×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Dubai | Union Properties

Emirati Prosecutors Investigating Dubai's Union Properties

Sunday, 24 October 2021 04:00 AM EDT

DUBAI, United Arab Emirates (AP) — Federal prosecutors in the United Arab Emirates said Sunday they've launched a major investigation into Dubai-based real estate developer Union Properties.

A statement carried by the state-run WAM news agency said the investigation involved allegations of the firm selling property at less than its real value and hiding the name of the beneficiary of the sale, as well as forging documents and other violations.

Union Properties, known for building Dubai Motor City, did not immediately respond to a request for comment.

Filings on Sunday to the Dubai Financial Market showed shareholders wanted a vote later this week to possibly remove its board of directors. Separately, the company said one of its subsidiaries was involved in a lawsuit seeking nearly $1 billion, without elaborating.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Federal prosecutors in the United Arab Emirates said Sunday they've launched a major investigation into Dubai-based real estate developer Union Properties. A statement carried by the state-run WAM news agency said the investigation involved allegations of the firm selling...
Dubai,Union Properties
128
2021-00-24
Sunday, 24 October 2021 04:00 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved