Page 31 - UNION PROPERTIES GENERAL - February 2024

2/14/24, 11:50 AM Dubai developer Union Properties serves 'final notice' to ex-chairman after payment defaults | Property – Gulf News

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BUSINESS / Property

Dubai developer Union Properties serves 'final

notice' to ex-chairman after payment defaults

Und er earlier settlement deal, ex-cha irman was supposed to make regular payback

Pub lished: Februa r y 14 , 2024 10:03
Manoj Nair, Business Editor

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A lot was riding for Union Proper ties on the settlement deal reached with the ex-chairman in April last.
Image Credit: Virendra Saklani/Gulf News

Dubai: Union Properties has relaunched action against its former chairman after he and family members defaulted on a

settlement deal earlier reached with the Dubai developer.

Be ex-chairman, Khalifa Al Hammadi, ‘continued to default on paying the agreed monthly payments despite being
notified several times’, Union Properties added in a statement.

A final notice was thereafter served on him, his family members and others for breach of terms and conditions on the

settlement agreement.

It was in April 2023 that the developer first announced it had closed a Dh620 million repayment deal with the former

official. Prior to that, the company had embarked on legal claims related to issues that came to light during his tenure as

its top official.

On DFM, the UP stock is trading 2.4 per cent down at Dh0.27.
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