Damac, fraud in Dubai

Damac accused over selling flats on UN site in Dubai

A UK lawyer has accused Dubai property group Damac of selling off-plan units on a plot which it knew was occupied by the United Nations (UN).

The UN has a considerable presence in Business Bay – and occupies the site where Damac plans to build two residential projects: La Residence and La Residence 2 at the Lotus.

The projects were launched in late 2006 and early 2007.

Retired lawyer Jeff Kershaw, who lived in Dubai for 11 years but is now based in the UK, is preparing legal action against the private developer over the dispute.

His UK-based client, who is one third of the way into the payment plan – having paid installments worth AED420,000 on the property worth AED1.39m – is demanding a refund, which the developer is so far refusing.

“I want to know whether Damac recklessly forged ahead to sell off-plan units on a site which they knew they couldn’t build on,” Kershaw told Arabian Business.

“My client paid his money in 2007 in good faith but in his case Damac claim they are unable to start building as the United Nations have a tenancy agreement over the land or part of it,” he added.

“They did not in our meeting offer this information immediately and only yielded it under pressure.”

Damac on Thursday was at a loss to explain when the plot would be handed over by the master developer Dubai Properties and when construction would start at Lotus.

In a statement a Damac spokesman said: “Damac Properties is unable to commence works at this time at the Lotus plot. This is due to the relocation of the existing occupant at the site. Until such time as a plot is handed over to Damac, construction cannot commence.

“When timeframes are discussed with customers, all indicated timelines are from the date the plot is handed to Damac for commencement of construction. This project will be completed within 36 months from handover of land,” the spokesman added.

Damac owns the land at the Lotus development site.

La Residence is a planned 58-storey tower, while La Residence 2 will be 64 stories high. In February 2007, Damac said 83 percent of La Residence had been sold.

Damac Properties is part of conglomerate Damac Holdings.

The UN has a number of agencies based in Business Bay such as UNOPS (the United Nations Offers for Projects Services). UNOPS is a member of the International Humanitarian City (IHC), a Dubai free zone.

A spokesman for IHC was unavailable for comment.

Die ACI-Fonds-Pleite kratzt Dubai nur am Rande

Die Suche nach den verschwundenen Geldern des deutschen Fondsanbieters Alternative Capital Investment (ACI) aus Gütersloh in Nordrhein-Westfalen geht weiter. Sind es in Deutschland und Österreich 8.000 Anleger, die um ihre eingezahlten mindestens 300 Millionen Euro bangen, streiten sich in Dubai zudem eine noch völlig unklare Anzahl vor Ort ansässiger Immobilienkäufer mit der ACI Real Estate LLC Dubai um – derzeit bekannt – 20 Millionen Euro (rund 100 Millionen Dirham). Die Dunkelziffer kann beim Vielfachen dessen liegen.

Aber gerade diese Immobilienkäufer – Engländer, Deutsche, Araber, Australier und so weiter, die allesamt in Dubai vor Ort als sogenannte „Expats“ leben -machen ACI-Chef Robin Lohmann (34) vor Ort richtig Feuer unterm Hintern. Ihnen kann Robin Lohmann die verwaisten Baugruben, Baufundamente oder hochgezogenen Aufzugsschächte für die Niki Lauda Twin Towers (seit November 2007), den Boris Becker Business Tower (seit Januar 2008) und die Michael Schumacher Business Avenue (seit Sommer 2008) nicht als nachhaltige Immobilienprojekte verkaufen. Die ACI scheint praktisch gar kein Sagen mehr über die Bauarbeiten zu haben und hat das Geld der Anleger wohl in einem komplizierten Spekulationssystem aufgerieben.

Die Immobilienkäufer vor Ort haben den ersten deutschen Fondsanbieter in Dubai bei Polizei und Staatsanwaltschaft angezeigt. Der indische Manager Sanjay Chimnani, der für ACI die Kontakte in die arabische Geschäftswelt herstellte, hat sich abgesetzt. Robin Lohmann und Teile seiner “Managerials” wurden für einen Tag festgenommen. Robin Lohmann musste nach erkennungsdienstlicher Behandlung nicht nur seinen deutschen Reisepass abgeben – er muss sich nun regelmäßig bei Polizei und Staatsanwaltschaft in Dubai melden, solange der finanzielle Schaden, den Lohmann in Dubai angerichtet hat, nicht beglichen ist.

Seit März 2009 warten in Deutschland 6.000 Anleger vergeblich auf eine Auszahlung für ihre Fonds II bis V (insgesamt hat die ACI sieben Fonds aufgelegt). Kein Grund für Robin Lohmann, deshalb auf persönlichen Luxus zu verzichten. Er wollte sich sogar ein Privatflugzeug kaufen. Zum Glück habe der Händler in Abu Dhabi sicherheitshalber in der Firmenzentrale in Gütersloh noch einmal nachgefragt haben, nachdem Robin Lohmann den Kaufvertrag über einen Lear Jet für Listenpreis bis zu 17 Millionen Euro unterschrieben hatte. Papa Uwe Lohmann (64) soll das Geschäft sofort storniert haben.

