Hydra throws out investors after bust up

EXCLUSIVE: investors in row with customer services chief Ahmed Khalil asked to leave offices.
By Anil Bhoyrul and Alex Morgan
Sat 23 May 2009 11:21 AM

The second day of meetings with Hydra Properties investors has ended in acrimony, with one group of house buyers being thrown out of the company's Abu Dhabi offices.It is understood that a bust up occurred between a group of four investors and Hydra’s customer services department, which is run by commercial director Ahmed Khalil.

A source says: “They were asked to leave the building by Khalil after an argument.”

It is thought the investors are now seeking a meeting with the company’s CEO Sulaiman Al Fahim.

Al Fahim has been meeting investors separately, with mixed outcomes. The most outspoken group totalling nearly 200, who have named themselves 'Hydra Investors Group' appear to be making progress after sending representatives to meet Al Fahim on Thursday.

Last night their spokesman Kark Howard emailed Al Fahim saying: "It was a pleasure to make your acquaintance at last. We were honoured that you took the time to listen to our concerns. We would like to move ahead with you and Hydra Properties and help in whatever ways we can.”

One investor, Tyronne Pires, who met with Al Fahim on Wednesday, was allowed to exchange his AED1.7m one bedroom apartment at Hydra Twin Towers in Dubai for a two bedroom AED1.3m townhouse in Abu Dhabi’s Hydra Village.

“I’ve reduced my liability and exposure- frankly it’s amazing. Hats off to the guy (Al Fahim). He sat with me, he listened, he gave me options.”

Earlier in the week it emerged the developer had issued legal notices to investors at Hydra Village threatening to re-acquire units if outstanding payments were not paid.

According to reports the letter states that payments made on properties including the purchase reservation and all installments shall be forfeited if investors fail to pay the remaining amount owed.

Hydra commercial director Ahmed Khalil confirmed legal notices had been sent to a handful of defaulting investors.

Hydra Village, a large residential community development in Abu Dhabi, has been delayed by two years and is due for completion in 2011.

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