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Overseas Property News
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Nakheel official accused of fraud
Country: Dubai, United Arab Emirates
18 August 2008
A senior official at Nakheel, the developer behind the manmade palm-shaped islands off the coast of Dubai, is under investigation by authorities on allegations of financial corruption.
A spokesman for Nakheel said, “a member of staff is being interviewed by the authorities,” as a result of an “internal audit process.” He added that the “allegation of financial irregularities is in relation to the acceptance of sums be paid to an employee by third parties.”
Although the company refuses to name the employee in question, it’s been reported that it is Walid al Jaziri, general manager of sales.
It’s also been revealed that Adel al Shirawi, the vice chairman of Istithmar World, and Feras Kalthoum, the former chief investment officer of Tamwell, are being questioned for financial irregularities.
In April, the former chief executive of Deyaar Development, Zack Shahin, was arrested on charges of financial fraud.
The allegations’ have sparked panic amongst other private companies across Dubai.
“Everyone is looking at their books now, and not just the quasi-government-owned companies,” said Nicholas Maclean, the regional director of property consultancy, CB Richard Ellis. “There is a lot of concern in the marketplace, but this is good.”
Meanwhile, Nakheel, along with Emaar and Union Properties has announced that it plans to start imposing restrictions on resale properties, in an attempt to curb property speculation, which has been prevalent, over the past six years or so.
The move comes, following a recent report issued by Morgan Stanley, which forecasted that property prices in the emirate will fall by up to 10% by 2010 as a glut of new property for sale in Dubai come on to the market.
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