A former American businessman, wanted in the US on federal fraud charges, is being sued for unpaid loans amounting to around US$115m in relation to a number of failed projects in Qatar, it was reported on Monday.
Abdulla Al Jufairi left the US in 2006 before a federal grand jury issued indictments charging him with defrauding the federal government of around US$26m.
Arriving in the Middle East, Al Jufairi launched a number of projects, including an office block development on The Pearl-Qatar, and managed to attract million of dollars in investment and loans, according to a report by The Detroit News.
According to the report, a British investment house is suing Al Jufairi for US$75m for unpaid loans, while a Kuwaiti investment company is owed around US$40m relating to failed land projects and development deals in Qatar.
One US investor owned money from a failed project in Michigan reportedly pursued Al Jufairi to the UAE and was awarded more than US$650,000 by a Dubai court, the report said.
"His schemes have grown to a grand scale," Donald A. Jordan, an attorney and former associate of Al Jufairi was quoted as saying. Jordan moved to Qatar to work with Al Jufairi on his projects but has since distanced himself from the failed deals.
United Development Company, the developer of The Pearl-Qatar, did not respond to queries from Arabian Business when contacted regarding the case.For all the latest industry news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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