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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.

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.

– – – – – – – – – – – –

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

Claims of scams, fraud, and embezzlement are hitting the real estate market in Dubai.

The multi-billion dollar construction craze which has attracted investors from all over the world, has seemingly brought in unsavoury types who have been preying on the never-ending appetites of locals and foreigners lining up to invest in the market.

A UK company which claimed to have acquired a 900-apartment plot in the proposed Jumeriah Village project, has reportedly sold off apartments in the plot, with no prospect of them ever being built. The company, Strategic Property Investment, and its associates, William Cowe and Mark Emlick, are being investigated by Dubai and UK authorities.

Dubai authorities are also investigating the mysterious Al Areifi Tower being constructed at Dubai Marina. As we reported several weeks ago, Khalid Saud Al-Areifi & Partner Co., of Riyadh Saudi Arabia, sold several hundred apartments in the project off-the-plan some years ago, taking full payment upfront.

In recent weeks the owners of the apartments have been receiving telephone calls and faxes from Al Areifi representatives in Saudi Arabia advising them construction on the project had stopped and would not be resumed. Investors say they have been offered their original cost, plus interest, back.

We have sighted one of the letters sent which verifies the investors’ claims.

When we visited the site two weeks ago we found construction in full swing. We contacted the builder on site who confirmed there had been no disruption to the construction and it was proceeding at ‘full steam.’

Reports are now circulating that Al Areifi sold the site to the newly-formed, Abu Dhabi-based, Eskan Properties. A report in Gulf News Friday, however quotes a company spokesman as saying, ‘We sold the tower on again a week back.’

Having bought their apartments and paid for them in full, well before construction started, investors are now wondering how ‘their’ apartments could be on-sold, on two separate occasions since.

Several calls to Emaar Properties, the master developer of Dubai Marina, where the project is sited, have not been returned.

Meantime the investigation into the conduct of the former CEO of Dubai’s second largest property developer, Deyaar, has been widened. According to Dubai’s Attorney General, Essam al-Humaidan, a second person, Ganesan Krishna Kumar, 49, has been arrested in connection with the investigation. Kumar, originally from India, was a co-founder, and is managing director, of the Dubai-based advertizing agency, Masterbrand (ME) Ltd.,

Two other men have also been detained and questioned, but have since been released.

Zack Shahin, Deyaar’s ex-CEO is being probed in relation to claims of possible embezzlement. Deyaar has more than 1,600 apartments, as well as retail, and office complexes, under construction in Dubai.

The glitz and glamour of Dubai’s red-hot property market must be feeling the heat of the latest troubles, coming on top of the debacle surrounding the Damac project on the Palm Jebel Ali.

Damac, which claims to be the largest private property developer in the Middle East, sold apartments off-the-plan in what it called the Palm Springs project, a luxury apartments and resort project on the Palm at Jebel Ali.

Four years after launching the project, Damac wrote to investors saying it had been abandoned as the master developer of the Palm had changed the plans and the project could not now fit the site.

Within days the master developer, Nakheel, announced it was unaware of Damac’s claims, and that the changes which Damac referred to had been made ten months earlier, and Damac was happy with them.

A hastily convened meeting by the authorities, involving Damac and Nakheel, resolved the matter, with Damac agreeing to proceed with the project. That action averted a class-action lawsuit against Damac by at least sixty angry investors, most of whom were from the UK.

UAE-based real estate broker ACI Group has denied stories in German business media that the company’s CEO Robin Lohmann has been jailed.

Trade title Financial Intelligence Service last week reported that Lohmann has been under investigation by the Dubai police.

The paper stated that four independent sources had confirmed Lohmann had been taken into custody for one night, had surrendered his passport to the authorities, and was not allowed to leave the country before the debts of ACI Dubai were settled.

Real estate companies have been battered by the collapse in property prices in the UAE, which has led to several master developments grinding to a standstill.

Sub developers with projects within these master developments have been battling to satisfy investors who have paid deposits for property that is not currently being built, while struggling to pay contractors on jobs that are ongoing.

Last week a senior executive of Khoie Properties, the developer behind a $550 million project on Ras al Khaimah’s man-made island of Al Marjan, was handed a three year jail sentence for bouncing two cheques totalling over $30 million.

An official from ACI, who spoke exclusively to Arabian Business but would not be named or directly quoted, said that reports in the German business press about Lohmann’s arrest, and rumours circulating in the Gulf that he had fled the country, were not true.

ACI Group is a German-based company that entered the Gulf market in 2004 with a multi-million dollar marketing programme for a succession of projects and established a glamorous headquarters – a large converted beach villa that overlooks the Arabian Gulf.

High profile projects in the emirate included tie-ups with F1 racing legend Michael Schumacher and former Wimbledon tennis champion Boris Becker.

The office is still functioning, as Arabian Business discovered when it visited the premises last week. Mr Lohmann was not available for a meeting and has not returned our calls.

A company spokesman mounted a robust defence for ACI, noting that, unlike many other developers who had already fled the country, ACI was still operating and construction work was ongoing. The company’s web site, he said, showed pictures of ongoing construction work that proved work is progressing.

There are 19 projects promoted on the web site, but only seven have “construction updates” that show progress on building sites.

The remainder, which includes the Boris Becker Beach Resort & Tennis Academy in Ras Al Khaimah, have no construction updates on the web site.

ACI said that no refunds were being paid to investors because projects have been postponed, not cancelled, but added that investors were not required to pay additional instalments until construction work restarted.

Posted by 7starsdubai on June 29, 2009

Comment from : complain.aci June 28, 2009 at 1:13 pm


The press releases in Germany did lead to an enourmous media recognition.
Actually, there are several serious national and international requests, looking now for “ACI victims” here.

Thus, we are looking for

a) unit buyers with running cases,

b) suppliers running behind their moneys,

c) other serious detailed information.

Please, no gossip or twitters. Just facts.

As a first step, we can be contacted via E-Mail,

The millions of advertising for skyscrapers in Dubai could be used for Niki Lauda, Boris Becker and Michael Schumacher expensive. Eine deutsche Anwaltskanzlei prüft derzeit Schadenersatzansprüche gegen die Prominenten, die ihre Namen der Fondsgesellschaft Alternative Capital Invest (ACI) und der ACI Real Estate Invest in Dubai zur Verfügung gestellt und offenbar Millionengagen kassiert haben sollen. A German firm is currently examining claims for damages against the celebrities, the names of its investment company Alternative Capital Invest (ACI) and the ACI Real Estate Invest in Dubai and made available to millions seem to have collected fees.

