Omniyat under fire

May 25, 2009 at 12:29 am

In reference to the ongoing dispute, and personal meeting on the 12th of May 2009, in Omniyat Properties’ head office in Burjuman Business Tower, in attendance of the investors in Binary project:
Ms. Judit Kovacs, Dr. Szuliman Musztafa, Ms. Zita Teimel (on behalf of Mr. Ferenc Gal)
and appointed managers by Omniyat properties:
Cornelia Montgomery – Customer Relations Director; Mark Phoenix – Development manager;Henrietta Odozi – Legal Department

Brief case summary
The owners would like to highlight the fact that the construction has been started in 2006 and the original completion date as per the Sale and Purchase Agreement supposed to be at end of 2008.The owners have fulfilled their contractual obligations and paid 75% of the total price by 1st April 2008. By going for a site visit in May 2009 and taking photographs, it has been witnessed that the construction progress in reality is at the ground level, which means that the development in point of fact is at 15-20%.

A verbal estimation has been requested at the site from the subcontractors about the considerate completion date, which was 2011.

Investors request on meeting
In respect of the above terms the owners would like to kindly request to readjust their payment schedule and refund partially the paid money, proportionate and fairly to the progress of work. E.g.: The construction is currently at 15-20%, the collected amount should not exceed more than 40%.As the progress goes, the owners offered to continue to pay punctually in accordance to the construction progress.

The investors expected to receive a rental fee by the year of 2009. These terms are highly affecting their profitability and cash flow in business till 2011.

Omniyat Properties’ respond and status:
Omniyat Properties have been stated that they are:
-Not taking the responsibility for the progress of construction as this term belongs under the point of contract “Force Major” whereby if the subcontractor has been chosen is not delivering is beyond their control.

-Not willing to refund any money of owners, they are willing to keep 75% without any interest rate or progress of work
-Not willing to compensate their investors in any other non financial format
-Luck of Escrow account for Binary project
-Luck of subcontractor at moment and construction has been stopped
-Not willing to give any guarantee of a definite completion date and in case of breach of contract.
-Not willing to provide Arabic copy of the Sales and Purchase agreement for their investors.
Please help if you are an Omniyat expert!!! Judit Kovacs

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April 10, 2009 at 1:29 pm

Omniyat is a one of the largest swindler and thief in Dubai. What is inside story of Omniyat, time will tell, so please be careful in your dealings with this developer
Any body who has purchased any property from omniyat, please contact.

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