Sheikh Mohammed orders liquidation of Al Boom assets

DUBAI LEADER: Sheikh Mohammed bin Rashid Al Maktoum. (Getty Images)

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has issued a decree to liquidate the assets of the Emirati businessman Abid Al Boom.

The news agency WAM reported that a judicial committee will be formed to “take charge of the debtor Abed Ramadan Abdullah Saeed Al Boom's assets.”

According to a report in The National, Al Boom, who owned Abid al Boom Management and Development Properties and Al Boom Holdings, is accused of defrauding investors out of AED847m ($230m).

WAM reported that the committee is “authorised to take any action towards collection of any amounts owed by others to the debtor, including assigning lawyers to collect such amounts.”

Decisions by the committee are deemed final and will be enforced by the Dubai Courts.

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READERS' COMMENTS

I am an investor...
Posted by Patrick, Dubai, UAE on Thursday 6 August 2009 at 14:10 UAE time


The only developer who returned my money so far is Deyaar...what about the rest, Mizin is stuck forever kind of a deal...

lIQUIDATION OF AL BOOM ASSETS
Posted by Jack Walker, Dubai, UAE on Wednesday 5 August 2009 at 14:35 UAE time


It couldn't be better move but what about other developers other than DAMAC i.e. DEYAAR for negligible progress on BRISTOL project
in Business Bay or LOKHANDWALA on Eden Garden Project at DSC.

Good Step
Posted by Saiyed, Florida, USA on Wednesday 5 August 2009 at 08:28 UAE time


This is a good move to restore investor confidence but what about DAMAC who sold properties on land which is still occupied by UN offices.

When do we expect actions against its owners.

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