AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

DUBAI: The United Arab Emirates attorney general has announced an investigation into allegations of financial violations by the chairman and other officials of Dubai-based developer Union Properties,, state news agency WAM reported on Sunday.

The federal investigation was launched following a complaint by the stock market regulator, WAM quoted Attorney General Hamad Saif Al Shamsi as saying in a statement. The WAM report was also posted on the Public Prosecution's Twitter account.

WAM said the complaint outlined alledged violations by Union Properties Chairman Khalifa Hassan Al Hammadi "along with some of its officials", including selling a real estate asset below its real value and hiding the name of the beneficiary, as well as "forging documents and other violations that caused harm to the company and its stockholders".

Hammadi could not immediately be reached for comment. Representatives for Union Properties and for the stockmarket regulator, the Securities and Commodities Authority, did not immediately respond to Reuters' requests for comment.

The attorney general ordered the seizure of the property of some of those being investigated and they are barred from leaving the country, WAM said, without identifying the individuals.

The Dubai bourse suspended trading on Sunday in Union Properties shares after they had plunged 9% to 0.25 dirhams ($0.07). The bourse said this was because of an incoming disclosure from the company.

Union Properties' disclosure, which did not mention a federal investigation, said the disclosure was filed in response to what it described as news being circulated on social media.

It said that asset sales are carried out based on a methodology approved by the board and executive management "through following strict procedures in terms of the fair evaluation of its assets".

It said that in March 2020 the company sold a residential building to Amna Al Hammadi for 30 million dirhams ($8.2 million), adding she is not considered a "related party".

The building was sold after studying offers and in light of commitments to pay down company debt, it said.

Comments

Comments are closed.