The United Arab Emirates's Federal prosecutors have announced on Sunday the launch of a major probe into violations of Dubai-based real estate developer Union Properties.
According to the state-run WAM, The UAE Attorney-General, Dr. Hamad Saif Al Shamsi, said that the investigation includes complaints by the Securities and Commodities Authority. The allegations cite financial violations committed by Khalifa Hassan Al Hammadi, Chairman of the Board of Directors of the firm known for building Dubai Motor City.
Also, the complaints include allegations that the developer has sold a property for less than its real value and hiding the name of the beneficiary of the sale. The firm is also facing charges of forging documents and other violations that caused harm to the company and its stockholders.
The UAE prosecutor ordered the barring of the accused from leaving the country as well as the seizure of some of their properties.
