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Investigations

TSMC first-quarter net profit soars

Its net revenue for the quarter soared nearly 42%.

Tesla’s first Saudi showroom opens

The opening in Riyadh comes with Tesla sales dropping.

Mubadala Energy enters US energy market

Acquires a 24.1% interest in US firm Kimmeridge’s SoTex

Borouge to increase dividend from 2025

The company okayed $650 million final dividend for 2024.

TikTok’s US future uncertain

It must find non-Chinese owner to avoid ban.

UAE prosecutors launch probe into Union Properties

The allegations arose of the company selling property at less than its real value.
By TRENDS Desk
October 24, 2021 2:53 pm
  • The prosecutors will also investigate accusations that the firm hid the name of the beneficiary of the sale
  • The firm, Union Properties, known for building Dubai Motor City, has not reacted to the start of the investigation

The UAE prosecutors have begun an investigation into Union Properties, the Dubai-based real estate developer, after allegations arose of the company selling property at less than its real value.

The prosecutors will also investigate accusations that the firm hid the name of the beneficiary of the sale, and also forged documents and other transgressions.

The firm, Union Properties, known for building Dubai Motor City, has not reacted to the start of the investigation.

Filings on Sunday to the Dubai Financial Market showed shareholders wanted a vote later this week to possibly remove its board of directors. Separately, the company said one of its subsidiaries was involved in a lawsuit seeking nearly $1 billion, without elaborating.

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