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Dubai: Dubai's master developer Nakheel, which has more than $60 billion worth of projects in its portfolio, has taken legal action against PalmInvest - an unscrupulous real estate investment broker based in the Netherlands for fraudulently selling bonds with a nine per cent interest rate for property on Palm Jumeirah in Dubai.

Although PalmInvest is not an officially registered company in Dubai, the PR Manager for Nakheel, master developer of the Palm, told Gulf News, "Yes, I've heard of them. In fact, we've taken legal action against them in the past to stop them using our projects and our name in their marketing and advertising.

"They've no connection or affiliation with Nakheel."

According to an employee of the company, PalmInvest is owned by Dutchman Remy Bal and is based in Hilversum in the Netherlands. However, neither the General Manager nor the Press Officer of PalmInvest was available for comment.

On the company website, PalmInvest invites prospective buyers to 'invest in the Palm Dubai' and promises that it is 'in all respects legal and fiscally responsible'.

It also states that Dubai is 'the right breeding ground for safe investments'.

PalmInvest is selling bonds guaranteeing a nine per cent interest rate per year over a three-year period to investors willing to pay a minimum of Dh266,385 ($72,525).

Marwan bin Galita, chief executive of the Real Estate Regulatory Agency (Rera), on Monday highlighted the importance of investing safely within the new framework put in place by Rera, "No transactions can be processed outside the land department system, improving confidence and security in the market."

Dutch authorities arrested five on suspicion of fraud on Tuesday. The Netherlands' financial prosecutor said in a statement that documents and luxury goods were seized during raids on eight offices and five homes in the Netherlands and one in Monaco.

A research associate at Jones Lang LaSalle, said, "The new Escrow Account Law put in place by Rera now ensures this kind of fraud doesn't happen. There is full consumer protection in play. So now the developer can't take any money before he's got something to show for it."

Danish are from Denmark.

Sorry I mean Dutch.

Still not awake yet !

^ian^ wrote:Danish are from Denmark.

So is Lurpak
And bacon

But not PalmInvest
They are from Holland



Knight

BabyDoll wrote:Sorry I mean Dutch.

Still not awake yet !

That's OK. Before anyone else jumps on you, it's a common mistake.

Dubai Knight wrote:

^ian^ wrote:Danish are from Denmark.

So is Lurpak
And bacon

But not PalmInvest
They are from Holland



Knight

Where is this 'Holland'?

Edit: Welcome forumers to today's geography lesson.

^ian^ wrote:

Dubai Knight wrote:

^ian^ wrote:Danish are from Denmark.

So is Lurpak
And bacon

But not PalmInvest
They are from Holland



Knight

Where is this 'Holland'?

Edit: Welcome forumers to today's geography lesson.

Go to Belgium, turn right.



Knight

Dubai Knight wrote:

^ian^ wrote:

Dubai Knight wrote:

^ian^ wrote:Danish are from Denmark.

So is Lurpak
And bacon

But not PalmInvest
They are from Holland



Knight

Where is this 'Holland'?

Edit: Welcome forumers to today's geography lesson.

Go to Belgium, turn right.



Knight

Where is it in reference to The Netherlands. Having trouble finding it... it must be small.

^ian^ wrote:Where is it in reference to The Netherlands. Having trouble finding it... it must be small.

Size does not matter. It is the existence which matters.

I am sure some important person quoted that once .... or not ...

BabyDoll wrote:

^ian^ wrote:Where is it in reference to The Netherlands. Having trouble finding it... it must be small.

Size does not matter. It is the existence which matters.

I am sure some important person quoted that once .... or not ...

Were they Japanese?

^ian^ wrote:

Dubai Knight wrote:

^ian^ wrote:

Dubai Knight wrote:

^ian^ wrote:Danish are from Denmark.

So is Lurpak
And bacon

But not PalmInvest
They are from Holland



Knight

Where is this 'Holland'?

Edit: Welcome forumers to today's geography lesson.

Go to Belgium, turn right.



Knight

Where is it in reference to The Netherlands. Having trouble finding it... it must be small.

They are close enough for government work.



Knight

This is making quite some news in Holland, a lot of people lost a lot of money...

Flying Dutchman wrote:This is making quite some news in Holland, a lot of people lost a lot of money...

Hmm......Dubai is talk of the town.....

Thanks for making me laugh

Havd snakke du om ? Dansker er rigtig godt folk Det er ikke idiot ligesom dutch eller støre Britisk:P