The mystery of the $6 billion project: what happened with Dubai Pearl? (Part 3)
So, as we mentioned before, unconfirmed information about the cancellation notification issued for Dubai Pearl appeared on 2015. Those rumors resulted in panic among investors. They sent a lot of requests to the Dubai Land Department. All questions from media were never answered. However, several investors were stubborn and received answers. It turned out that the project was officially marked as “Cancellation notification”, however, such notification wasn’t registered, because the developer was searching for new investors.
Attempts to return money invested in Dubai Pearl
Obviously, many investors (especially those who invested dozens of millions) started to make attempts to return their money in court, because the developer was simply ignoring them.
However, their experience can’t be called successful. An anonymous investor told us that the process at Dubai Courts in incredibly slow. People who invested $544491 managed to receive almost $1905. This amount can be used to buy office furniture. At the same time lawyers say that there’s still hope to return invested amounts. It’s worth noting that lawyers receive their salary in any case and they are interested in opening new cases in court.
Starting from 2006 Dubai Pearl started to play “cat and mouse” with investors: they were ignoring all requests and started to renew agreements with new task completion dates.
In 2016 another investor tried to return their money directly from the office of Dubai Pearl. The developer convinced the investor that construction works would have been restored, and asked the investor to renew the agreement. All works were planned to be finished in February 2009. That was the last time when developer contacted with the investor.
Another person published long written communication with the developer. He was offered to renew the agreement with new terms in 2008. He was told that all construction works should have been done by the end of 2011. He refused to renew it and demanded his money. The developer agreed to returned money, but changed their mind later. They insisted to prolog the agreement and the investor signed the new version of it. Later they informed him that works were planned to be completed in 2013 and in 2015.
It’s worth noting that representative of Dubai Pearl are not talking with all the investors. We are talking about the most active of them who tried all ways to return their money. Less stubborn people simply received no answer.