Das hinderte Robin Lohmann jedoch nicht, obwohl er schon einen Maybach und einen Ferrari besitzt, in Dubai vor etwa vier Wochen sechs weitere Luxuslimousinen Bentley Continental GT (je 200.000 Euro) zu bestellen. Da in Dubai die 6-Tage-Woche herrscht und nur der Freitag frei ist, orderte Lohmann anscheinend für jeden Werktag in Dubai einen Bentley – einen für Montag, einen für Dienstag und so weiter.

Für eine Stellungnahme sind die Lohmanns nicht zu erreichen. Statt den deutschen Anlegern endlich reinen Wein einzuschenken, veröffentlichte die ACI auf ihrer Internetseite alte Verleumdungsgeschichten gegen den Finanznachrichtendienst GoMoPa und seinen GoMoPa-Korrespondenten Martin Kraeter in Dubai.

Ein GoMoPa-Leser und Firmenconsulter (57) aus Panama teilte GoMoPa heute mit: “Die beiden Lohmanns sind doch Spinner. Die haben mich in Panama angeschrieben, da einer im Internet behauptet hatte, dass ich GoMoPa vor Jahren übernommen habe und der tatsächliche Inhaber sei. Ich habe diesen Spinner Lohman Junior dann angeschrieben und ihm mitgeteilt, dass er ja nun in einigen Wochen oder Monaten ohnehin im Rashidiya-Knast in Dubai sitzen würde und ob ich ihm denn vielleicht mit meinen Dienstleistungen meiner Firma Confidential Business weiterhelfen kann? Danach habe ich nichts mehr ghört. Es ist doch offensichtlich, dass die Anlegergelder nicht in die Projekte geflossen sind und auch nicht fließen.”

An dieser Stelle sei erklärt, dass der New Yorker Finanzachrichtendienst http://www.gomopa.net eine Gesellschaft ist, die über 100 Teilhabern gehört. GoMoPa hat wie jedes journalistische Medium in der Welt keinerlei Vorteil davon, ob die ACI im guten oder schlechten Licht dasteht.

Kraeter, der sowohl mit Fondsvermittlern (die jetzt in Erklärungsnot gegenüber ihren Mandanten sind) als auch mit Geschädigten in Dubai in engem Kontakt steht, beschreibt die ACI-Masche in Dubai wie folgt:

Kraeter: “Die ACI Masche hier vor Ort hat 2 Ausprägungen:
Nummer 1:
Ein Projekt wird beworben, Reservierungsgebühren werden vereinnahmt und nicht auf den Escrow Account (Treuhandkonto) eingezahlt, also höchstwahrscheinlich anderweitig verbuttert. Dann kommt zeitversetzt der Entwurf des Kaufvertrages, den viele Käufer wegen unzumutbarer Berechtigung von ACI zum Bauverzug ablehnen.

Statt die Vorauszahlungen zurückzuzahlen, wird aber behauptet, mit Zusendung des Vertrages sei eine rechtliche Basis gelegt worden, der Käufer habe zu erfüllen. Bezieht sich der Deal auf Projekte, die dann gecancelt werden, wird auch nicht zurückgezahlt. Der Käufer wird – ob er will oder nicht – umgeschichtet auf ein anderes Projekt. Wohlgemerkt, nachdem von seinen Zahlungen 20 Prozent (!!) Umschichtgebühren (das nennt man hier in Verbindung mit ACI “Hair Cut”) abgezogen wurden. Das heißt, ich will eigentlich zum Beispiel im PALAZZO ein Apartment und lande letztendlich im Niki Lauda Twin Towers.

Nummer 2:
Der Käufer schließt einen Kaufvertrag ab. Er zahlt 30 Prozent Kaufpreisraten. Der Kaufvertrag enthält einen Ratenplan nach Baufortschritt. Weitere 10 Prozent sind zu zahlen, wenn die Fundamente gelegt sind. Diese 10 Prozent fordert die ACI aber ein, nachdem nur die Baugrube ausgehoben wurde. Der Käufer weigert sich und pocht auf den Vertrag. ACI kündigt diesen wegen käuferseitigen Vertragsbruchs und zahlt gar nichts zurück. Vor Gericht trägt die ACI vor, sie hätten mit dem Tower gar nichts zu tun, seien nur Broker!!! Developer (Bauträger) sei DEFINE Properties LLC (inzwischen von ACI aus der Not heraus übernommen). Die haben aber die Kundenzahlungen nie gesehen. Der Escrow Account des Niki Lauda Towers müsste eigentlich mit 400 Millionen AED saldieren. Er ist aber laut HSBC-internen Informationen bei quasi NULL.