The public prosecutor in Dubai identify the particulars of the firm due to misuse of investor funds, because the ACI investors their money no longer could pay back. Konkret geht es laut Anwalt Thomas Schulte um 60 Mio. Euro, die 6.000 deutsche Anleger bereits im März 2009 von ACI bekommen sollten. Specifically, according to attorney Thomas Schulte by 60 million euros, some 6,000 German investors already in March 2009 of ACI should get.

Bereits Ende 2007 haben Prominente wie der österreichische Airline-Unternehmer und frühere Formel-1-Rennfahrer Niki Lauda oder der ehemalige Tennisprofi Boris Becker ihre Namen für Wolkenkratzer-Bauprojekte („Niki Lauda Twin Towers“, „Boris Becker Business Tower“) der Fondsgesellschaft ACI in Dubai zur Verfügung gestellt. By the end of 2007, prominent figures such as the Austrian airline entrepreneur and former Formula 1 racing driver Niki Lauda and the former professional tennis Boris Becker for their names skyscraper construction projects ( “Niki Lauda Twin Towers’, ‘Boris Becker Business Tower”) of the fund company ACI Dubai provided. Becker soll laut der Anwaltskanzlei für die Werbung für die ACI 2 Mio. Euro, Schumacher 5 Mio. Euro und Lauda 1 Mio. Euro erhalten haben. Becker, according to the law firm for the advertising of the ACI 2 million euros, Schumacher 5 million euros and 1 million euros Lauda received.

Schadensersatzansprüche gegen Prominente, die für Fonds werben, sind in der Rechtsprechung laut Schulte keine Neuheit. Damages claims against celebrities who advertise for funds, are included in the law, according to Schulte no novelty. Grundlegend sei hier ein Urteil des Landgerichts Mosbach. Basically this was a ruling by the Landgericht Mosbach. Danach haften Prominente und Politiker für entstandene Schäden, wenn sie sich als Zugpferd vor Fondsprojekte spannen ließen, die sie nicht hinreichend geprüft haben. Then celebrities and politicians are liable for damages if they are driven projects before funds could stretch that they have not sufficiently examined.

Die ACI-Gruppe ist nach eigener Aussage deutscher Marktführer bei Dubai-Fonds. The ACI Group is to build the German market leader in Dubai fund. Bisher wurden laut Medienberichten sieben Immobilienfonds mit einem Gesamtinvestitionsvolumen von 600 Mio. Euro aufgelegt. So far, according to media seven real estate funds with a total investment volume of 600 million euro. Die Fonds VI. The Fund VI. und VII. wurden offiziell auch in Österreich vertrieben. and VII were also officially distributed in Austria.

Robin Lohmann (34) is junior partner in Germany, initiator of the fund’s Alternative Capital Invest (ACI) from Gütersloh, North Rhine-Westphalia. In Dubai und den Vereinigten Arabischen Emiraten ist er der Herr der Sportlegenden-Tower mit den Namenszügen von Niki Lauda, Boris Becker und Michael Schumacher. In Dubai and the United Arab Emirates, he is the Lord of the sports legends-Tower with the names of trains, Niki Lauda, Boris Becker and Michael Schumacher.

Hinzu kommen etliche weitere medienwirksam inszenierte Megapro- jekte wie ein Tennis-Resort in Ras Al Khaimah sowie zahlreiche Immobilienvertriebsprojekte des “Master of Flip”. In addition, several other media projects Megapro staged as a tennis resort in Ras Al Khaimah as well as numerous real estate projects sales of the “master of flip.”

We gave him as first the Germans’ CEO Middle East Award 2008 “in” Innovations “, after his company ACI with Michael Schumacher before the project is already Arabian Property Award 2008, category” Best Branded Development “was given. In Dubai wurden er und seine Managementkollegen – unter ihnen Marc Hühn, Sanjay Chimnani und Jörg Grunwald – von Einzelnen schon als die “Superheroes in Real Estate” bezeichnet. In Dubai were he and his management colleagues – among them Marc Huehn, Sanjay Chimnani and Joerg Grunwald – from individuals already as the “Super Heroes in Real Estate” means.

Aber, wie man in Dubai ebenfalls erfährt, kaufte sich Robin Lohmann offenbar lieber teure Luxuskarossen (Maybach, Ferrari), Jachten und Flugzeuge, darunter einen Lear Jet für 17 Millionen Euro, anstatt die seit mehr als fünf Jahren von über 8.000 deutschen und österreichischen Anlegern eingesammelten 300 Millionen Euro in seine Bauprojekte zu stecken. But, as we also learn in Dubai, bought Robin Lohmann seem rather expensive luxury limousines (Maybach, Ferrari), yachts and aircraft, including a Lear Jet for 17 million euros, instead of the more than five years of more than 8,000 German and Austrian investors collected 300 million euros in its construction projects to be stuck. Lohmann soll die Anlegergelder wie seine persönliche Kriegskasse behandelt haben. Lohmann, the investors’ money as his personal war chest have treated. Deutschen Firmen bot Lohmann von Dubai aus sein eigenes kapitalkräftiges Engagement als „Weisser Ritter“ über Unternehmensbeteiligungen an. German firms offered Lohmann of Dubai from his own strong capital commitment as the “White Knights” on investments in companies. Ein Unternehmer berichtete dem Finanznachrichtendienst „Der Lohmann tat so, als könne er ganz persönlich über das viele Geld verfügen.“ Tatsächlich hat ACI all die Jahre bei ihren bislang sieben aufgelegten Dubai-Fonds keine externe Mittelverwendungskontrolle bestellt, sich also nur selbst „kontrolliert“. One entrepreneur told the financial news service “The Lohmann did as he could personally about the many money.” In fact, ACI has all those years with their previously issued seven Dubai-fund money no external control orders, so only itself “controlled”.

