Dubai Developer Union Properties’ Chairman Detained Amid Probe - Bloomberg
A United Arab Emirates prosecutor has ordered the detention of the chairman of Dubai-based Union Properties PJSC pending an investigation into alleged financial violations at one of the country’s biggest developers.
Khalifa Al Hammadi’s detention was requested by the Federal Public Funds Prosecution and “the case is still under investigation,” the company said in a stock market disclosure, citing a letter from the authorities. A spokesman for Union Properties declined to comment when contacted by Bloomberg on Tuesday.
Last month, the UAE attorney general announced a “major” investigation into alleged financial violations at the company, sending its shares into a tailspin. The probe followed complaints by the market regulator, the Securities and Commodities Authority, alleging violations by the company’s board chairman and other officials.
The allegations include the firm selling property at less than its real value and suspected violations of accounting standards systems to hide losses.
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