Schon property and funds seized over failure to deliver Dubai Lagoon development - The National:
The property, plots of land and funds registered to developer Schon Properties will be seized after hundreds of investors in the Dubai Lagoon community have demanded their money back.
The Dubai Land Department will be in charge of the property and funds deposited in an escrow account until the Dubai Public Prosecution and Dubai Courts completes legal procedures to permit recovery by investors.
“The step is aimed at protecting the rights of investors in light of Schon Properties’ actions of exploiting investors by refraining from depositing their money in an escrow (guarantee) account,” according to a statement released by the Dubai Media Office on Thursday.
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