UAE opens investigation into local property developer over alleged financial violations

UAE opens investigation into local property developer over alleged financial violations

DUBAI: The United Arab Emirates attorney general has announced an investigation into allegations of financial violations by the chairman and other officials of Dubai-based developer , state news agency WAM reported on Sunday. The federal investigation was launched following a complaint by the stock market regulator, WAM quoted Attorney General Hamad Saif Al Shamsi as saying in a statement. The WAM report was also posted on the Public Prosecution's Twitter account. WAM said the complaint outlined alledged violations by Union Properties Chairman Khalifa Hassan Al Hammadi "along with some of its officials", including selling a real estate asset below its real value and hiding the name of the beneficiary, as well as "forging documents and other violations that caused harm to the company and its stockholders". Hammadi could not immediately be reached for comment. Representatives for Union Properties and for the stockmarket regulator, the Securities and Commodities Authority, did not immediately respond to Reuters' requests for comment. The attorney general ordered the seizure of the property of some of those being investigated and they are barred from leaving the country, WAM said, without identifying the individuals. The Dubai bourse suspended trading on Sunday in Union Properties shares after they had