DUBAI: The Dubai Land Department has seized property, land and an Escrow account registered to Schon Properties, owners of Pakistan Super League cricket team the Multan Sultans.
The Government of Dubai Media Office said the DLD decided to act while Dubai Public Prosecution and Dubai Courts pursue legal action against the company.
“The step is aimed at protecting the rights of investors in light of Schon Properties’ actions of exploiting investors by refraining from depositing their money in an Escrow (guarantee) account,” the DLD said.
The Dubai Land Department requires investors to deposit money in Escrow accounts and transfer payments to developers in line with the percentage of completion of projects.
“This is the only way investors can preserve their money and ensure their rights are protected. Buyers are advised not to make payments to developers outside Escrow accounts,” the office said.
The DLD explained that the requirement is part of its efforts to provide a well-regulated and transparent investment environment that provides all the necessary protections for all parties and safeguards their rights.
Schon Properties bought the newly created Multan Sultans franchise with a winning bid of $41.6 million in 2017, paying $5.2 million a season for eight seasons. This made the team the most expensive of the six PSL franchises.
The company was founded in 2007 by brothers Tahir Hussain Schon and Nasir Hussain Schon from Karachi. Their main projects are in Dubai, including Dubai Lagoon, iSuites, Schon Business Park, and Eco-Friendly Development. For several years, the business has been plagued by complaints from investors about delayed handovers and other problems.
According to media reports, in Pakistan Schon Group is on the National Accountability Bureau’s radar, after it was involved in a loan default and faced allegations of involvement in a financial scam worth PKR 1.245 billion ($10.1 million).
Arab News tried to contact Danial Schon, one of the company’s directors, for comment but he was unreachable.
Dubai authorities seize assets of Schon Properties, owners of PSL team Multan Sultans
Dubai authorities seize assets of Schon Properties, owners of PSL team Multan Sultans
Pakistan nears $1.5 billion deal to supply weapons, jets to Sudan
- Deal may include drones, air defense systems and Karakoram-8 aircraft, with possible JF-17 fighters
- The sale is expected to bolster Sudan’s army in the ongoing civil war with the Rapid Support Forces
ISLAMABAD: Pakistan is in the final phases of striking a $1.5-billion deal to supply weapons and jets to Sudan, a former top air force official and three sources said, promising a major boost for Sudan’s army, battling the paramilitary Rapid Support Forces.
Their conflict has stoked the world’s worst humanitarian crisis for more than 2-1/2 years, drawing in myriad foreign interests, and threatening to fragment the strategic Red Sea country, a major gold producer.
The deal with Pakistan encompasses 10 Karakoram-8 light attack aircraft, more than 200 drones for scouting and kamikaze attacks, and advanced air defense systems, said two of the three sources with knowledge of the matter, who all sought anonymity.
It was a “done deal,” said Aamir Masood, a retired Pakistani air marshal who continues to be briefed on air force matters.
Besides the Karakoram-8 jets, it includes Super Mushshak training aircraft, and perhaps some coveted JF-17 fighters developed jointly with China and produced in Pakistan, he added, without giving figures or a delivery schedule.
Pakistan’s military and its defense ministry did not immediately respond to requests for comment.
A spokesman for Sudan’s army did not immediately respond to a message requesting comment.
Assistance from Pakistan, especially drones and jets, could help Sudan’s army regain the air supremacy it had toward the start of its war with the RSF, which has increasingly used drones to gain territory, eroding the army’s position.
PAKISTAN’S DEFENSE AMBITIONS
The deal is another feather in the cap for Pakistan’s growing defense sector, which has drawn growing interest and investment, particularly since its jets were deployed in a conflict with India last year.
Last month, Islamabad struck a weapons deal worth more than $4 billion with the Libyan National Army, officials said, for one of the South Asian nation’s largest arms sales, which includes JF-17 fighter jets and training aircraft.
Pakistan has also held talks with Bangladesh on a defense deal that could includes the Super Mushshak training jets and JF-17s, as ties improve ties with Dhaka.
The government sees Pakistan’s burgeoning industry as a catalyst to secure long-term economic stability.
Pakistan is now in a $7-billion IMF program, following a short-term deal to avert a sovereign default in 2023. It won IMF support after Saudi Arabia and other Gulf allies provided financial and deposit rollovers.
