The Federal Prosecutors of UAE initiated a major investigation into Dubai-based real estate developer Union Properties. The complaints were lodged by the Securities and Commodities Authority on allegations of financial violations committed by Khalifa Hassan Al Hammadi, Chairman of the Board of Directors of Union Properties.

The allegations include the firm selling property at less value and hiding the name of the beneficiary of the sale in addition to forging documents.

The company has incurred loss by changing the classification of its investments.

 The Public Prosecution has started investigation procedures under his direct supervision. The property of some of the accused are seized and are barred from leaving the country, said the Attorney-General Dr.Hamad Saif Al Shamsi.

He further added the Public Prosecution to continue to enforce the law and ensure a business-friendly and investment-conducive environment in the country.

 “The Public Prosecution will continue to inform the public in accordance with the course of the investigation and the interest of the investigation process,” he concluded.

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