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03/13/09

Ex-Iranian CEO sues exalted Dubai firm

Source: Press TV

A proposed 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 sheikhdom.
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.

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.
 

... Payvand News - 03/13/09 ... --



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