Dubai developer Union Properties dismisses social media speculation about bank accounts

Dubai developer Union Properties dismisses social media speculation about bank accounts

Dubai: Showing up on social media has its downsides too – Dubai developer Union Properties clearly has reason to feel concerned. The management has issued a strong statement dismissing speculation that appeared on social media, stating that a local bank has attached the developer’s accounts. “We would like to clarify to shareholders that the company has taken all necessary measures towards the matter and currently, there is no attachment on the company’s accounts by the bank,” said UP in the disclosure. “The lawsuit between the company and the bank is still under review by Dubai courts, and no final judgement has been issued.” In early trading on DFM, the UP stock is up 1.54 per cent to Dh0.26 as traded volumes hit more than 5 million. Union Properties had been going through some financial downs in recent years, with the current management working on multiple ways to turn the operations around. Las year, some welcome results did emerge from the moves, with its master-development Motor City getting some needed push. On the bank exposures, the developer had been in constant negotiations to work out some arrangements where it could get more time to clear these off. In the statement, UP