A group of shareholders of the Emirates Reit Real Estate Fund listed on NASDAQ Dubai has requested the Dubai Financial Services Authority to investigate the evaluation made by the fund for its real estate.
According to Arabia Net, the shareholders have requested that the DFSA consider the operating expenses of the fund since April 2014.
They also demanded the freezing of all management fees regarding the troubled real estate investment fund assets, which represent around 30% to 40% of the fund.
The fund submitted a request by the end of last June, in the courts of the Dubai International Financial Center to reveal the identity of the executors of the trades that were described as suspicious on its shares, and that caused the stock to fall, after having He said in May that he had found evidence of informal trading activity that had contributed to his share price drop, and that regulatory authorities had been informed.
The fund incurred losses of $ 25.6 million, or 94 million dirhams, for the year 2019.
The shareholders raised more than that by saying that they intend to fully and explicitly reserve all rights, including but not limited to our rights to dismiss the manager and / or raise Lawsuits against him under all applicable laws and rules. Unfortunately, we write to you about serious and proven concerns we have. Evidence indicates that the manager misrepresented investors and the market with the value of REIT's assets and violated her fiduciary duties as a manager of the REIT.