Die Geschädigten, mit denen wir in unmittelbarem Kontakt sind (und wir haben erst vor drei Tagen angefangen, die einzusammeln!!!!) streiten sich per heute insgesamt mit ACI um schlappe zirka 100 Millionen Dirham (das sind 20 Mio. EUR).

Die ACI-Immoblase belief sich auf 1,5 Milliarden Euro.

Das ist wohl aber nur die Spitze des Eisberges! ACI hat seine 19 Projekte hier in Dubai allesamt als Mischfinanzierungsprojekte aufgestellt. Das bedeutet: Ein Teil der Projektkosten wird mit Anlegergeldern untersetzt, ein weiterer Teil mit Vorabverkäufen an Käufer vor Ort und der Rest mittels Bankkrediten.

Von 2006 bis Sommer 2008 war die üblicherweise von den Banken geforderte Eigenkapitalbasis (das sind die Gelder der deutschen Anleger) bei 10 bis 20 Prozent. Das bedeutet bei zum Beispiel 300 Millionen Euro Anlegergeldern einen sagenhaften Hebel: ACI konnte theoretisch mit Hilfe von Vorabverkäufen hier in Dubai einen “Projektballon” von bis zu 1,5 Milliarden Euro (7,5 Milliarden Dirhams) aufblasen. Da wird erst die eigentliche Dimension des sich anbahnenden Desasters deutlich – nicht nur für Anleger in Deutschland, sondern auch für kleine Immobilienkäufer in Dubai und die Marke Dubai an sich.”

Inzwischen lassen zwei deutsche Geschädigte (Anlagen von 100.000 und 50.000 Euro) über die Berliner Rechtsanwaltskanzlei Dr. Thomas Schulte Haftungsansprüche gegenüber Niki Lauda, Michael Schumacher und Boris Becker prüfen. Lauda gab für eine Million Euro, Schumacher für fünf Millionen Euro und Becker für zwei Millionen Euro ihren Namen für die Projekttürme der ACI,ohne die Projekte näher geprüft zu haben.

In Deutschland gibt es bereits mehrere Urteile, wonach Prominente deshalb Anleger entschädigen mussten. Darunter auch der Ex- Verteidigungsminister und Juraprofessor Dr. Rupert Scholz (Landgericht Mosbach, Aktenzeichen: 10135/06). Viele Anleger zahlten nur im Vertrauen gegenüber den Prominenten. Umgekehrt haben Lauda, Schumacher und Becker nicht einen Cent in die Projekte Lohmanns investiert.

Dubai schuf neue Immobilienaufsichtsbehörde und ermittelt gegen ACI.

Dubai hat zur besseren Regulierung der Schneeballsysteme des schnellen Abverkaufs von noch gar nicht gebauten Wohn- und Bürotürmen im Oktober 2008 eine Behörde gegründet: Die Immobilienaufsicht Real Estate Regulatory Authority (RERA). Laut dem arabischen Nachrichtendienst ArabianBusiness ermittelt die RERA gegen die ACI wegen geplatzter Schecks, Scheinbesitz an Grundstücken und Zweckentfremdung anvertrauter Gelder. Der Chef der RERA, Marwan Bin Ghalita, wird mit den Worten zitiert, dass seine Behörde gegen die ACI insbesondere bei dem internationalen Vorzeigeobjekt Niki Lauda Twin Towers überprüft, ob und inwieweit Gelder unrechtmäßig erlangt und verwendet wurden. Die ACI habe offenbar gegen Dubais Gesetze und Vorgaben verstoßen.

In Dubai wird weiter an der Stadt von übermorgen gebaut.

Dubai selbst hat als Retortenstadt in der Wüste durch die ACI-Pleite nur einen kleinen Kratzer abbekommen. An 600 Türmen wird weiter gearbeitet. Im Sommer soll der zweite Flughafen von Dubai (Dubai World Airport) fertig sein, der den Charles de Gaulle Flughafen in Paris und den John F Kennedy Airport in New York in die Westentasche stecken kann. Es ist der einzige Flughafen der Welt, an dem dann Riesen-Airbusse A380 ohne jedwede Wartezeit abgefertigt werden können. Er ist für Transitreisende ausgelegt. Gepäckstücke kreisen so lange auf einer gigantischen Gepäckumlaufbahn von der deutschen Firma Siemens, bis sie gebraucht werden. Eine Lagerhalle gibt es nicht. Der alles überragende Flugtower, der von Franzosen gebaut wurde, bekam von innen beheizte Scheiben, damit sie wegen der großen Außenhitze und klimatisierten Innenkühle nicht beschlagen. Ob der Flughafen von dem bereits ein Rollfeld und eine provisorische Abfertigungshalle in Betrieb sind, jemals ausgelastet wird, spielt in Dubai keine Rolle. Das Motto der Ölscheichs lautet: Wir stellen etwas hin, dann kommt die Welt von allein zu uns.

