Dubai Developer Union Properties’ Chairman Held Amid Probe

A United Arab Emirates prosecutor has ordered the detention of the chairman of Dubai-based Union Properties PJSC pending an investigation into alleged financial violations at one of the country’s biggest developers, Bloomberg News reported. Khalifa Al Hammadi’s detention was requested by the Federal Public Funds Prosecution and “the case is still under investigation,” the company said in a stock market disclosure, citing a letter from the authorities. A spokesman for Union Properties declined to comment when contacted by Bloomberg on Tuesday. Hours later, Union Properties said shareholders approved Al Hammadi’s dismissal along with three others from the company’s seven-member board, according to a separate statement posted on the bourse’s website. They also rejected a proposal to ratify the auditors’ report as well as the company’s balance sheet and profit-and-loss accounts for 2020. Last month, the UAE attorney general announced a “major” investigation into alleged financial violations at the company, sending its shares into a tailspin. The probe followed complaints by the market regulator, the Securities and Commodities Authority, alleging violations by the company’s board chairman and other officials. Read more.