The president of the Union Real Estate has been remanded in custody pending investigation
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Union Properties, in a disclosure to the Dubai Financial Market, published a letter from the Federal Public Funds Prosecution to the Securities and Commodities Authority, in which it stated that the Public Prosecution had started an investigation with the accused K.H.
Chairman of the Board of Directors of Union Properties, and ordered his pretrial detention pending investigation, and the case is still under investigation to date.
According to the letter, the investigations conducted by the Federal Public Funds Prosecution in the case are based on two letters from the Securities Commission, the first on November 11, 2020, and the second on October 31, 2021.
In detail, the Public Prosecution stated, in a letter directed by the Securities and Commodities Authority, that the Federal Public Funds Prosecution began an investigation with the accused “KH”, Chairman of the Board of Directors of Union Properties, and ordered his pretrial detention pending investigation.
The Public Prosecution stated that the case is still under investigation to date.
The case dates back to the end of last October, when Counselor Hamad Saif Al Shamsi, Attorney General of the State, stated on October 24 that the Federal Public Funds Prosecution is conducting extensive investigations with officials of the "Union Real Estate" company based on a complaint by the Securities and Commodities Authority.
The complaint included information about financial violations committed by the company’s chairman, KH, and others in association with some of its officials, including violations related to the sale of one of the company’s real estate assets at a price less than its real price, fraud to conceal the name of the beneficiary from purchasing it with forged papers, abuse of authority, fraud, and damage to the interests of the company and its shareholders. By entering into investments outside and inside the country without a real study, which incurred financial losses, and the company’s officials violated the accounting standards systems to hide the loss incurred by that company by changing the classification of its investments.
At that time, the prosecution immediately began investigation procedures under his direct supervision, where the properties of some of the accused were seized and they were prevented from traveling, and the legal status of the contracts, deals and procedures undertaken by the accused were seized and subjected to technical examination by specialists with the participation of the Securities and Commodities Authority and law enforcement agencies, and summoning all those who prove his responsibility.
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