The advisor, Dr. Hamad Saif Al Shamsi, Attorney General of the State, that the Federal Public Funds Prosecution is conducting extensive investigations with officials of the Union Real Estate Company based on the complaint of the Securities and Commodities Authority and the information it contained regarding financial violations committed by Khalifa Hassan Ali Saleh Al Hammadi, Vice Chairman of the Board of Directors of the company and others in conjunction with some of its officials. These included violations related to the sale of one of the company’s real estate assets at a price less than its real price, fraud to conceal the name of the beneficiary from its purchase with forged papers, abuse of authority, fraud, and damage to the interests of the company and its shareholders by entering into investments outside and inside the state without a real study, which incurred financial losses, and violation of the company’s officials with accounting standards systems to hide The loss incurred by that company by changing the classification of its investments.
In his statement, the State Prosecutor added that the Public Prosecution, in view of these facts and their negative impact on the interests of the shareholders, immediately started investigation procedures under his direct supervision, as the properties of some of the accused were seized and they were prevented from traveling, and the legal status of contracts, deals and procedures initiated by the accused and subjected to examination is underway. The technical committee was carried out by specialists with the participation of the Securities and Commodities Authority and law enforcement agencies, and summoned everyone whose responsibility was proven, and that he had directed to take measures to reveal the aspects and details of the incident and the roles of the accused in it, and to deal firmly with anyone who tempted himself to tamper with the national economy.
He also stressed the keenness of the Public Prosecution Office, as a representative of society and representative of the public right, as it seeks to achieve the obligations of the law to maintain the continuity of the investment environment in the country, an attractive and safe environment and to protect the rights and funds of investors and shareholders in investment companies, which represent the backbone of the national economy, stressing that the applicable laws established by the state It aims to regulate the activities of companies and other investment entities and protect them from any tampering or illegal exploitation that may harm them.
Counselor Al Shamsi concluded his statement, noting that the Public Prosecution will continue to inform public opinion in accordance with the course of the investigation and the interest of the investigation.
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