Das Konzept schien aufzugehen. Um die künstlichen Palmeninseln oder das einzige Sieben-Sterne-Hotel der Welt (Burj Al Arab) zu sehen, kamen im vergangenen Jahr rund 6 Millionen Touristen nach Dubai. Nach Australien reisten 7 Millionen Besucher. Der Unterschied: Viele Besucher von Dubai kommen nicht wieder, vor allem wenn sie im Sommer da waren. Künstliche Dinge schaut man sich nur ein Mal an.

Und für Dubai eröffnen sich bei dem Eingriff in die Natur ungeahnte Probleme. Während Schiffe weiterhin den Meeresboden aufsaugen, um einen künstlichen Erdanblick aus dem All in Inselform anzuschütten (Wüstensand ist dafür zu feinkörnig), besteht in den dicht bebauten Siedlungen auf den künstlich aufgeschütteten Palmenblätterinseln bald Seuchengefahr. Das Wasser hat keine natürliche Strömung und steht in den Palmenfächerdümpeln. Fäulnis macht sich breit. Dubai versucht nun, mit Umwälzpumpen Leben in die Gewässer zu bringen.

Und noch ein Problem ist noch nicht gelöst: Jeden Tag bildet sich vor den Toren Dubais eine lange Schlange von Fäkalienlastern. Die Kläranlage ist viel zu klein und dem Ansturm nicht gewachsen. Bis zu 48 Stunden müssen die Fahrer warten, bis sie ihre Ladung los werden. Sie werden aber nicht nach Stunden bezahlt, sondern nach Ladungen. Niemand mag die dadurch begründeten illegalen Verkippungen mitten in die Wüste wirklich zählen.

Und noch eine Schattenseite begleitet den Bau der Retortenstadt. Es gibt noch zu wenige große Vorzeigebaustellen, bei denen der Arbeitsschutz eingehalten wird. Die meisten Baustellen sind nicht einsehbar. 800 Bauarbeiter fanden bislang in Dubai bei Arbeitsunfällen der letzten 5 Jahre den Tod. Die meisten Arbeiter wohnen in sogenannten Labour Camps am Rande der Stadt. Immer zehn Mann auf einem Zimmer. Einen persönlichen Bereich für Wertsachen hat niemand. Der Mindest-Monatslohn für ungelernte Kräfte liegt bei 150 Euro.

Trotz oder wegen dieser Wachstumskrankheiten – man darf nicht vergessen, dass alles, was Dubai heute ausmacht, gerade mal in den letzten 10 bis 15 Jahren entstanden ist – wird Dubai in gleicher atemberaubender Geschwindigkeit in Bezug auf die Eindämmung von Missständen “erwachsen”: Es gibt neue Gesetze zur Regulierung des Immobilienmarktes, neue strenge Bau- und Betriebsvorschriften für Arbeiterunterkünfte. Baufirmen beschweren sich bereits über bis zu 10 Prozent Arbeitszeitverluste wegen der nun vorgeschriebenen Sicherheitsunterweisungen. Dubai hat als erste Stadt der Welt außerhalb der USA eine generellen „Green Building Standard“ nach US-Muster. Seit heute, also dem 01. Juli 2009, gibt es eine eigene Regierungshotline für die Meldung von Beamtenkorruption.

Und auch die Löhne steigen analog zum Dollarverfall, wobei schon jetzt Durchschnitts-Baulöhne von zirka 300 Euro bei den Gastarbeitern vom Subkontinent dort zuhause ganze Familien ernähren und Wohlstand angedeihen lassen – wie überall eine Frage der lokalen Kaufkraft. Die Arbeiter können die verdienten 300 Euro komplett nach Hause schicken, weil der Arbeitgeber in Dubai alle sonstigen Kosten (außer Zigaretten) wie Unterkunft, Essen, Trinken und Arzt übernimmt.

Für den ehemaligen Dubai-Consulter und jetzige Geschäftsführer von Königs Immobilien auf Sylt (Nordfriesland), Dieter Rödel, bleibt Dubai das Paradies auf Erden: “Sie finden dort alles Schöne auf einen Fleck vereint, wofür Sie sonst eine Weltreise unternehmen müssten.”

