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Ajman Property Project Investors Stage Protest

Martin Croucher, Afkar Abdullah, and Amira Agarib / 24 June 2009

DUBAI — A group of investors staged a protest outside a real estate firm to demand an answer to where their money has gone.

Fourteen investors from UK, Canada, Iran and Saudi Arabia travelled to Dubai to picket the offices of Casamia Star, on Shaikh Zayed Road, on Tuesday.

They claim that the money they paid towards the Frankfurt Residences, a development within master project Marmooka City in Ajman,  has been lost. Bosses at Casamia Star say investors have gotten the wrong company.

“We have travelled from around the world to be here and we won’t leave until we have gotten our money back,” said Farhad Norouzi, an investor from Canada.

Casamia Star divided earlier this year into two separate companies — one acting as a developer for Frankfurt Residences and the other as real estate broker, unconnected to the project. 

Nrzak Gaci, a manager at the firm, said that the new company — Casamia Star LLC — was separate from the Ajman-based developer, Casamia Star FZE. “Casamia Star LLC has no link to Frankfurt Residences. The company is just a real estate broker and isn’t the developer of this project,” Gaci said.

Gaci claims he did not know the location of the developer, Casamia Star FZE, as it is a separate firm.

Omar Al Bargouthi, chairman of the Ajman Real Estate Regulatory Authority (ARRA), said that the watchdog had received numerous complaints from investors about developers fleeing the country. “I can’t confirm that there are developers who have fled the country and I can’t deny it,” said Al Bargouthi.

“When the investors approach the office with complaints, we investigate the case. If it emerges that the developer has fled the country we will refer the case to the court. “The court is the only authority to make judgement in these kinds of cases.”

Police were called by bosses of Casamia Star on Tuesday around midday to disperse the protest.  A source at Dubai Police said that several employees were concerned about the clamour. 

“The investors staged an illegal protest and we were called to tell the protesters to move on,” the source said. “If there is a dispute it should be resolved legally and not by force.”martin@khaleejtimes.comafkarali@khaleejtimes.comamira@khaleejtimes.com

 

 

 
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