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Dubai’s property debacle continues

Dubai’s property debacle continues

A renegade real estate agent was caught, Nakheel slashed 400 jobs, Deyaar's former CEO is accused of taking bribes and Dubai's property sales are half of what they used to be. What's next?

July 9, 2009 2:44 by

A real estate agent on the run for 25 days was arrested by Dubai Police for issuing AED203 million worth of bad checks, reported Khaleej Times on Wednesday.

“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 checks to clients, including soccer players of various teams,” said Ahmed Thani bin Ghalita, director of the anti-crime department of Dubai Police.

Thirty-nine people lodged complaints against the suspect.

“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 recognize him,” Ghalita said.

There’s more: Zack Shahin, Deyaar’s former CEO, is charged with taking bribes amounting to six million shares in Deyaar, 380,000 shares in Tamweel, 145,000 shares in Dubai Islamic Bank, on top of the AED 17.9 million he took from his co-defendant Mohammed Khalfan bin Kharbash, a former UAE minister.

The Dubai courts clearly have their hands full.

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  1. Elias on July 9, 2009 2:53 pm

    Brides? Surely you mean Bribes.
    Additionally, any way to get a practical interpretation of the real estate laws passed by the govt.? Or were these simply passed for lipservice?

  2. DG on July 11, 2009 3:22 pm

    What is bail worth when new charges appear only when the bail application is put in ?

  3. Raj on July 12, 2009 7:22 am

    The laws on punishing real estate developers who have taken money from several investors and not started construction at all seems heavily in the real estate company’s favour.

  4. Bugs on July 12, 2009 11:18 am

    This is good news, a reminder to everyone that you cannot escape from the crime. That your position in the company will not save you.

  5. M Jacob on July 12, 2009 3:56 pm

    The rest of the world is in a bad recession. Dubai depends on the rest of the world, just like many other centres of similar economic orientation. More importantly, it is the first real downturn in the UAE, ever. Expatriates who have never faced a recession previously are the majority in Dubai. The going has been good for a very long time. Count the current scenario as a learning experience. Hang in there and keep Dubai moving. All those who became millionaires thanks to Dubai, owe it to the Emirate.


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