sharjah’s property ownership law stipulates that non-GCC nationals can own a 99-year leasehold but not freehold and therefore foreigners were legally not entitled to buy into Al Ameera. Why sell to foreigners when they knew very well this to be the case?

Tameer recently awarded the Arabian Construction Company with the honour to help materialise the Princess Tower by 2009. The tower, based in Dubai Marina, also announced in 2004, is expected to stand over 380 metres high, which would make it the world’s tallest residential tower.

This summer, Tameer made it clear that the law did not allow expatriate ownership and advised that it would cancel all contracts with non-GCC nationals. What happened with local prospective owners is not clear.

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