Tuesday 27 October 2020

Dubai Land Department seizes properties of UAE developer

DUBAI, August 2, 2018

The Dubai Land Department (DLD) has issued a decision to seize the properties and land plots registered to UAE-based developer Schon Properties and also its funds deposited in Escrow account until the Dubai Public Prosecution and Dubai Courts complete legal procedures for the recovery of all investor rights and securing the rights of other parties.

"The step is aimed at protecting the rights of investors in light of Schon Properties’ actions of exploiting investors by refraining from depositing their money in Escrow (guarantee) account," said a statement from the DLD.
The department also appealed to all investors to deposit their money in Escrow accounts and transfer payments to developers as per the percentage of completion in the projects.

"This is the only way investors can preserve their money and ensure their rights are protected," it stated.
The DLD also cautioned the investors and buyers against making payments to developers outside Escrow accounts.

These initiatives are all part of the department's efforts to effectively contribute to sustaining a well-regulated and transparent investment environment that provides necessary protection for all parties and safeguard their rights.-TradeArabia News Service

Tags: properties | Schön Properties | Dubai Land Department | UAE developer |

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