UAE investigates Union Properties executives over financial irregularities: WAM

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Federal prosecutors in the United Arab Emirates said Sunday they’ve launched a major investigation into Dubai-based real estate developer Union Properties.

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A statement carried by the state-run WAM news agency said the investigation involved allegations of the firm selling property at less than its real value and hiding the name of the beneficiary of the sale, as well as forging documents and other violations.

Union Properties, known for building Dubai Motor City, did not immediately respond to a request for comment.

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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