How the mighty have fallen
Petty Kipp unsuccessfully stifles a smile as property developer Nakheel begins to auction off cars, bikes and excess construction material in a bid to raise a few dirhams.
March 16, 2011 3:27 by Eva Fernandes
And if there was anytime that Kipp should be sensitive to the woes of the property developer it should be right now, after it was slapped with a$681,000 (Dh2.5 million) finefrom the Dubai World Tribunal. Last May, the Dubai International Arbitration CentreNakheel was ordered to pay the amount to Vinod Kumar Dang plus interest and legal costs in a row over construction defects in a villa in Jumeirah Islands. Now the case has been approved by the Tribunal.
The news comes after several reports from Emirates 24|7 that Nakheel is entertaining requests from investors who bought off plan to swap their property for more developed property and a full reimbursement in other cases.
Has Nakheel finally reached a rather reasonable though humbling phase in which they are considering doing right by investors and saving money in the process? Yes. Does Kipp need to grow up and not revel in other’s misery? Probably.