The owner of a Dubai-based real estate brokerage company has promised to pay back millions of dirhams it owes to more than 100 landlords after cheques made out by the firm bounced.
MFR Properties (MFR), which is owned by Mohammad Fahad Razaq, has had its company licence suspended by the Dubai Land Department (LD) as it investigates the issue.
The company, which has been in business since March last year, managed and subleased properties in exchange for paying the rent back to the owners in four cheques over one year.
However, landlords claim it has been simultaneously renting the properties out in exchange for one-cheque payments from tenants, and for a lower price than was signed with the owners.
Rizwan Ali signed a contract with MFR to rent out his a two-bedroom apartment in Jumeirah Lakes Towers in November last year for Dh61,000 to be paid to him in four cheques. But without his knowledge, he says the company leased the property for Dh52,000 in one cheque to the tenant.
Mr Ali said his first cheque cleared, but the second, due on February 10, bounced.
"This situation is just unbearable," said Mr Ali, who has filed a police case against Mr Razaq.
MFR's boss, Mr Razaq, said he plans to pay back all the landlords, which he estimates to be around 150, within the next few months.
"For some time, everything was messed up; but step by step we are solving all the problems," he said.
Mr Razaq, who was recently released from police custody over an outstanding payment of Dh2.5 million with one landlord, said MFR has closed down.
Another landlord, Omar Khaled, said he went to Dubai Real Estate Regulatory Authority (RERA) after his third cheque bounced.
"They already knew about MFR and what they were doing, but they couldn't tell me anything. What can I do as a landlord? I have no rights," he said.
An online forum created by the affected landlords reveals that some people have already been paid what was owed to them.
Landlord Mohammad Amin, who also filed a police case last week, said he was reimbursed the same day.
According to a statement from the LD, MFR's trade licence has been suspended "as a precautionary measure".
"The Dubai Land Department has immediately started to investigate the issue and is looking into the submitted complaints."
molson@thenational.ae
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 4.0-litre twin-turbo V8
Power: 640hp at 6,000rpm
Torque: 850Nm from 2,300-4,500rpm
Transmission: 8-speed auto
Fuel consumption: 11.9L/100km
Price: Dh749,800
On sale: now
THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Zayed Sustainability Prize
Company profile
Company name: Xare
Started: January 18, 2021
Founders: Padmini Gupta, Milind Singh, Mandeep Singh
Based: Dubai
Sector: FinTech
Funds Raised: $10 million
Current number of staff: 28
Investment stage: undisclosed
Investors: MS&AD Ventures, Middle East Venture Partners, Astra Amco, the Dubai International Financial Centre, Fintech Fund, 500 Startups, Khwarizmi Ventures, and Phoenician Funds
The specs
Engine: 1.8-litre 4-cyl turbo
Power: 190hp at 5,200rpm
Torque: 320Nm from 1,800-5,000rpm
Transmission: Seven-speed dual-clutch auto
Fuel consumption: 6.7L/100km
Price: From Dh111,195
On sale: Now
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
Results
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
Winner: My Catch, Pat Dobbs, Doug Watson.
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
Winner: Golden Goal, Pat Dobbs, Doug Watson.
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')