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AP National Business

Emirati prosecutors investigating Dubai’s Union Properties

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Published 12:41 AM

By JON GAMBRELL and LUJAIN JO
Associated Press

DUBAI, United Arab Emirates (AP) — Federal prosecutors in the United Arab Emirates say they’ve launched a major investigation into Dubai-based real estate developer Union Properties. A statement Sunday carried by the state-run WAM news agency said the investigation involved allegations of the firm selling property at less than its real value. It also alleges hiding the name of the beneficiary of the sale, as well as forging documents and other violations. Union Properties, known for building Dubai Motor City, did not immediately respond to a request for comment. Filings on Sunday to the Dubai Financial Market showed shareholders wanted a vote later this week to possibly remove its board of directors. 

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