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Tag Archives: Sheikh Maktoum Bin Hasher Al Maktoum

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.

– – – – – – – – – – – –
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

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Who’s already the biggest real estate criminal in the

UAE over the year 2009?

Number 1

maktoum-hasher-juma-maktoum-afp-al-fajer-ebony-ivory-20091

Maktoum Hasher Juma Al Maktoum,
President AL Fajer Properties Dubai

Number 2

Lohmann BrandMaster

Robin Lohmann

CEO Alternative Capital Investement – ACI Dubai

Number 3

Malikagezicht

Malika Karoum / Define / ACI

or are all three ready to be fried on the BBQ?

Inshalaaaaaaa


Please, place your reaction/vote by a comment.

“Al Fajer Properties, which is controlled by a powerful sheikh from a ruling family using the government agency platform, continues to mislead the public about their non-existing construction with false reports as evident in their recent press release claiming 15% construction where in reality it is a deserted site with no construction at all.”

maktoum-hasher-juma-maktoum-afp-al-fajer-ebony-ivory-20091

Sheikh Maktoum Bin Hasher Al Maktoum

An independent team investigating alleged corruption in Dubai companies began laying out its findings in court yesterday, having been given unprecedented powers of scrutiny.

The team, led by Mohammed Mustafa Hussain, was appointed by Sheikh Mohammed bin Rashid, the Ruler of Dubai and Vice President of the UAE, to investigate dealings at the developer Deyaar.

Mr Hussain told the Dubai Court of First Instance that an intricate web of land deals and transactions had created a massive fraud. He was giving evidence in the case of SA and IJ, two former Deyaar employees who stand accused of bribery involving the sale of land.

kabulvarkenBoth men have been on bail but only SA, an Emirati and former member of the Deyaar board, was present at the hearing, where he was represented by three lawyers.

In one case, the pair allegedly bought a piece of land and engineered its sale to Deyaar days later for almost twice what they paid.

SA, who was also an executive of Dubai Islamic Bank, had bought the land in Dubai Marina for Dh415.8 million (US$113.28m) on September 23, 2007.

Two days later it was sold to Deyaar for Dh800 million. In addition, Mr Hussain alleged, SA made a personal commission of Dh11.5 million.

As Dubai Islamic Bank and its subsidiary Deyaar are both government-owned entities, their employees are prohibited from accepting commissions.

The land deal had been struck between SA and IJ, who “initially claimed they did not know each other”.

However, Mr Hussain said his team had unearthed evidence that the two had been business partners before.

“When confronted about their history, IJ claimed that he was simply acting as the middleman for Deyaar,” said Mr Hussain. IJ had persuaded Deyaar executives that the Dh800 million price represented “an opportunity”.

During his investigation, Mr Hussain could find no one in Deyaar who could account for the doubling in the price of the land.

“The people we interviewed could not even give a single reason for the price increase,” he told the court.

He also provided evidence of a farm and another parcel of land that were sold in Al Ain, allegedly earning another defendant, AA, also a Deyaar employee, Dh73,647 in kickbacks.

Dubai’s public prosecution has charged 10 former Deyaar employees with a range of offences including bribery, forgery and breach of trust, swindling and supplying company secrets to competitors.

Speaking outside court, one of the public prosecutors said that Sheikh Mohammed had given the investigative team carte blanche to look into the Deyaar allegations.

By law, they were allowed to question anyone, and to demand any documents or files. The team reported directly to Sheikh Mohammed.

Sheikh Mohammed publicly stated his firm support for the investigations during an internet question-and-answer session in April.

“These cases are a sign of the Government’s clear interest in improving management of firms and its commitment to principles of proper accountability,” he said. “No one in the Emirates is above the law and accountability.”

There was, he said, “no room for corruption and the corrupt”, adding: “In all corruption cases, people are not only prosecuted and punished, administrative and legal holes that they exploited to commit their crimes are plugged.”

A major real estate scandal is unfolding in Dubai as 500 angry unit buyers and investors in the $630 million Ebony Ivory Towers project demand a full government investigation of developer Al Fajer Properties and its agent Dynasty Zarooni Inc., according to Ebony Ivory Investors Group.”

Misleading advertisements and press releases, overselling of non existing space and the missing down payments are among the buyers’ documented complaints, according to Moses Oye, a British investor and spokesperson for the Al Fajer Properties Investors Group having investors from US, UK, Russia, Iran, India, Canada & Pakistan.
“We are calling on Dubai’s Real Estate Regulatory Authority (RERA) and the Dubai Ruler’s Court to investigate the developer, cancel the Ebony Ivory project and compel a refund of our $140 million in down payments,” said Oye.

Oye cited a series of fake construction photographs that ran in a local newspaper in July 2008 with Al Fajer Properties logo. The photos showed a structure rising six floors above ground with the following caption: “Shot on location on 10th June 2008, Ebony Ivory, Jumeirah Lakes Towers.”

In reality, the photos were taken at another Al Fajer site and currently there is only a hole in the ground at the Ebony Ivory project, according to Oye.

“Had we known that Al Fajer Properties was presenting false and misleading photographs, we would never have invested in the development,” he said.
“In fact, some investors have already filed criminal cases for misrepresentation with the Dubai Public Prosecutor.”

In the past year, there has been virtually no construction on the site, said Oye. In addition, investors have learned that the developer sold approximately 250,000 square feet more space than the maximum built-up area allowed by government permit – another indicator of potential fraud selling air.

Most importantly, Al Fajer Properties paid Dynasty Zarooni Inc approximately $55 million of the $140 million collected in down payments that should have been deposited in an escrow account, Oye said. “We demand our money back and want to know why Al Fajer gave those funds to Dynasty Zarooni rather than use them for construction,” continued Oye.

“The law sets a punishment of imprisonment and fines for any person who embezzles payments made for the purpose of construction of real estate project.”

To date, RERA has ignored the investors’ demands of a transparent investigation and the evident violations of RERA regulations and UAE criminal laws in order to serve the interests of Sheikh Maktoum Bin Hasher Al Maktoum and Al Fajer Properties, said Oye.

“What do you do when the independent government agency trusted by the Ruler of Dubai to regulate and monitor the real estate developer’s performance actually participates in a cover-up operation that deprives investors of their rights?

What does that say to the world about the security of real estate investments in Dubai?

Where is the transparency and accountability Dubai Ruler ordered?

Are the laws not applicable when it comes to Sheikh Maktoum Bin Hasher Al Maktoum?” Stated Oye

“Al Fajer Properties, which is controlled by a powerful sheikh from a ruling
family using the government agency platform, continues to mislead the
public about their non-existing construction with false reports as evident in their recent press release claiming 15% construction where in reality it is a deserted site with no construction at all.”

Summing up the case, Oye raised grave concerns about the recent threats some of the investors have received and quoted attorney Salim Al Shaali who represents plaintiffs in a criminal case against the Ebony Ivory sales agency for misrepresentation.

In a recent interview, Al Shaali said,

“We have full trust in Dubai justice system. I personally guarantee all investors that Dubai government will never allow a few individuals to abuse their social or official positions for illicit profits and damage the reputation of the brand Dubai as a safe and most secure investment hub in the region.

We are waiting for a reply from the prosecution’s office”