Areas such as Abu Shagara, Al Qasimiya, King Faisal Road, Al Mahatta, and Majaz have been particularly affected
The American, 48, and his German successor, aged 44, are both accused of misusing public funds for the benefit of others.
According to the court records, the American abused his powers to lease a building for investment while knowing that the investment deal would not bring in any profits to Deyaar, according to an economic study carried out by audit experts in the property developer.
The German defendant is accused of abusing his powers by renewing the lease agreement to the benefit of a third party, causing a loss of Dh3.2 million.
He allegedly renewed the agreement while he was aware that there would be losses expected from such a deal. The deal was worth Dh10 million at both times. The two former CEOs did not take into consideration the remarkable decrease in the value of the real estate prices while okaying the lease deal.
An auditor at the Financial Control Department at the Ruler’s Court told the prosecutor that he was assigned to audit the accounts of Deyaar. While revising the financial documents and listening to the statements of senior officials at Deyaar, the Egyptian auditor spotted financial irregularities.
The auditor said that he learnt about a leasing agreement made by the American former CEO who was managing the company’s funds. The deal was worth Dh10 million and it ran from January 2008 to February 2009.
The American struck the deal even while knowing that it would not be of any use, and would, in fact, cause losses to the property developer, according to a study carried by in-house auditors.
Because of the deal, Deyaar incurred losses to the tune of Dh1.2 million and the third party, from whom the building was leased, financially profited.
His successor to the post of CEO, the German, renewed the deal even though it was clear from a study carried out in advance that it would cause losses. The renewed deal was also worth Dh10 million, and it ran from March 2009 till February 2010 and Deyaar incurred financial losses worthy million so dirhams. The total losses were worth Dh12.4 million, the auditor said.
Areas such as Abu Shagara, Al Qasimiya, King Faisal Road, Al Mahatta, and Majaz have been particularly affected
The Ministry of Foreign Affairs reiterated its call on the United Nations and the UN Security Council to fulfill their responsibilities
This step aims bring relief to thousands of residents in Emaar’s communities who have been badly affected by unprecedented rains
Dressed in all black, the man was seen directing traffic for nearly six hours
Four others to drive away a luxury vehicle each
Despite repeated warnings, the restaurant failed to take effective measures to rectify the serious violations
Nothing’s best audio products to date feature exciting upgrades
The centerpiece of the exhibition features two extraordinary co-created artworks by Sheikha Khawla bint Ahmed Khalifa Al Suwaidi and the highly acclaimed Japanese calligrapher, Juichi Yoshikawa