Developer to launch legal case against Barry Tannenbaum, accused of $1.9bn fraud.
Barwa Real Estate Co
expects to recover 70-75 percent of financing provided to South African Frankel, owned by business man Barry Tannenbaum who is accused of a $1.9bn corporate fraud.
expects to do so through legal proceedings in jurisdictions where those culpable reside or are believed to have recoverable assets," it said on Tuesday.
, a unit of the property arm of Qatar's sovereign wealth fund, said in June it had stopped a $40m revolving credit facility to Frankel International which the company had not completely used.
A South African judge has appointed three trustees to manage assets seized from Tannenbaum and to investigate allegations he defrauded investors of up to 15 billion rand ($1.9bn).
In July, a source close to the matter said Tannenbaum had admitted to forging documents to deceive
, citing an affidavit used by
in a British court application to freeze assets of a lawyer affiliated with Tannenbaum.
South African authorities are seeking a global freeze of the assets of Tannenbaum. (Reuters)For all the latest construction 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.