Staatsanwaltschaft und Immobilien-Regulierungsbehörde in Dubai ermitteln gegen ACI und deren Führungscrew wegen Zweckentfremdung von Anleger- und Investorengeldern, die nach Dubais Law No. Prosecutor’s Office and Real Estate Regulatory Authority in Dubai, ACI and to identify their management team due to misuse of investor funds and investors, after the Dubai Law No.. 8 aus 2007 strikt auf Treuhandkonten zu führen sind. 8 of 2007 strictly limited to trust accounts are to lead. Lohmann Junior und sein Projektdirektor Grunwald scheinen das alleine durchfechten zu müssen – Marc Hühn ist mittlerweile in eine renommierte deutsche Vermögensverwaltungs- gesellschaft im Düsseldorfer Media Hafen eingestiegen, Sanjay Chimnani soll in Indien untergetaucht sein. Lohmann and his Junior Project Manager Grunwald seem to be alone durchfechten – Marc Huehn is now a renowned German asset management company in Duesseldorf Media Harbor recently, Sanjay Chimnani should be immersed in India. Robin Lohmann hat hingegen seinen Pass in Dubai hinterlegen müssen. Robin Lohmann, however, has his passport in Dubai deposit.

Den ACI-Türmen ging wohl schon vor dem Einbruch der Finanzkrise die Puste aus, da alleine die Namensgebung zuvor für die Fonds mit Lizenzzahlungen von rund 8 Millionen Euro zu Buche schlug. The ACI-towers went well before the onset of the financial crisis, the breath, because the name alone for the first fund with royalty payments of about 8 million euros Beech suggested. GoMoPa-Korrespondent Martin Kraeter (45): „Die Bauzeit für einen Tower in Dubai beträgt üblicherweise zwei bis maximal drei Jahre. GoMoPa correspondent Martin Kraeter (45): “The construction of a tower in Dubai is usually two to three years. Die Fertigstellung für den Boris Becker Business Tower ließ Lohmann öffentlich ins Jahr 2012 verlegen. The completion of the Boris Becker Business Tower Lohmann had publicly embarrassed the year 2012. Das Geld der Anleger floss bis Frühjahr 2009 reichlich in hochhausgroße Werbeplakate entlang Dubais Prachtstraßen sowie ganzseitige Zeitungsanzeigen. The investors’ money flowed to the spring of 2009 hochhaus abundantly in large billboards along Dubai’s boulevards and full newspaper ads. Statt Hochhäusern oder Towern gibt es nur Baugruben, bei denen es entweder gar nicht oder nur im Schneckentempo vorangeht.“ Instead of tall buildings or towers, there are only pits, which are either not or only at a snail’s pace. ”

Dennoch war ACI immer wieder für Überraschungen und „positive Marktkommunikation“ gut. However, ACI was repeatedly surprises and positive market communication “good. Die Investitionsobjekte der II. bis V. Dubai Tower Fonds KGs, zu denen auch der überwiegende Teil der Promi-Türme gehören, wurden Ende Dezember 2008 auf einen Schlag verkauft. The investment properties of the II to V. Dubai Tower Fund KGs, to which the overwhelming majority of celebrity towers, have been the end of December 2008 in one fell swoop sold. Ergebnis für die ACI-Anleger: Eine Schlusszahlung im Volumen von 60 Millionen Euro aus der vorzeitigen Auflösung der Fonds, fällig im März 2009. Earnings for the ACI investors: A final payment in the volume of 60 million euros from the premature dissolution of the Fund, due in March 2009.

Doch der angebliche Käufer – eine Yama International LLC aus Dubai, die man bislang nur aus dem Handel mit Holzkohle kannte – hat den Kaufpreis bisher nicht überwiesen. But the alleged buyer – a Yama International LLC of Dubai, which were previously only from the trade in charcoal knew – the purchase price has been paid. Dieses doch mehr oder weniger wesentliche Problem in der Verwertung teilte Senior-Chef Uwe Lohmann (64) seinen Gesellschaftern allerdings erst Ende April schriftlich mit: Yama habe keinen Kredit für die Projekte auf dem Reißbrett bekommen. This is more or less significant problem in the rendering informed Senior Chef Uwe Lohmann (64) its shareholders, however, until the end of April writing: Yama had no credit for the projects on the drawing board get. Die schlechte Nachricht an die Anleger fasst Lohmann Senior so zusammen: „Zu unserem Bedauern werden sich Schlusszahlungen verzögern.“ The bad news to investors Lohmann Senior summarizes as follows: “To our regret, final payments will be delayed.”

In Dubai investierte Robin Lohmann inzwischen auch in Dienstleistungen. In Dubai invested Robin Lohmann now also in services. GoMoPa-Korrespondent Martin Kraeter (45) berichtet aus Dubai: „Die ACI will offenbar einen Teil der überfälligen Schlusszahlungen mit Gärtnerei, dem Reinigen von Swimming Pools und mit Schädlingsbekämpfung (Pest Control) verdienen. GoMoPa correspondent Martin Kraeter (45) reported from Dubai: “The ACI will seem a part of overdue payments, with the final gardening, the cleaning of swimming pools and pest control (Pest Control) deserve. Allerorts liest man in Dubai diesbezügliche Anzeigen der ACI.“ Everywhere we read this in Dubai ads ACI. ”

Natürlich wissen Lohmann Senior und Junior, dass sich die Anleger so etwas nicht bieten lassen. Of course, Lohmann Senior and Junior, that is something investors can not offer. Zumal in Deutschland schon lange die Intransparenz der Verwendung der Fondsgelder kritisiert wurde. Particularly in Germany have long been the lack of the use of fund money has been criticized.

Der „Rettungsplan“ der ACI-Bosse – ein sorgsam geschnürtes Sicherheitenpaket The “rescue plan” of the ACI-Bosse – a carefully tied package security

Zur Beruhigung der Gemüter zauberten die Lohmanns Ende Mai einen Rettungsplan aus dem Ärmel, dem die Anleger auf der Gesellschafterversammlung am 26. To calm the minds of the Lohmann magically end of May a rescue plan from the sleeves, which the investors at the shareholders’ meeting on 26 Juni 2009 ihren Segen geben sollen. June 2009 to give their blessing. Die ACI-Webseite gibt sich dabei fast kämpferisch: „Die ACI weist an dieser Stelle ausdrücklich darauf hin, dass das Kapital der Anleger weitestgehend gesichert ist!“ Abgestimmt werden soll per Fax oder E-Mail. The ACI’s website, there are almost combative: “The ACI has at this point explicitly pointed out that the capital of the investors is safeguarded as far!” Adapted to be sent by fax or e-mail. Wer seine Stimme nicht selbst abgibt, für den übernimmt das vertragsgemäß die entsprechende Treuhandkommanditistin. Who’s voice do not make for the over is under contract to the appropriate Treuhandkommanditistin. Die Lohmannschen Eckpunkte sind: The Lohmann’s cornerstones are:

