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Al Fajer Properties future turns from Ebony to Ivory amid former CEO’s recent detainment

December 18th, 2010 Comments off

Al Fajer Properties future turns from Ebony to Ivory amid former CEO’s recent detainment

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Al Fajer Properties future turns from Ebony to Ivory amid former CEO’s recent detainment

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Home Page > Business > International Business > Al Fajer Properties future turns from Ebony to Ivory amid former CEO’s recent detainment

Al Fajer Properties future turns from Ebony to Ivory amid former CEO’s recent detainment

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Posted: Oct 29, 2010 |Comments: 0

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Nearly two years after his termination as Al Fajer Properties CEO, Shahram Abdullah Zadeh has been detained by UAE authorities–providing transparency to a high-profile scandal that has created a public relations nightmare for Al Fajer and skepticism for many potential investors looking to invest their money in Dubai’s prized real estate market.

Official documents indicate Zadeh had been on board a flight from Dubai to Bishkek, the capital of Kyrgyzstan, on Sept. 12, when UAE authorities boarded the airliner to arrest the Iranian businessman, in violation of the United Nations Security Council Resolutions 1737 and 1747

UN Security Council resolutions 1737 and 1747 place economic sanctions on Iran and prohibit UN member states from supplying Iran with any material or technology that might contribute to nuclear weapons development. The resolutions also call on member states to freeze the assets of particular individuals and entities with ties to Iran’s nuclear programme, including the IRGC and its affiliates.

On Mar. 3, 2009, Forbes printed a story about the 3.2 billion dirham (1.2 million) restructuring of Al Fajer Properties, a high-profile real estate development firm owned by the brother of Dubai’s ruling sheik. The story highlighted conflicts between Al Fajer Properties and their former CEO, Shahram Abdullah Zadeh, a flamboyant, Iranian-born businessman who was dismissed in 2008 over company fraud allegations.

Sources close to Al Fajer confirm that after Zadeh’s dismissal, company audits revealed the flamboyant CEO had been using Al Fajer to funnel money in and out of his IRGC affiliated companies. Along with money laundering, company audits also found that Zadeh had been using his relative’s information to engage in real estate transactions which he knew Al Fajer would purchase at a later date. Once he had purchased the real estate under a relative’s name, Zadeh would sell the property to Al Fajer at a higher price, and in turn, deposit the dividends back into Al Fajer as equity.

Following the audit’s discovery, allegations of Shahram Zadeh’s business ties with the Iranian Revolutionary Guards Corps (IRGC) began to surface within the UAE. Sources close to the case told Forbes, “In accordance with the UN’s Security Council Resolutions, Abdullah Zadeh’s passport and UAE operations with apparent links to the IRGC were immediately frozen. The source also indicated that Zadeh illegally obtained a Czech Republic passport last year in order to flee the UAE and continue his business with Iran.

Zadeh does not deny moving funds between Al-Fajer and other companies he owns, but claims that he put the money into the company’s account in the first place and later took it back as his “investment.” He said that no money was missing, though he admitted there had been no auditing of the company accounts during his tenure because the firm was understaffed and had big ambitions.

The detainment of Shahram Abdullah Zadeh casts a brighter light on Al Fajer Properties, while providing investors with assurance that Dubai’s “black cloud” is finally starting to lift. (see ”UAE tightens noose on front companies”), for further information regarding the UAE’s crack down on IRCG front companies.

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Article Tags:
al fajer properties, al fajer group, dubai, real estate, sheikh maktoum, ebony and ivory, uae

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