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Union Properties is a Dubai-based real estate developer.

PHOTO BY ARCHIVE


Big probe of Dubai real estate developer launched

 

DUBAI – The UAE Federal Public Funds Prosecution has launched a major investigation into Dubai-based real estate developer Union Properties, said the UAE Attorney General.

UAE Attorney General Dr. Hamad Saif Al Shamsi said the investigation involves complaints on allegations of financial violations by the developer’s key officials.

The Securities and Commodities Authority lodged complaints against Union Properties on allegations of financial violations committed by Khalifa Hassan Al Hammadi, Chairman of the Board of Directors of Union Properties, along with some of its officials.

The allegations include the company selling property at less than its real value and hiding the name of the beneficiary of the sale, as well as forging documents, and other violations that caused harm to the company and its stockholders.

These also include violation of accounting standards systems to hide the loss incurred by the company by changing the classification of its investments.

In a statement, Dr. Al Shamsi said that the Public Prosecution has started investigation procedures under his direct supervision.

He ordered the seizure of the property of some of the accused and they have been barred from leaving the country.

He added that the legal status of the contracts, deals, and procedures initiated by the accused is being investigated and subjected to a technical examination by specialists with the participation of the Securities and Commodities Authority and law enforcement authorities, and to summon all those whose responsibility is proven.

Dr. Al Shamsi has directed to take all necessary measures to reveal the aspects of the incident, its details, the roles of the accused and to deal firmly with anyone whoever attempts to defraud or tamper with the national economy.

“The Public Prosecution will continue to inform the public in accordance with the course of the investigation and the interest of the investigation process,” he said. ICA/Expat Media


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