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The final nail in the coffin
Is a company bankruptcy 3,000 miles away in Germany the final nail in the coffin for Dubai’s brash vanity developments? Kipp is praying it is.
January 16, 2011 2:41 by Samuel Potter
According to German press, up to 8,000 investors paid close to 210 million into the fund all told, and the German public prosecution is investigating ACI after fraud charges were filed by a number of investors. Dubai-based investors have received notices in the past week to file claims as part of the liquidation, reports the National. Ludmila Yamalova, a managing partner at HPL Yamalova & Plewka in Dubai, told the paper, “What is interesting is that the fund in Germany is being liquidated, but direct buyers of properties in Dubai are being notified as well. We interpret that as ACI Dubai also being insolvent.”
The National describes the company as “one of the brashest developers in Dubai’s property boom.” None of the company’s 17(!) projects have been completed.
Kipp will never be cruel enough to mock the collapse of a business. We are all too aware that there will be stakeholders connected to this company who will suffer greatly because of its collapse, whether they are employees, investors or something else. But we won’t pretend to be sorry to see the back of projects that appeared to have very little going for them save for the fact that a famous name was attached, or the failure of a company so audacious it started 17 projects before it had even successfully completed one.
AIC proposed big, brash, celebrity-endorsed developments that made little sense, and it took on too many projects at once. If only it had concentrated on one or two at a time. We can only hope that the company’s fate will serve as a warning to future developers, and once and for all we’ve seen an end to Dubai’s crazy projects.
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