Für den Wirtschaftstreuhänder und GoMoPa-Korrespondenten Martin Kraeter ist Dubai ein lohnenswerter Markt mit einem einzigartigen Wachstum, bei dem man aber auch nichts geschenkt bekommt: “Dubai ist in erster Linie viel Arbeit, die sich mit dem richtigen Partner aber auch auszahlt. Niemand wird Dubai die Funktion als Drehscheibe im Mittleren Osten streitig machen können – hier ist der Aktionspunkt zwischen Westen, Arabien und Asien.”

Source: http://www.gomopa.net

Nakheel hits back at ACI Waterfront claims

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.

Robin’s return

Robin Lohmann was once the darling of the Dubai property industry, with sporting legends including Michael Schumacher and Boris Becker lining up to do business with him. Today, amid a massive property market crash, his company ACI is at the centre of a storm, following a series of allegations over what happened to his investors’ cash. He spoke exclusively to Alex Delmar-Morgan and Anil Bhoyrul.

It’s January 2008 and Robin Lohmann couldn’t be happier. He has just given a joint press conference with Michael Schumacher at the Jumeirah Beach Hotel, after which the ACI (Alternative Capital Invest) boss and the F1 legend jump into a golf buggy. They are pursued by the world’s media, eager for more. After all, Schumacher has won seven F1 titles, while Lohmann himself has also become a national hero back home in Germany. The property developer is the darling of the industry, thanks largely to his branded sports developments. He boasts of having over AED1bn already invested in Dubai, and everyone wants a slice of the action.

A farcical chase on golf buggies ends at the hotel’s conference centre, where Lohmann agrees to do one-to-one interviews. “You all need to calm down. Michael and I are not going anywhere,” he tells us.

Eighteen months is a long time in the property industry. Lohmann, managing director of ACI, is still not “going anywhere,” as authorities investigate complaints from investors. House prices have plunged 50 percent or more. Investors expecting their first big cheques in March this year from his development fund are still waiting. Construction is either slow or non-existent on many flagship projects. His ventures on Nakheel’s Waterfront development, which he says have left him, his group and partners high and dry to the tune of AED800m ($217.8m), have completely stalled. Accusations and counter-accusations are coming faster than Schumacher in a Ferrari.

For a man under pressure, Lohmann is well turned out in a crisply ironed white shirt, suit trousers and black shoes. But he looks tired, a man with a lot on his plate. “Of course I am stressed. Wouldn’t you be?” he sighs.

So what’s gone wrong? Lohmann takes two hours to explain…

Personal allegations

Damaging allegations about Lohmann’s private life have been strewn all over the German press in recent weeks. These include claims he led a lavish lifestyle with the money of his investors, purchasing several expensive cars and a private jet. It has also been alleged that he transferred sums of money to South America, and that he is currently in the process of obtaining two new South American passports, for himself and his father, Uwe (who founded ACI).

“Nonsense,” he says, claiming that the allegations are the work of a German website, gomopa.net, which has its own agenda.

“I don’t have a private jet for €17m and my father never needed to cancel an order for a private jet anywhere in the world. After this nonsense was cleared up, the next idea was that I have purchased six Bentley Continental GTs, each for €200,000 ($277,893) so I could have one for each working day. This isn’t true, you can go to the RTA [Roads Transport Authority] and check for yourself.”

He also strongly rejects the claims that appeared last week suggesting he was planning to move to South America and had already transferred money there: “Maybe you will read in the future that I needed to buy 30 bicycles, one for each day in the month! The reason might be that I was not able to pay for my petrol anymore because I send all my money to Bahrain and Belize.”

He adds: “They say my father and myself have ordered two South American passports for €750,000 from a company in Panama. We are more than happy with our German passports and we never faced any problems with them.”

It has also been claimed that Lohmann’s former business partner, Sanjay Chimani, who was joint managing director of ACI, has returned to India after being investigated for having links to Indian tycoon Kabir Mulchandani, who was arrested by Dubai Police at the start of the year for suspected fraud.

A building in Dubai is fully covered with advertising signs announcing the launch of three ACI towers that carry the names of three sports legends.

He also strongly rejects the claims that appeared last week suggesting he was planning to move to South America and had already transferred money there: “Maybe you will read in the future that I needed to buy 30 bicycles, one for each day in the month! The reason might be that I was not able to pay for my petrol anymore because I send all my money to Bahrain and Belize.”

He adds: “They say my father and myself have ordered two South American passports for €750,000 from a company in Panama. We are more than happy with our German passports and we never faced any problems with them.”

It has also been claimed that Lohmann’s former business partner, Sanjay Chimani, who was joint managing director of ACI, has returned to India after being investigated for having links to Indian tycoon Kabir Mulchandani, who was arrested by Dubai Police at the start of the year for suspected fraud.

“Sanjay is now in India, but he was not an investor in ACI and not financially linked to the company,” says Lohmann.

