Ex-Iranian CEO sues exalted Dubai firm
Source: Press TV
Dubai's ruling family is being sued by an Iranian businessman for close to
two billion dollars over the ownership of a real estate company.
750-million-dollar development (shown in an artist's rendering) by
Shahram Abdullah Zadeh with Al-Fajer Properties in Dubai ran into
turbulence as the global economic meltdown reached the Arab
Shahram Abdullah-Zadeh, former CEO of Al-Fajer Properties, has filed the lawsuit
against the firm and its owner Sheikh Hasher Maktoum bin Jumaa al-Maktoum, a
brother-in-law of the emirate's ruler, AFP reported.
Abdullah-Zadeh, who claims to be the real owner of the company and the only
investor, demands the "recovery of all material assets of Al-Fajer Properties".
He says he had used Sheikh Hasher's name to obtain a license for the real estate
company, as foreigners are not allowed to register such firms under their own
name in the United Arab Emirates.
"I was the sole investor. Al-Fajer Properties is my company. Sheikh Hasher's
only contribution has been the real estate license as a sponsor," he told AFP.
According to his lawyer Salem al-Saali, the Iranian businessman has "enough
documents to prove he was the sole investor."
If indicted the Arab sheikh has to pay seven billion dirhams (1.9 billion
dollars) to Abdullah-Zadeh.
The civil case comes as several executives from high-profile firms are accused
of embezzlement in Dubai, the once booming regional business and tourism hub.
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