Erstens: Ein „Portfolio von vollständig bezahlten Reservierungsverträgen, die sich auf den Kauf einer Zahl von Einheiten und Stockwerken in verschiedenen Towers, die in den VAE errichtet werden sollen“ wird von einer der ACI nahe stehende Gesellschaft, der Falcon International Investment Group Limited (auch Falcon LLC genannt) unter Leitung von ACI-Juniorchef Robin Lohmann, ohne Anerkennung einer Rechtspflicht an die Fonds abgetreten. First: A Portfolio of fully paid reservations contracts covering the purchase of a number of units and floors in various Towers, in the UAE are to be built “by a close associates of the ACI company, Falcon International Investment Group Limited (also called Falcon LLC) under the direction of ACI’s Junior Chef Robin Lohmann, without recognition of a legal duty to the fund closing. Die Falcon selbst soll diese Sicherheiten im „Nennwert“ von angeblich über 100 Millionen Euro dann bestmöglich weiterverwerten. The Falcon itself, this collateral in the “face value” of allegedly more than 100 million euros then the best possible weiterverwerten. Yama ist dann kein Thema mehr – die Investitionsobjekte, die an Yama verkauft worden sein sollen, allerdings auch nicht mehr. Yama is then no longer an issue – the investment properties which were sold to Yama to be, but not anymore. Das ganze erscheint als „Sicherheiten-Abtretungsvertrag mit Exitstrategie“ a la Lohmann. The whole appears as a “collateral assignment agreement with exit strategy” a la Lohmann.

Zweitens: Bestellung eines Dreiergremiums zur Prüfung der alten und zur Überwachung der neuen Geschäfte. Secondly, appointment of a tripartite committee to examine the old and to monitor the new businesses. Benannt wurden die ACI-Fondsvermittler Rainer Regenery, Berthold Michel und Matthias Moosmann. Named were the ACI Fund mediator Rainer Regenery, Berthold Michel and Matthias Moosmann.

Drittens: Wer rechtliche Schritte gegen die ACI einleitet, verliert jeglichen Anspruch aus der Verwertung der Sicherheiten und muss warten, bis Geld aus der Kaufpreiszahlung oder woher auch immer fließt. Third: Those who take legal action against the ACI initiating loses any claim from the recovery of collateral and has to wait for money from the purchase price paid or wherever flows.

Vorsicht – Die Gesellschafterversammlung ist eine Falle! Caution – The shareholders’ meeting is a trap!

Die abzustimmenden Anträge der außerordentlichen Gesellschafterversammlung sind nach Ansicht des Dubai-Treuhänders und GoMoPa-Korrespondenten Martin Kraeter von der KLP Group Emirates eine Falle für die Fondsanleger. The vote requests the extraordinary shareholders’ meeting are in the view of the Dubai-trustee and GoMoPa correspondent Martin Kraeter of KLP Group Emirates a trap for the fund investors. Warum? Why?

Kraeter: „Die Werthaltigkeit von Reservierungsverträgen halte ich gerade nach der hier abgelaufenen Bubble Burst gerade bei den sogenannten Off-Plan-Immobilien – also den verkauften Projekten auf der Basis von Reißbrett, Marketingbroschüre oder noch weniger – für mehr als fraglich. Kraeter: “The value of book contracts, I believe that after the bubble burst past here just for the so-called off-plan properties – in other words the sold projects based on the drawing board, marketing brochure or even less – for more than questionable. Wird ein Reservierungsvertrag nicht gemäß Kaufpreis-Ratenplan bedient, entfällt die Grundlage des Vertrages. If a reservation is not in accordance with contract price rate plan uses, eliminates the basis of the contract. Eine Rückerstattung der Reservierungsgebühr – das, was ja zunächst einmal den Substanzwert ausmachen soll – ist nach hiesiger Rechtslage und Praxis ausgeschlossen. A refund of the booking fee – that is what the first value of the substance to be identified – whether it is local law and practice excluded.

Das heißt: Den Wert des Reservierungsvertrages kann ich nur aufrecht erhalten, indem ich den Vertrag erfülle – nämlich vereinbarungsgemäß die Kaufpreisraten zahle. This means that the value of the reservation contract, I can only maintain that I fulfill the contract – namely, the purchase price as agreed pay rates. ACI lässt hier natürlich selbstverständlich nicht offen, wer die Pflichten aus den Reservierungsverträgen neben angeblichen Rechten mit übernimmt: die Fonds-KGs und damit die Anleger! ACI is here, of course, obviously not disclosed who the obligations arising from the reservation in addition to contracts with the alleged rights over the fund KGs and thus the investors! Die Fondsanleger sollen freiwillig eine Zwangsjacke anziehen und mit auf den Rücken gebundenen Händen zuschauen, wie ihre Gelder restlos verschwinden. The fund investors will voluntarily wear a straitjacket and tied to the back of hands and watch how their money disappear completely. Sie sollen die vergangenen und wohl direkt auch die zukünftigen Fehler der Lohmanns abnicken. They should be the last and most directly the fault of the future Lohmann nod. Und dabei auch noch mit ihren investierten wie auch wohl dann noch nachzuschießenden Geldern für alle Kosten und Risiken gerade stehen.“ And even with their investment as well then nachzuschießenden money for all costs and risks are just. ”

Was sind denn die Fehler der Lohmanns? What are the mistakes of the Lohmann?

Kraeter: „Das fing eigentlich beim angeblichen Verkauf an, den ich immer noch für einen Bluff halte. Kraeter: “It started actually with the alleged sale, which I still hold for a bluff. Alle Investitionsprojekte von vier großen Fondsgesellschaften in einem Paket an einen einzigen Käufer zu veräußern, der nicht einmal flüssig ist – das ist ein Risikohandeln, welches kaum zu überbieten ist. All investment projects of four major fund companies in a package to a single buyer to sell, not even the liquid is – this is a risk behavior, which is hard to beat is. Man kann doch nicht Auflösung und Verwertung von vier Fonds auf eine einzige Karte setzen. You can not resolution and recovery of four funds to a single card set. Der im Kaufvertrag vom Dezember 2008 festgesetzte Preis für Projekte wird sicherlich auch über dem heute üblichen Marktpreis gelegen haben. The December 2008 purchase of fixed price projects is certainly above the usual market today to have. Es ist also kaum vorstellbar, dass ACI oder Falcon in nächster Zeit so einen Kaufpreis erzielen werden. So it is hardly conceivable that ACI or Falcon in the near future it will reach a purchase price. Vielleicht ist auch deswegen von den ursprünglichen Investitionsobjekten gar nicht mehr die Rede.“ Perhaps this is also why the original investment properties no longer speak. ”

Wie hätte sich denn eine seriöse Fondsgesellschaft verhalten? What would have been serious because a mutual fund company behave?

