Connect with us

Business

UAE prosecutors investigate Union properties in Dubai

 


Posted on Sunday, October 24, 2021 | 5h21

Updated 2 hours and 20 minutes ago

DUBAI, United Arab Emirates (AP) UAE prosecutors said on Sunday they had opened a major investigation into Dubai-based real estate developer Union Properties, saying they would investigate allegations that the long-struggling company had committed a crime. fraud and other offenses while trying to get through. debt.

Union Properties, known for building Dubai Motor City, did not respond to repeated requests for comment.

Prosecutors’ announcement renewed questions about the broader stability of Dubai’s burgeoning real estate market, which saw Union Properties rack up some $ 2 billion in debt during the city-state’s financial crisis more than ten years. The company had nearly $ 500 million in debt at the end of last year, according to their financial records.

A statement released by the state-owned WAM news agency said the investigation involved allegations that the company sold a property for less than its actual value and withheld the name of the beneficiary of the sale, as well as the forgery of documents and other violations.

The investigation relates to complaints filed by the Securities and Commodities Authority over allegations of financial violations committed by Khalifa Hassan al-Hammadi, chairman of the board of directors of Union Properties, as well as some of its officials, according to the press release. WAM.

A stock market file from Union Properties identified a March 2020 transaction in which Amna al-Hammadi purchased a property for 30 million dirhams ($ 8.1 million) that had previously been valued at 49.5 million dirhams (13 , $ 4 million). Earlier deposits on the London Stock Exchange identified Amna as the sister of Khalifa al-Hammadi.

Neither Amna nor Khalifa al-Hammadi could be reached for comment. The Union Properties dossier sought to explain the sale by noting that it occurred amid the spread of the COVID-19 pandemic and its associated negative effects and in light of the company’s commitment to settle its debt to its lenders.

Other documents filed on Sunday with the Dubai financial market showed shareholders wanted a vote later this week to possibly remove its board of directors. Separately, the company said one of its subsidiaries was involved in a lawsuit targeting nearly $ 1 billion, without giving further details.

Union Properties shares fell more than 9% on Sunday in the Dubai financial market before closing down 4.83% at 26 fils per share, or 7 cents.

The company’s current shareholding structure was not immediately clear, although a profile from data company Refinitiv showed that its main investor was the Bluestone Fund.

Union Properties, like other companies, struggled to emerge from the shadow of Dubai’s financial crisis in 2009 when its real estate market collapsed. The city ultimately received $ 20 billion in bailouts from Abu Dhabi, the oil capital of the Emirates.

Union Properties scrapped construction of a $ 460 million Formula 1 theme park in Motor City during the crisis, with its then CEO saying banks were no longer willing to lend money. Creditors, including state-owned Emirates bank NBD, sued the company over $ 2 billion in loans. Even today, Emirates NBD advertises dusty buildings in Motor City as available for sale or rental.

Today’s news was shocking, but we have to be clear that it’s a good thing that there is a system, a system that adheres to the punishment of those responsible, said Waleed al-Khatib, managing partner of the Abu Dhabi-based trading company. Global For Shares and Bonds company.

However, Dubai still faces impending debt payments stemming from its 2009 financial crisis. Dubai and its government-linked companies face a massive bill of $ 30.6 billion by 2023, according to Capital Economics, based in London. Dubai itself insists that it is able to cover its debts and that state-related businesses should be seen as separate from the Sheikh’s business.

___

Follow Jon Gambrell and Lujain Jo on Twitter at www.twitter.com/jongambrellAP and www.twitter.com/lujainjo.

Sources

1/ https://Google.com/

2/ https://lasvegassun.com/news/2021/oct/24/emirati-prosecutors-investigating-dubais-union-pro/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]