He adds: “For me there is no chance I will do a hit and run. You know why? Because I haven’t even collected the money I have invested and spent here. I’m not going ahead and losing AED500m ($136.1m), it’s not the way.”

ACI property development funds

Much of the controversy centres on ACI’s funds, used to finance residential and commercial real estate projects in Dubai, of which there were seven.

The model was simple: money from the funds would be used to purchase a plot to develop a project, ACI Real Estate LLC would would ‘flip’ the building to several buyers for a profit. Investors would then be able to redeem their money, plus a profit, and the company would see a healthy return. German investors paid around €50m (AED257m) into these funds. So what went wrong and why are there a group of angry German investors claiming they have been owed money since March?

Lohmann explains that there has been a lot of “nonsense” spoken. The first fund was for a project in Jumeirah Lake Towers, for which all investors have been paid, he claims.

“We started in 2004 with Jumeirah Lake Towers. We bought it at AED 600 per square foot, and sold it for AED 1800 per square foot in 2008 – a 300 percent increase in four years,” he says.

Funds six and seven related to investments in the sports-branded Michael Schumacher and Nikki Lauder developments – but payments from these projects are not, contrary to reports, due until 2012, he adds.

Which leaves funds two to five. Funds two and three were used for ACI’s City of Arabia development, fund four for Business Bay and fund five for Victory Bay. Investors expecting a payment due from these in March this year are still waiting – and will have to keep waiting.“Giving money back is not an option as this point in time. The money has been invested in the land, which is fully paid for, and the money has been spent in the development, which is normal – the contractor and suppliers are not working for free,” Lohmann says. “The only way to get the money back is to complete the building from our side, and third party purchasers have to fulfill their payment obligations as well.”

He is equally blunt on the subject of direct property investors: “What investors don’t understand is that I have not sold anything for the last seven months. Listen, if you bought Emaar stock for AED 20 and it went to AED 2, you don’t go to Mohammed Alabbar and say ‘I want my money back’.”

He adds: “To liquidate anything in this kind of market scenario is very difficult. The market as well as the investors need to have some patience.”

Additional security for investors

Lohmann has faced calls from his German investors to pay them the money they say they were owed in March. He says he doesn’t have it, but claims he is prepared to offer them additional security as a gesture of goodwill in the form of off-plan properties owned by Falcon International Investment Group.

Many investors have criticised this move, saying they do not know enough about Falcon and the value of its assets.

Lohmann says: “What I don’t understand is why we are getting blamed for this kind of action. We wanted to show them alternative solutions, we wanted to show them that we are working on solutions, but right now we can’t give them the due amount back because we are not able to liquidate anything.

“We have provided investors with assets exceeding double the amount which was due to them in March plus they still have their original investment in the developments.”

Branded sports towers

In January last year, ACI launched three towers using famous sports stars as branding partners: German F1 champion Michael Schumacher, Austrian racing driver Niki Lauder and Wimbledon tennis champion Boris Becker. At the time, the move was hailed a branding masterstroke as investors raced to snap up units and entire floors of the projects.

Eighteen months down the line, construction is severely delayed, with Schumacher Business Avenue a year behind schedule after having completed shoring and piling. The new main contractor has been appointed and is currently mobilizing the construction side of the project. It is now due for completion in the summer of 2011.

Lohmann predicts the Boris Becker Business Tower, which is built up to the second floor, will be finished in the second quarter of 2010.

The situation with the branded towers, Lohmann says, has been complicated by South Korean construction firm Shinsung, which was awarded two contracts worth $408m in February 2008 to build the developments. The company, however, filed for protection from bankruptcy in December last year. ACI duly terminated its contract with Shinsung on the Schumacher scheme, but because construction has already started on the Boris Becker project, Lohmann has been left with another headache.

“On the Boris Becker tower, we have faced a problem because the project is already up to the second floor. So to change the main contractor is difficult,” he explains. “The other contractor will have to build to the nineteenth floor. You can’t resolve it overnight.”

For the time being, of more concern to ACI is the level of investor defaults on its projects. Lohmann says this is the main reason for project delays – and he doesn’t mince his words:

“If everybody paid me on time, then I could progress on the site much faster,” he shouts. “The Boris Becker tower will be ready in the second quarter of 2010 and Schumacher will take two years from now, but only if people pay. If people don’t pay, we will have to slow down more.

“The branded towers are all under construction and will remain under construction. And because they are under construction, you [the investors] have no right to get your money back, your right is to pay me.”

Problems with RERA

Reports last year claimed that ACI was under investigation by Dubai property watchdog RERA (the Real Estate Regulatory Authority). Lohmann says this is “nonsense,” and that “no investigation has ever taken place.”

