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Sulaiman Al Fahim to return to Dubai within 48 hours

by Anil Bhoyrul on Wednesday, 17 February 2010

http://www.arabianbusiness.com/581791-s ... -48-hours-

PROPERTY DISPUTE: The UAE businessman is one of three parties ordered to repay an Azerbaijani investor over $2m. Sulaiman Al Fahim will return to Dubai from Moscow on Friday in a bid to clear his name over a property dispute, Arabian Business can reveal.

The UAE businessman is one of three parties ordered to repay an Azerbaijani investor over $2m, after a development by Al Buraq Development and Investment, failed to go ahead in Dubai.

On Wednesday a UAE newspaper claimed an arrest warrant was issued last Thursday after a ruling against Al Fahim last January by the Dubai Property Court. The paper also said that Al Fahim had transferred his assets abroad following the ruling.

However, Al Fahim has denied the claims and said he will take legal action against the paper [click here to read]. Speaking exclusively to Arabian Business, he said: “There is no arrest warrant, this is a court order that was made against me and two other people, and I intend to settle the matter immediately. Some of what has been written is pure rubbish, especially the claim there is an arrest warrant. I will be in Dubai on Friday, I have cancelled all my other business engagements abroad so I can return to settle this matter.”

He added: “What is being said is completely untrue and my lawyers will shortly begin legal action against the paper’s editor and journalist, in whatever jurisdiction we feel necessary. I cannot control what people write and publish it is up to them, unfortunately if things that are untrue are written, they still get published. I have not transferred my assets out of the UAE, and I continue to run my businesses there.

"What has happened is not unusual following the recession, there are thousands of disputes like mine taking place. These are civil disputes, not criminal disputes. The question is how do you solve them, and that’s what I am trying to do.”

He added: “The most important thing is that I am not in any way trying to hide from this. Of course I want to sort this out and that is why I am, right now, trying to see what are the earliest flights I can get to Dubai.”

Fahim said he is hopeful the matter can be resolved quickly, and intends to attend the prestigious Hot100 party being held in Dubai next Wednesday at The Address Hotel Montgomerrie.

Earlier, Al Fahim also hit back over the claims that he owed over $2m to an investor.

He said: “This is actually a civil case and not a criminal case, and one that has been running for some time. And it is quite straightforward: I owned a tower but sold the plot of land to another party. He paid me AED90 million for this but the cheque bounced, and he has since been jailed. However, this person has continued to sell the development by using my name, effectively claiming I am involved. Its rubbish – I am not involved, I am the victim here. This person has continued to receive monies from customers, basically claiming he is Sulaiman Al Fahim.”

Sulaiman Al Fahim returns to Dubai

by Anil Bhoyrul on Saturday, 20 February 2010

http://www.arabianbusiness.com/581903-s ... s-to-dubai

FLIGHT BACK: Fahim arrived at Dubai International Airport in the early hours of this morning, on flight EK134 from Moscow’s Domodedevo Airport. (ITP Images)UAE businessman Sulaiman Al Fahim has arrived back in Dubai following a court ruling over alleged unpaid debts of $2million to a property investor.

Fahim arrived at Dubai International Airport in the early hours of Saturday, on flight EK134 from Moscow’s Domodedevo Airport. Speaking to Arabian Business shortly after leaving the airport, he said: “The very fact I am here in Dubai talking to you shows that what was written earlier in the week was completely false.” [click here to see exclusive pics]

On Wednesday a UAE newspaper claimed an arrest warrant had been issued for Al Fahim for failing to pay a $2million debt related to a property development he was involved in. Fahim says no such warrant was ever issued, and that he will be taking legal action against three of its journalists.

“What was written was very damaging, so I have cut short my trip in Russia for two reasons: first to settle property dispute, and secondly to bring proceedings against those individuals who printed the original story saying there was an arrest warrant out for me. People must be held accountable for their actions. I am being held accountable for mine, they must be for theirs.”

Fahim has also strongly disputed that he is liable for the $2m debt, saying that the property in question was sold by him to a third party, who then continued to take money from investors under the guise of his name. "It's a complicated matter but I have taken no money from anyone on this project, hopefully I can help the other parties to sort this out in a few days," he said.

Speaking in an exclusive interview to Arabian Business regarding allegations of the arrest warrant issued against him, Al Fahim said on Wednesday: “There is no arrest warrant, this is a court order that was made against me and two other people, and I intend to settle the matter immediately. Some of what has been written is pure rubbish, especially the claim there is an arrest warrant. I will be in Dubai on Friday, I have cancelled all my other business engagements abroad so I can return to settle this matter.”

Al Fahim also hit back at media reports, telling Arabian Business: “I am the victim here.”

Asked why the warrant was issued, he said: “First let’s be clear this is actually a civil case and not a criminal case, and one that has been running for some time. And it is quite straightforward: I owned a tower but sold the plot of land to another party. He paid me AED90m ($24.5m) for this but the cheque bounced, and he has since been jailed. However, this person has continued to sell the development by using my name, effectively claiming I am involved.

“It is rubbish – I am not involved, I am the victim here. This person has continued to receive monies from customers, basically claiming he is Sulaiman Al Fahim.”

is he the same guy who took over man city or was it portsmouth??

rudeboy wrote:is he the same guy who took over man city or was it portsmouth??

It was Portsmouth.

sage & onion wrote:

rudeboy wrote:is he the same guy who took over man city or was it portsmouth??

It was Portsmouth.

lol good thing he sold portsmouth at the right time where did he get that sort of money???

rudeboy wrote:

sage & onion wrote:

rudeboy wrote:is he the same guy who took over man city or was it portsmouth??

It was Portsmouth.

lol good thing he sold portsmouth at the right time where did he get that sort of money???

I don't think he is a poor man as such.

In March 2009, Sulaiman Al-Fahim was listed fourth in Arabian Business magazine's list of "The World's most influential Arabs".