Kraeter: „Sie hätte dies zuallererst einmal zeitnah kommuniziert – und nicht gut einen Monat später. Kraeter: “It would be first and foremost it communicates timely – and not a good one month later. Und das “In-die-Röhre-Schauen” hätte sie schon gar nicht mit angeblichen arabischen Geschäftsgepflogenheiten abzuschwächen versucht. And the “in-the-tube-watching” it would certainly not with the Arab business practices alleged attempt to diminish. Es ist ein Treppenwitz, wenn man in einem klassischen Vorauszahlungsland die Mär erzählt, man müsse warten bis Zahlungen überfällig sind, bevor man nachhakt.“ It is a peculiar irony, if you prepay in a classic country to Ease told that we should wait until payments are overdue before nachhakt. ”

Warum hat sich die ACI denn überhaupt zu so einem Verkaufsdeal auf einen Schlag hinreißen lassen – egal, ob nun inszeniert oder nicht? Why has the ACI than ever to sell such a deal a blow to ravish leave – no matter, whether staged or not?

Kraeter: „Auf Grund der Umstellung des Doppelbesteuerungsabkommens (DBA) von Freistellung auf Anrechnung wurde zunächst die vorzeitige Auflösung der II. bis V. Fonds KGs mehrheitlich beschlossen, was sicher jeder andere Fondsanbieter ohne vermögensverwaltenden Charakter auch so getan hätte. Kraeter: “Due to the conversion of the Double Taxation Agreement (DTA) of the exemption was initially attributed to the premature dissolution of the Fund II to V. KGs majority decided what to fund any other provider trusts without character would have done so. Logisch, dass demzufolge auch noch in 2008 eine analoge Verwertung des Fondvermögens, also der Investitionsobjekte, erfolgen musste. Logically, therefore, that even in 2008, a similar recovery of Fondvermögens, so the investment objects that needed to be. Bei einer Verwertung im Jahre 2009 hätte ACI seinen Anlegern eine gut doppelt so hohe Rendite wie prognostiziert bieten müssen, damit die deutschen Anleger wegen der neuen Doppelbesteuerungsregeln keinen unerwarteten Verlust erleiden würden. With a recovery in 2009, ACI had its investors a good return twice as high as predicted offer so that the German investors because of the new tax rules do not suffer an unexpected loss.

Nach altem DBA war die Ausschüttung praktisch steuerfrei. Under the old DBA was virtually tax-free dividend payments. Nach neuem DBA ab 2009 muss die Ausschüttung in Deutschland voll versteuert werden, man darf allerdings die in Dubai gezahlten Steuern anrechnen. Under the new DBA, from 2009 onwards, the distribution in Germany are fully taxed, we must, however, the taxes paid in Dubai credited. Da die aber Null betragen, kann man demzufolge auch beim deutschen Fiskus nichts abziehen. Since the zero but can be as a consequence, the German tax authorities do not subtract. ACI kann erst mal nichts dafür, dass hier gleich zwei riesengroße Keulen zugleich auf sie eingeprügelt haben: Die dramatische Änderung des DBA und die noch dramatischeren Auswirkungen der Finanzkrise, bei denen sich schlecht Planrenditen mal eben verdoppeln lassen. ACI is the first time not sure that there are two huge clubs while they have eingeprügelt: The dramatic change in the DBA and the even more dramatic impact of financial crisis, where bad plan yields just let double. Grund für diese Zwickmühle war aber sicherlich auch, dass ACI einfach zu lange von einer unveränderten Erneuerung des alten DBA ausgegangen ist. The reason for this predicament, however, was certainly that ACI simply too long of a no-renewal of the old DBA is expected. Das kann und darf aber nicht die Legitimation für vermutete Scheinverträge sein.“ This can not and should not the legitimacy of suspected bogus contracts. ”

Was ist daran schlimm, letztlich die Verantwortung für die Ausschüttungen auf eine neue Gesellschaft, die Falcon Limited, zu übertragen? What is bad, the ultimate responsibility for the distributions to a new company, Falcon Limited, to transfer?

Kraeter: „Daran ist ja grundsätzlich erst mal nichts auszusetzen. Kraeter: “There is basically nothing wrong first. Wenn der Verwerter der Sicherheiten nicht zugleich der Abtretende – und dann auch mindestens unter Leitung, wenn nicht sogar auch im Besitz, des ursprünglichen Fonds-Initiators – wäre. If the liquidation of collateral at the same time, the assignor does not – and then at least under the direction, if not also in possession of the original initiator fund – would be. Der kritisierten Intransparenz von ACI wird so mit noch mehr Nebelkerzen begegnet. The critical lack of ACI will be even more fog candles encountered. Der mir vorliegende Abtretungsvertrag ist zudem auf Grund umfangreicher Kündigungs- möglichkeiten für Falcon eine unverschämte Zwangsjacke für die Gesellschafter, frei nach dem Motto: “Wir können euch versprochene Gelder nicht zahlen. Einzelne fangen an Unregelmäßigkeiten zu vermuten. Wenn Ihr aber eure Ansprüche absichern wollt – haltet bloß den Mund”. The contract to me this assignment is also due to extensive redundancy options for a barefaced Falcon straitjacket for the shareholders, following the motto: “We promised you can not pay money. Individuals are beginning to suspect irregularities. But if you want to secure your rights — just keep your mouth “.

Solche Kündigungsgründe sind ja wohl auch schon eingetreten – und damit ist dieser Sicherheitenvertrag alles andere als sicher. Such termination reasons are probably already occurred – and this security agreement is anything but secure. Nimmt man noch dazu, dass die gönnerhaft gestellten Sicherheiten gar keine sind, bedarf es eigentlich wirklich nicht der Annahme dieses wertlosen Stücks Papier. If you still mean that patronizingly no collateral is needed it does not really believing this worthless piece of paper. Stattdessen sollten die Gesellschafter Herrn Lohmann lieber fragen, aus welchen Töpfen eigentlich die diversen Anzahlungen in den vorgelegten Reservierungsobjekten in Höhe von über 10 Millionen Euro bezahlt wurden.“ Instead, the shareholders Mr Lohmann asking themselves what the various pots actually deposits in the submitted reservation objects in excess of 10 million euros have been paid. ”

Wie ist denn der von ACI vorgeschlagene Sicherheitenvertrag steuerlich zu werten? How is because of the ACI proposed security contract worth about tax?

