Dubai developer Union Properties says $42M 'misappropriated'
A troubled Dubai real estate developer says it suspected $42 million had been “misappropriated” by the company’s former officials while declaring it massively overvalued its holdings
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A troubled Dubai real estate developer said Monday it suspected that $42 million had been “misappropriated” by the company's former officials while declaring it massively overvalued its holdings.
The announcement by Union Properties comes as Emirati prosecutors announced in October they were investigating the firm.
Already, the firm's board of directors has seen its chairmen and other officials dismissed amid the probe.
Last year “has been a difficult year for Union Properties as we uncovered widespread fraud and misconduct by the company’s former management involving forgery, misappropriation of funds and various other financial violations which has negatively impact the company’s financial health and been a severe breach of shareholder confidence,” managing director Amer Khansaheb said in a statement.