However, he complains that the Dubai Land Department has recently tightened certain laws, prohibiting developers from single-handedly terminating investor contracts.

The newly introduced Law 9, Lohmann claims, means developers now have to send three payment reminders and a legal notice to an investor who has defaulted, before handing over documents to RERA. It is RERA who then decides whether to cancel the contract.

He explains: “We do not have the strength any more to sit with the investors and to push them for payments. Some of the investors don’t consider payment reminders and legal notices anymore. They wait to receive the final payment reminder from RERA, which grants them another thirty days to make their overdue payments.

“Since all of our projects have construction-linked payment plans, we have to work very closely with our contractors to match the necessary cash flow.”

The Waterfront

Lohmann’s most pressing concern is when Nakheel’s Waterfront development, a seaside mega-project in Jebel Ali planned to be twice the size of Hong Kong, will be built.

He claims to have invested within the group and his partners AED800m in plots on the project, money he can claim back only if the project is cancelled rather than postponed.

Part of the AED800m is assigned to the development of ACI’s flagship Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence projects. Many of the investors in these projects are demanding their money back and, given the lack of any construction progress, are growing increasingly restless.

Lohmann explains that he cannot give his investors an answer on the status of the projects because he himself doesn’t have one: “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 our investors answers.”

Source: http://www.arabianbusiness.com/561496-robins-return

How the mighty have fallen

Source: http://www.arabianbusiness.com

It was in the late nineties that the government decided to allow foreign ownership of land in Dubai, thereby effectively releasing the biggest genie from a bottle the Gulf had seen since someone, many moons ago, decided to investigate what the black sticky stuff in the sand was.

From the start, my father was incredibly sniffy about the whole idea. When expatriates were first allowed to buy flats, in towers where the Marina now is, he pointed out that the flats were pokey, and the infrastructure was poor.

Thereafter, on each occasion that I returned to Dubai for university holidays, he would respond to my gasps of amazement about the pace of development in the emirate with grim predictions. “It is a bubble,” he would say. “The whole thing is going to go pop. Who is going to live in these flats? Construction workers? And what happens when they’re finished and go home?”

For ten long years, Dubai and the property market defied my father. While he determinedly stood on the sidelines, millionaires were made daily by the dozen, and the machine became ever more rampant and sophisticated.

Where, at the start of the 2000’s, frowsy housewives used to apologetically show potential buyers around flats, by the second half of the decade the estate agency business was a jungle populated by the same type of sharp-eyed spivs in suits you’d find in any other major city. The developers were the same. There was a gold rush going on, and everyone except my father knew it.

Robin Lohmann, this week’s print issue cover star, certainly knew it. I first interviewed him in March last year, when he was in his pomp. He was a breath of fresh air. In an industry of frantic money-men, Lohmann was a well-mannered model of assured calm. From behind an unbelievably huge desk, in an office whose wall-to-wall windows looked out over the ocean, he spoke quietly and with intelligent certainty. Not only was he making incredible sums of money, but he was happy to talk about how it was done.

He said he had 8,000 global investors, that he could sell entire buildings in two hours, and that construction of his celebrity branded towers would cost 1.5 billion dirhams. He even talked of profit margins of close to fifty percent.

In those days, of course, the world was a different place. We were all on the brink of something massive. To his credit, Lohmann saw it coming, but he thought it would only strengthen Dubai’s property story. He said: “I am quite surprised the stock market is still so stable. I was expecting a worse crash. It will come. Am I worried? No. There is so much money coming into Dubai from the rest of the world, from countries where economies are slowing. From Russia, from India, from Turkey. And then there are institutional investors coming. In America and Europe, you make six percent rental returns, maximum. Here you make up to twelve percent, tax free. This market is a huge, huge opportunity.”

Back then, Lohmann was the poster boy for the Dubai property story. His investors would no doubt beg to differ with me, but there is something sad about seeing him brought so low today by the unwinding of the market. Those investors believe that Lohmann is being frustratingly opaque in his dealings with them – they want to know where their cash has gone. But if what he says in our interview with him is true, then he is as much the victim of a lack of transparency as anyone who has given him money is. This interview is an effort at transparency, and Lohmann deserves credit for being man enough to do it. (I predict many more property developers will soon be spilling their hearts out, too: it’s funny how pressure makes people chatty).

Incidentally, I did eventually persuade my father to come into the market with me. In August last year, we were on the brink of buying a one bedroom apartment in the Marina for 2.5 million dirhams. I lost the mortgage forms at the last moment. We said we’d sort it out in when we returned from our respective holidays. Luckily, we never did.

‘Money back is not an option’ says ACI boss

The boss of German developer ACI Real Estate has told investors that getting their cash back is “not an option”.

In an interview with Arabian Business to be published in full on Sunday, managing director Robin Lohmann defended his development funds in which investors put 50m euros ($69.5m).