Kraeter: „Die Familie Lohmann hat offensichtlich nicht mit einer Zahlungsunfähigkeit in Bezug auf die Ende März 2009 fälligen 60 Millionen Euro an die Anleger gerechnet. Kraeter: “The family has apparently not Lohmann with an insolvency in relation to the end of March 2009 due to 60 million euros expected by investors. Und kommt jetzt mit diesem Abtretungstrick, der nichts weiter als Papiermauschelei ist, um den Anlegern bezüglich des Verlustes ihrer Gelder Sand in die Augen zu streuen. And now with this assignment trick that nothing more than Papiermauschelei is to provide investors with regard to the loss of their funds into the eyes of sand to sprinkle. Die Verwertung der Sicherheiten ist ja auf den überfälligen Ausschüttungsbetrag begrenzt, ersetzt also klar Ansprüche aus dem Kaufvertrag 2008 vollinhaltlich. The recovery of the collateral is on the overdue amount payout, ie replaced by clear terms of the purchasing 2008 fully. Die Sicherheiten können ja logischerweise erst frühestens am 26. The securities may be so, logically, only the earliest on 26 Juni 2009 an die Fonds übergehen. June 2009 to the fund go. Der gesamte Vorteil der vorzeitigen Fondsauflösung in 2008, nämlich die Steuerfreiheit der Ausschüttungen, wäre damit vom Tisch. The whole advantage of the early fund resolution in 2008, namely the tax-free distributions, so that would be off the table. Im Klartext: Auf eventuelle – und von mir klar bezweifelte – Ausschüttungen aus der Sicherheitenverwertung wäre in Deutschland Kapitalertragssteuer zu bezahlen, weil seit 1. In plain English: On possible – and I realized doubted – Distributions from the safety of recovery in Germany would have to pay capital gains tax, because since 1 Januar 2009 ein DBA mit Anrechnungsverfahren gilt.“ January 2009 a DBA with imputation procedures. ”

Was können denn die Anleger in dieser Situation tun? What can investors because in this situation? Stimmen sie der Abtretung zu, dürfen sie nicht einmal rechtliche Schritte einleiten und Schadenersatz fordern. Do you agree with the assignment, they may not even initiate legal action and claim damages.

Kraeter: „Selbstverständlich können Anleger auch bei Zustimmung rechtliche Schritte einleiten – wenn sie sich darüber im Klaren sind, dass dann Falcon entweder den Abtretungsvertrag aufkündigen darf aber nicht muss – sie aber selbst dann automatisch Gesellschafter 2. Kraeter: “Of course, investors can also consent to initiate legal action – if they are aware that Falcon will either revoke the assignment contract must not be – but even then it automatically associates 2nd Klasse werden. Class. Das heißt, ans Ende der Schlange und warten, bis Yama irgendwann mal den Kaufpreis zahlt. That is, the end of the queue and wait until Yama someday pay the price. Der allerdings dann nicht mehr der Anspruch des Fonds, sondern der Anspruch von Falcon ist. However, will no longer be the claim of the fund, but the claim of Falcon is. Ich als Anleger würde sowohl gegen die Annahme des Sicherheitenvertrages als auch für die Auswechslung der Komplementär-GmbH stimmen. I would both as investors against the adoption of the Security Treaty as well as for the replacement of complementary GmbH vote.

Nur so kann einerseits die geforderte Transparenz erreicht werden und gleichzeitig ohne weitere Lohmann-Undurchsichtigkeiten versucht werden, zu retten was zu retten ist. Only thus can one achieve the required transparency and at the same time without further Lohmann-opacity will seek to salvage what to be salvaged. Entweder es ergibt sich tatsächlich eine Chance auf Vereinnahmung des Kaufpreises von Yama. Either there is a chance of actually collecting the purchase price of Yama. Oder die ja wohl bei endgültigem Scheitern des Kaufvertrages an die Fonds zurückfallenden Investitionsobjekte lassen sich anderweitig, vielleicht eben zeitversetzt, verwerten. Or probably in the final failure of the purchase back to the fund falling investment properties can be otherwise, maybe just a time lag, recovery. Egal wie abgestimmt wird: Die Anleger sollten sich nicht entmündigen oder gar erpressen lassen, zum Beispiel auf ihr Klagerecht zu verzichten. No matter how the vote: The investor should not incapacitate or even to blackmail, for example, to claim her right to renounce.

Allerdings bringen Klagen im jetzigen Stadium wohl wenig, solange noch immer der genaue Ablauf des Verkaufs und die einzelnen Probleme der vier Fonds unklar sind. However, actions at this stage probably little, while still the exact end of the sale and the individual problems of the four funds is unclear. Wie sind Status und Beschaffenheit der Fonds? What are the status and condition of the Fund? Welche Investitionsobjekte kommen noch zum Tragen? Which investment properties come to bear? Ich denke, die Anleger täten gut daran, das Ganze jetzt selbst in die Hand zu nehmen. I think investors would do well to now the whole thing into their own hands. Oder man sorgt konsequenter Weise dafür, dass die BaFin alle Fonds unter Kuratel stellen lässt – also den Austausch des kompletten Fondsmanagements anordnet. Or you can provide a consistent way that the BaFin under outside supervision all the funds are used – ie the replacement of the entire fund management charge. So eine Zwangsverwaltung wird von der BaFin regelmäßig bei Bankenzusammenbrüchen angeordnet.“ Such an administration will be forced by BaFin regularly arranged with bank failures. ”

Aber die Lohmanns wollen doch ein Kontrollgremium aus drei Vermittlern einsetzen, genügt das nicht? But Lohmann want but a control panel of three mediators to use, it is not enough?

