Briton Sues Sheikh Maktoum’s Family in £500M Dubai Property Scam
New structures are always on the rise under the booming Dubai real estate industry. A haven for property investment, Dubai is a land of endless opportunities as far as real estate is concerned. However, beneath all that glittery gold lies several shady, including the realty scam in Dubai. Following one such large scale scam, a British property developed sued the Dubai royal family of Sheikh Mohammed bin Rashid Al Maktoum of defrauding his property business firm of billions.
Dubai Property Scam Dupes Briton Realty Businessman
Dubai’s royal family headed by Sheikh Maktoum today faces a £1billion lawsuit filed by a British property developer. The complainant, Mohamed Haddad, claimed under his lawsuit that he was told to “accept 4 x less than my share or go to jail.” Threat and intimidation being a common practice in the Gulf and therefore, in the UAE too, has put human rights at risk.
It all started ten years ago in 2008, when Dr. Mohamed Haddad was still the chairman of KM Holdings as well as the 50% shareholder of the £500 million Dubai firm. Dr. Haddad received a text message from his partner, wherein he was asked to sell his share of interest in the firm. However, what infuriated Mr. Haddad to refuse the deal was the fact that he was asked to either sell his shares for a fraction of their value or be sent to prison.
Mr. Haddad took the warning lightly and went back home, unaware of the seriousness of financial scam in Dubai. When he arrived at work the other day, the security guards at KM Holdings barred him from entering the premises while on arriving back at home, Dr. Haddad realized that electricity and water connection to his house were discontinued. At this point of time, the shareholder of KM Holdings realized that the warning was genuine and he was now part of Dubai property scam.
Frightened of further escalation, Mohamed Haddad fled Dubai to resolved the issue from a safe distance and moved to London.
Ten years later, in August 2020, Mohamed Haddad filed a £1billion lawsuit against the Dubai royal family, against the cousin brother of Sheikh Maktoum — the Prime Minister and Ruler of Dubai.
In the lawsuit the complainant has sued the Dubai royal family for robbing him of his £500 million business, which he partially headed as the chairman in the Gulf state. In addition, he was threatened of being imprisoned. High ranking figures connected to Sheikh Maktoum have been named in the property scam in Dubai, which includes Sheikh Mohammed bin Khalifa bin Saeed al-Maktoum — the cousin of the Prime Minister of UAE. Mohamed Haddad has also named the Executive Chairman of an international law firm — Baker McKenzie — Habib Al Mulla of representing his client for the acquisition of shares via the means of a court order to get them transferred in the name of Dubai royal family.
Chief executive of Detained in Dubai and Due Process International, Radha Stirling said: “In Mohamed Haddad’s case, we can say that the formal system conspired with the informal system of power in the UAE. No judge in the UAE would ever hear this case impartially.”
The Dubai property scam case follows the High Court ruling against Sheikh Mohammed bin Rashid Al Maktoum for ordering and orchestrating the abduction of his daughters — Princess Shamsa in 2002 and Sheikha Latifa during her 2018 escape. In both the cases, the daughters were forcibly abducted and returned to the UAE. In addition to the financial scam in Dubai, Sheikh Maktoum is named for waging a campaign of ‘fear and intimidation’ against one of his wives, Princess Haya — the youngest — who escaped to Britain in 2019, fearing the safety of her life.
