Union Real Estate Company received a letter from the Federal Public Funds Prosecution to the Securities and Commodities Authority, in which it was stated that the Public Prosecution had initiated an investigation with the accused, the Chairman of the Board of Directors of Union Properties, and had ordered his pretrial detention pending investigation, and the case is still under investigation to date.
According to Arabiya Net, according to the letter, the investigations conducted by the Federal Public Funds Prosecution in the case are based on two letters from the Securities Commission, the first on November 11, 2020, and the second On October 31, 2021.
In detail, the Public Prosecution stated, in a letter from the Securities and Commodities Authority, that the Federal Public Funds Prosecution began an investigation with the accused KH, Chairman of the Board of Directors of Union Properties, and ordered Remanded in custody pending investigation.
The Public Prosecution stated that the case is still under investigation to date.
The case dates back to the end of last October, when Counselor Hamad Saif Al Shamsi, Attorney General of the State, stated on October 24 that the Federal Public Funds Prosecution is conducting extensive investigations with Al-Etihad Company officials. Real estate on the complaint of the Securities and Commodities Authority.
The complaint included information about financial violations committed by the company's chairman and others in association with some of its officials, including violations related to selling one of the company's real estate assets at a price lower than its real price and fraud to conceal The name of the beneficiary from his purchase with forged papers, abuse of power, fraud and harm to the interests of the company and its shareholders by entering into investments outside and inside the state without a real study, which incurred financial losses, and the company officials’ violation of accounting standards systems to hide the loss suffered by that company by changing the classification of its investments, according to the Emirates newspaper. Today.
The Public Prosecution office immediately began investigation procedures under his direct supervision, whereby the properties of some of the accused were seized and they were prevented from traveling, and the legal status of the contracts, deals and procedures initiated by the accused were subjected to and subject to them. For technical examination by specialists with the participation of the Securities and Commodities Authority and law enforcement agencies, and to summon all those found responsible.
