The ACI thread...

[Mickymac70]

Yes, No Problem, you can email me they owe me a lot of money for Sami Tower and Victory Bay

[cayman1]

Victory bay ok but Sami Tower whi ACI owe you a lot of money the work are going on or not ?

[indianco]

i call upon all the investors in the victory bay project to form a group and file a case against ACI to cancell the project and refund the 30% amount paid.
the project was sold in 2007 and as of know there is no sign of construction as there was case going on against ACI by the master developer, which they have now won and are claiming to start the construction shortly>

i am sure no body can pay the balance 70% at this point of time.

i request we should source out all the investors and form a team of atleast 70% to file a case against the ACI

people pls come along and email me at amunshi@eim.ae

[jbr09]

Hi Indianco, Have emailed you to join!!

I have "invested" in 3 large office units (total of over 6000 sq ft almost!!).

I have spoken to customer services a few times and they just give me the usual rubbish.

I was actually really relying to use some of this office space myself however this is the least of my worries.

Times are hard and the money I have invested is just being kept hostage and nothing is being done!!!

Please, if anyone has any further updates or information please help!!

If any one has been in a similar situation with other developers has there been anything you can do??

I am willing to start, join, help any group against ACI!!!!

If you are an owner please email indiaco and join his/her group!!!

Thanks,

[unknownpleasures]

Dubai 'German sports star towers’ backer in bankruptcy

Bradley Hope

Last Updated: Jan 16, 2011

Financial backers of a Dubai developer that aimed to build towers named after German sports stars including the Formula One driver Michael Schumacher and the tennis champion Boris Becker have declared bankruptcy in Germany.

Dubai-based investors in properties from the developer Alternative Capital Invest (ACI) have received notices in the past week to file claims as part of the liquidation of several funds in Germany set up to allow investors to take advantage of Dubai's property boom.

The bankruptcy proceedings of those funds will provide an important guide for how property developments with complex financing arrangements and ownership structures are dealt with as thousands of legal cases over property go through the courts here and abroad, lawyers say. It will also shed light on how successfully foreign courts can compel UAE companies to hand over assets.

ACI was known as one of the brashest developers in Dubai's property boom. It launched several celebrity-endorsed buildings, including towers named after Schumacher and fellow F1 driver Niki Lauda. But none of its 17 projects have been completed.

ACI funded its projects through direct sales and several investment funds in Germany, where a founder of the company, Robin Lohmann, is from. Since 2008, cases have been filed against those funds and ACI in Dubai as investors clamoured for the return of their money or completion of the buildings in which they invested.

Valeri Babak, an investor in the stalled Victory Bay tower in Business Bay, said he received a letter from the liquidator of the fifth of seven funds in Germany asking him to file a claim for what he is owed. The fifth fund, called Alternative Capital Invest GmbH & Co. V. Dubai Tower KG, was associated with Victory Bay.

The letter said the "insolvent" fund was being liquidated and the local court of the city of Bielefeld in Germany was overseeing the distribution of the company's assets.

Mr Lohmann, the managing director of ACI Real Estate in Dubai, did not answer calls or e-mails yesterday. German prosecutors told The National in September that they were investigating the management of ACI amid allegations of fraud and breach of trust.

Ludmila Yamalova, a managing partner at HPL Yamalova & Plewka in Dubai, said the impact of the case was still unclear, but the fact that Dubai buyers were starting to receive notices meant legal progress was being made.

"We are trying to understand what this means for people who invested in these buildings," she said.

"What is interesting is that the fund in Germany is being liquidated, but direct buyers of properties in Dubai are being notified as well. We interpret that as ACI Dubai also being insolvent."

Ms Yamalova said the courts were beginning to see the first official bankruptcy proceedings for property developers.

Investors were closely watching the first liquidation in the country for guidance on how the system woud handle redistributions of assets from insolvent companies. Al Murjan Real Estate in Umm al Qaiwain filed for liquidation in November, blaming an inability to get government planning approvals. It collected millions of dirhams in deposits from investors for the US$3 billion (Dh11bn) White Bay project on two islands in the emirate.

Mr Babak, the investor in Victory Bay, said he would file a claim with the liquidator in Germany but did not believe he would see any of the $800,000 he paid to ACI.

"I've been talking to them for two years and nothing has happened," he said. "I don't think they have any more assets. All we have been able to do is send letters."

Source: http://www.thenational.ae/business/p...-in-bankruptcy

[whistler77]

Hi,

the German Prosecuter brings a charge of fraud in the German Funds ACI III. - V. against Robin Lohmann. Highg costs and some brokerages had not been displayed in the prospects. Attached find the link (unfortunately in German):

http://www.nw-news.de/owl/regionale_...-Chefs_an.html

For further information give me a PM

[rallyman]

guys , just when you thought it couldnt get any worse, this company ACI has managed it , i bought in niki lauda towers , which has not been started yet , i won a court case and they were ordered by the supreme court to refund my money, they did not do so and eventually the court bailiff was sent round to the offices in safar towers where the new smirking german ? manager decided to tell the baliff that aci real estate had nothing whatsoever to do with ACI alternative capital invest and they were in no way responsible for anything to do with them .....!!!! they really are unbelievable ... i dont know how this man had the audacity to say such nonsense , unless he of course is part of the whole fraudulent operation. i am sure liars such as this will get their come uppence one day but it does not help us who are suffering now ..... my lawyers are working on the next course of action now ....
But be carefull paying any more money and as to who your contract is with ...aci real estate or aci alternative capital invest or one of the several other aci companies, it seems they are who they want to be to take the money but not when it comes to building or refunds .... its all smoke and mirrors...

[234sale]

more coming soon

[MANUTD]

Originally Posted by 234sale

more coming soon

Now this WILL be a BLOCKBUSTER !!!!! SELECT DAMAC NAKHEEL aren't in the same league as these con artists -- I was very lucky but still lost 40k English

[alonglong]

The letter said the "insolvent" fund was being liquidated and the local court of the city of Bielefeld in Germany was overseeing the distribution of the company's assets.