‘Baron’ allegedly conned Saudi in Palm island deal

A Saudi businessman who was allegedly conned for Dh40 million by a German couple aided by a British broker, is awaiting verdict on the lawsuit he filed in the Dubai Misdemeanours Court.

The plaintiff identified as Sheikh Mohammed bin Abdullah alleges in his lawsuit that a certain Baron VVL, 61 and his wife TVVL, 43, along with YOM, 40, CEO of International Holding Group duped him of Dh40 million by selling him land which was never theirs’.

Mohammed told the court that YOM approached him in 2005 with a land deal in Palm Jumeirah, which he claimed is owned by a member of German royal family.

Claiming to Represent the International Holding Group, YOM boasted of high connections and promised he could transfer the land ownership very easily.

“My son met the Baron VVL and again he assured that he has top connections that would allow the transfer of the ownership of the land which is located at the crescent part of the Palm. He asked my son not to tell anyone about the ownership transfer so that the land’s value would not depreciate and since Nakheel was not processing ownership transfers,” the plaintiff told the Court.

The trio then showed the buyer maps of the 600,000 square metres of land and papers signed between them and Nakheel, the developer of the island.

Convinced, the Saudi businessman agreed for the deal and paid an initial cheque of Dh3 million, dated August 20, 2005, while another cheque of Dh37 million was paid on September 22, 2005.

An agreement of the land deal was signed between the Saudi investor and YOM who signed on behalf of the Cyprus-based Golden Wheel Developers, following the payment of full amount.

However, once the deals was sealed, the trio first procrastinated the transfer of ownership and later were unreachable.

Frustrated, the buyer approached Nakheel in July 2008 and enquired about the land deal and was shocked to find out that the developers’ contract with trio was just a memorandum of understanding and have long been invalid.

The Court is currently awaiting a report from a three-member committee it formed to study the case, and has adjourned the case for a verdict on August 23.

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