Kraeter: „Klares Nein. Kraeter: “No Clear. Wenn, dann muss eine unabhängige Instanz zur Mittelverwendung eingesetzt werden. If, then an independent body to be used for money. Sonst geht das doch genau so weiter wie bisher. Otherwise, the same way but continue as before. Das Dreiergremium soll sich aus Fondsvermittlern zusammensetzen, die zum Beispiel bei Zweckentfremdung selbst Vermittlerhaftung zu befürchten haben – sie werden wohl deckeln, was zu deckeln geht. The tripartite body should be composed of fund intermediaries composed, for example, misappropriation of intermediary liability even have to worry about – they will probably caps, which goes to caps. Ich glaube, gerade die Vermittler haben auch noch nicht erkannt, dass der Sicherheitenvertrag geradezu ein Aufruf an die Anleger ist – wenn sie schon klagen wollen, dann gegen die Vermittler und nicht gegen die Initiatoren.“ I believe that the mediators have not yet realized that the security contract almost a call to investors – if they want to complain, then against the retailer, not against the initiators. ”

Welche Strafen sieht denn das arabische Recht für die Veruntreuung von Anlagegeldern vor? What are the penalties for the Arab right to the embezzlement of funds prior to installation?

Kraeter: „Das Wirtschaftsstrafrecht der VAE sieht grundsätzlich bei kriminellen Tatbeständen drakonische Strafen – in der Regel mehrjährige Gefängnisstrafen mit nachfolgender Ausweisung aus dem Land – vor. Kraeter: “The criminal law of the UAE economy was fundamentally based on facts draconian criminal penalties – usually several years in prison followed by expulsion from the country – before. Allerdings interessieren die Behörden hier die Zweckentfremdung, Veruntreuung oder Unterschlagung von Geldern ausländischer Anleger, die in aus hiesiger Sicht ausländische Firmen geflossen sind, gar nicht oder höchstens peripher. However, the authorities are interested in the misappropriation, embezzlement or misappropriation of funds by foreign investors, in view of the local foreign companies are gone, not at all or at most peripheral. Wegen deutscher Anlagegelder wird Robin Lohmann wohl kaum seinen Pass abgegeben haben müssen. Due to German investment funds Robin Lohmann is hardly his passport must have. Das kann nur im Zusammenhang mit Unregelmäßigkeiten hier vor Ort eine Rolle gespielt haben.“ This can only be used in connection with irregularities on the ground here have played a role. ”

Herr Kraeter, vielen Dank für diese Analyse. Mr. Kraeter, thank you for this analysis.

Artikel zum Thema Articles on the topic
» ACI-Dubai: Dr. Schulte Anwälte prüfen Haftung von Boris Becker, Michael Schumacher & Niki Lauda »ACI Dubai: Dr. Schulte examined lawyers’ liability Boris Becker, Michael Schumacher and Niki Lauda
» Die Pleitetürme von Becker, Schumacher und Lauda »The Towers of Pleite Becker, Schumacher and Lauda
» Dubai: Jeder Depp wurde Spekulant »Dubai: Every Depp was speculator
» Nur 600.000 Euro im Recker-Fonds-Topf “Only 600,000 euros in funds Reckermann pot
» Steuerparadies Dubai: Schluss mit lustig »Tax haven Dubai: Schluss mit lustig

Beiträge zum Thema Contributions to the topic
» ACI: Alternative Capital Invest Dubai Tower »ACI: Alternative Capital Invest Dubai Tower
» Bauboom in der Wüste »Construction boom in the desert
» Dubai Fonds Richtigstellung »Dubai Fund correction
» Kennt einer das hier »Is this a
» Immobilienfonds Dubai, Libanon, Oman etc. »Immobilienfonds Dubai, Lebanon, Oman, etc.
» Aussergewöhnliche Renditen “Exceptional Returns
» ACI Holding Group Inc Development Unernehmen »ACI Holding companiesplus Development Group Inc

Kategorien zum Thema Categories on
» Immobilie – Übersee »Property – Overseas
» Wer kennt, was meint Ihr dazu? “Who knows what you think about this?
» Dubios “Dubious
» Grauer Markt »Gray Market
» Beteiligungen »Investments
» Kapitalanlage »Investment

Stichwörter zum Thema Tags on
» Dubai+Finanzlage Krise Fonds Immobilienbetrug »Dubai + Financial Situation crisis fund real estate fraud
» Millionenbetrug Anleger »Fraud million investors

18.06.2009 – The Fizzling ACI Towers from Boris Becker, Niki Lauda and Michael Schumacher

Alternative Capital Invest (ACI), Germany‘s first and biggest mover in offerings of property investments funds in Dubai, went now in a sorrowing financial swirl. Senior head Uwe Lohmann (64) has to fear meanwhile daily that his son and head of Dubai operations, Robin Lohmann (34), has to move his presence in Arabia into a Dubai jail due to financial debts. Huge funds for projected towers with the branding partners Boris Becker, Niki Lauda and Michael Schumacher seem to be trickled somewhere in Dubai, the projects appear bankrupt.

The Germany based Financial Intelligence Service gained from four independent sources in Dubai that Ferrari and Maybach driver Robin Lohmann shortly has been taken in Dubai into custody for one night. The junior chief of ACI had furthermore to deposit his passport with the Dubai authorities. He shall not be allowed to leave the country before financial debts of ACI Dubai are finally settled.

Based on own publication, ACI since 2004 did accumulate EUR 300m (AED 1.5bn) from more than 8,000 private investors in Germany and Austria only. Purpose of the funds was the project development of residential and commercial property in Dubai in a volume of EUR 600m (EUR 3bn).

Up to date, only construction pits with unclear ownership situations are existing. Within the total of seven separate investment funds entities, independent external auditing and control never has been settled. Another managerial from ACI, formerly employed at Dynasty Zarooni, additionally shall have collected huge sums among Arab private investors. Dubai’s public prosecution is in process of investigation against ACI and its entire management due to suspected fraud and embezzlement of funds. The former DZ manager as well as most of ACI’s other managerial meanwhile left the country. Except Robin Lohmann, he now frequently has to show up at Dubai Public Prosecution.

According to ArabianBusiness, Dubai’s Real Estate Regulatory Authority RERA is investigating as well against ACI due to bounced cheques, fronting and breaking of Dubai’s Escrow Laws. Robin’s father, Uwe Lohmann (operating from Guetersloh, Germany) meanwhile tries to calm down the more than 8,000 German investors, who are waiting since March 2009 without success for a promised front-up profit share of EUR 60m (AED 300m). For June 26, 2009 he initiated an extraordinary general assembly via fax voting.