Although the first fund has healthy returns, funds 2-5 were due to return profits in March this year. Lohmann has faced stern criticism in the German media, after investors who put up to millions of euros into his funds did not receive payments earlier this year.

But Lohmann said: “Money back is not an option as this point of time, the money has been invested in the land, which is fully paid, the money has been spend in the development, which is normal, the contractor and suppliers are not working for free, also not for a branded tower.

The boss of German developer ACI Real Estate has told investors that getting their cash back is “not an option”.

In an interview with Arabian Business to be published in full on Sunday, managing director Robin Lohmann defended his development funds in which investors put 50m euros ($69.5m).

Although the first fund has healthy returns, funds 2-5 were due to return profits in March this year. Lohmann has faced stern criticism in the German media, after investors who put up to millions of euros into his funds did not receive payments earlier this year.

But Lohmann said: “Money back is not an option as this point of time, the money has been invested in the land, which is fully paid, the money has been spend in the development, which is normal, the contractor and suppliers are not working for free, also not for a branded tower.

“The only way to get the money back is to complete the building from our side and third party purchasers have to fulfill their payment obligations as well.”

In the interview, he also firmly denied that the money due back in March is linked to investments in the Michael Schumacher and Niki Lauda branded towers.

“These funds are only due in the year of 2012, so all the press releases which have been published over the last weeks are badly researched and untrue.

“But for sure it is more interesting for journalists and Dubai experts to involve celebrities’ names in headlines instead of writing a true story, these headlines are selling – celebrities are selling – this is why we have chosen them as well.”

Dossier Schumi-Fonds kriselt in Dubai

Source: http://www.ftd.de/boersen_maerkte/investmentfonds/:Immobilienanlagen-im-Emirat-Schumi-Fonds-kriselt-in-Dubai/538273.html

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.

Troubled German developer puts Dubai Waterfront towers on hold

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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Dubai Police Nab Real Estate Agent on the Run

DUBAI — A real estate agent, on the run for nearly a month, was caught by Dubai Police for allegedly issuing dud cheques worth Dh203 million to high 
end clients.

Ahmed Thani bin Ghalita, Director of the anti-crime department of Dubai Police said, about 39 people, including top soccer players, had lodged complaints against the man, a British citizen of Pakistani origin.

Ghalita said the complainants alleged that the man had sold them property, for which they gave deposits, and when the deals fell through, the deposits were not repaid as guaranteed. “The police received information that the suspect, who is a holder of a British passport, was trying to escape from the UAE. The police launched a search for the suspect who worked as a real estate broker and who was wanted by Interpol for issuing dud cheques to clients, including soccer players of various teams,” he said.

“The police was informed by employees that the suspect was not living with his children and that he changes his appearance and was not using his mobile phone to avoid being caught by 
the police.

“The suspect was stunned when he was arrested by the police in a coffee shop in the Murraqabat area — he thought that the police would not recognise him. The suspect has been on the run for 25 days.”

Ghalita said the suspect, using his work in the real estate company, dealt with clients through the email and online resources so as to avoid providing evidence for an office or home address.

Ghalita would not say which company the man was working for or which property or properties he claimed to be a broker for.

The department of anti-crime, established by the Dubai Police on September 2008, has approved a number of ways to curb crime, including the investigation of bounced cheques of large sums.

It was a part of this initiative that Dubai Police tracked the 39 complaints issued at various police stations, investigated and arrested the man for issuing bounced cheques worth Dh203 million.

During the first half of the current year the police recovered thousands of dirhams by investigating on dud cheque cases and arrested 278 wanted people.

Source: amira@khaleejtimes.com

British man arrested in Bangkok on Dubai fraud charges

A British man has been arrested in Thailand after spending eight months on the run for allegedly embezzling $150m from a real estate company in Dubai.

Michael Bryan Smith, 43, was caught by Thai Police in Bangkok’s notorious Nana area on Wednesday night after the UAE had asked for Thailand’s assistance in the matter.

The allegations say Smith siphoned workers’ salaries into his own bank account while working as a personnel manager at a Dubai property company, Thai police said, according to a report on UK Sky News.

Smith has apparently denied all charges and his case will be handed to the Attorney General’s Office for extradition to face charges in the UAE.

“He did not resist arrest. We will start his extradition process as soon as possible,” Police Colonel Somprasong Yen-tuam said.

Smith is married to a Thai woman, and had travelled extensively through Vietnam, Hong Kong, the Philippines and Thailand after fleeing Dubai.

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Question:

When will there be an arrest of Robin Lohmann (CEO of Alternative Capital Investment – ACI) and Maktoum Hasher Juma Al Maktoum,
President AL Fajer Properties Dubai