Even in 2008, many investors signed ACI shares with the expectation to make easily some 12% annual profit with a lot of emphasis. They paid at least shares in the value of EUR 10k (AED 50k) plus a surplus of 5% to ACI. Thus, due to the enormous success of ACI’s pilot investment fund from 2004, which was the first Germany based fund in Dubai over all, with profit returns higher than calculated.

This kind of masterpiece was the newcomer’s “ice breaker” in relations to many German speaking as well as Arab investors. Robin Lohmann received a lot of honors in Dubai as exceptional entrepreneur: He was the first German who received 2008 the “CEO Middle East Award” as well as the “Arabian Property Award”.
And, Robin Lohmann “invented” 2007 the so-called Tower Branding – giving huge investment objects the names of living legends. November 2007, Robin inked with the motorsport legend and airline chief Niki Lauda from Austria his first branding license agreement. Two residential and commercial towers (33 and 30 floors) in Dubai Business Bay shall be named Niki Lauda Twin Towers. Lump sum to be paid from the investor’s funds back in Germany to Lauda, was EUR 1m (AED 5m).

In January 2008, tennis and poker game legend Boris Becker became patron for another planned tower with 23 floors, next to Niki Lauda Twin Towers. Although his branding was related only to one tower, he received from ACI 100% more than Niki Lauda: EUR 2m (AED 10m).
Im Summer 2008, Formula One Driver Michael Schumacher joined as third prominent branding partner – name of “his” project Michael Schumacher Business Avenue with 35 floors. He received EUR 5m (AED 25m).
What a genius move! The media applauded and investors queued up in front of ACI’s offices. Huge funds went into ACI’s accounts and no one did wonder that the concerned HNWIs Lauda, Becker and Schumacher didn’t invest a single penny themselves in “their” tower projects.

Entrepreneur and millions juggler Robin Lohmann jumped with the branding strategy on top of Dubai’s Tower Flip Sales Bubble. “Sales is tremendously increasing”, stated his father Uwe in press releases. But when Dubai’s property bubble did burst in autumn 2008, the free fall for Robin Lohmann couldn’t be stopped. What did he wrong? Why did his projects switch “on hold”, although most of the other projects sustained the crisis? Martin Kraeter (45), Principal, Trustee and Dubai analyst at KLP Group Emirates and living in UAE since 5 years: “Lohmann’s branded towers with the name of prominent people have been very ‘hip’ in Dubai. But Lohmann and his management team closed any sales deal they could get. More or less blind they sold their off plan units to anyone, whoever came across. By this, they often sold units to ‘flippers’.

‘Flippers’ paid with signing of contracts just a down payment of 5 or 10%. If feasible, the project started with the first project step. Before starting the next level, the buyers had been scheduled to pay the next installment, what they didn’t or couldn’t. Because it was their plan to ‘flip’ – means to sell the purchased off plan unit before the next installment due date with a ‘premium’ to the next following ‘flipper’ – themselves. The financial crisis came up and all follow up ‘flippers’ disappeared, being the needed target to make the buck.

Due to the financial crisis and the consequences in lending policies of banks, these terrible speculator models disappeared over night. Serious fonds initiators and developers take at least 20 or 30% down payment so that the off plan buyers keep on track.”

What went wrong now with the fund entities II to V from ACI, to which also the branded towers are belonging?
The reasons gave Senior Uwe Lohmann by himself with a letter to all investors end of May: The fund entities would have been closed and finalized as per 31st of December 2008, due to the negative change of the double taxation treaty between Germany and the UAE. Closing per end of 2008 would enable the entities to pay out profits tax free, by this all projects has been sold out in one move to one buyer end of December 2008. Buyer was a company called YAMA International LLC from Dubai. But YAMA has not been able to pay the contract price in the amount of EUR 100m (AED 500m) because their bank loan and finance agreements failed. Due to that reason, ACI would not be in the position to pay its investors the front up profit share of EUR 60m (AED 300m) as promised per March 2009.

Dubai expert Kraeter values this letter as a Bluff: “It seems for me that the project purchase by YAMA is a fake. This over hasted sale of the construction pits should have been initiated by the specific tax-free situation, ending with December 31st 2008. But this obviously cancelled deal is in my view possibly more the spoofing of inproper usage of investor’s moneys.”

Before 26th of June – the deadline of the general assembly – now one wants to comment on that at ACI.


There are some more actual press releases in Germany coming up at the moment:

17.06.09 – [Translation above]
22.06.09 – [German]
23.06.09 – [German]

Malika smilegroot

  • Last Updated: June 22. 2009 2:02PM UAE / June 22. 2009 10:02AM GMT

DUBAI // The UAE faces a growing domestic drugs problem, on top of dealing with international traffickers, according to a senior Dubai Customs official.

“I would not shut my mouth and say we don’t have drug problems here,” said Mohammed al Marri, the executive director of cargo operations. “Yes, we do have them.”

Mr al Marri was speaking after The National was given a tour of Dubai Customs’ operations at Jebel Ali, the largest port in the region and the gateway for most of the nine million containers that enter Dubai each year by sea.

The problem, he said, was an unfortunate side-effect of the country’s success: “The numbers of people who are living here are not like the number who were living here 10 years ago, so that has had an impact, that’s for sure.”

According to the Economist Intelligence Unit, the UAE’s population nearly doubled between 1995 and 2005.

“We have more than 140 nationalities living in this country, each one of them coming with their own backgrounds and their own traditions and heritage.

“I would say that is one of the major reasons for seeing an increase in quantities [of illegal drugs] coming.”

The problem, said Mr al Marri, was compounded by political instability elsewhere in the region.

“We know areas in the neighbouring countries are not quite governed by the local governments, and the land has been used for producing major volumes.”

A report released in February by the UN’s International Narcotics Control Board named the Emirates as “major exporting and trans-shipping area” for drugs such as amphetamines and heroin.

Mr al Marri expressed reservations over the report, saying there had been “minimal communication” between Dubai Customs and the UN agency that had compiled it. “The way forward is sitting together and closing the gaps, not by pointing fingers at each other,” he said.

Since the release of the report, UAE authorities have given increasing publicity to the efforts to counter drug-smuggling. In the past three months there have been several large seizures.

In April, Ahmad Ibrahim Saif, the Chief Justice of the Dubai Criminal Court, said most cases dealt with by the court since September had been drug-related.

Do you remember this ‘person’?


If you need to learn ANYTHING about drugtrafficking, just contact her because she seems to be the ‘mastermind’ in drug trafficking and (dirty/criminal) moneylaundering.