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 inaugurates new consulate building in Jeddah, pledges improved services for expatriates
- Deputy PM Ishaq Dar says government is committed to easing consular access for overseas Pakistanis
- The Kingdom is home to one of Pakistan’s largest overseas communities and a key source of remittances
ISLAMABAD: Pakistan on Saturday inaugurated a new chancery building for its consulate in the Saudi city of Jeddah, underlining the government’s resolve to improve consular services for millions of Pakistanis living and working in the Kingdom.
The inauguration was led by Deputy Prime Minister and Foreign Minister Ishaq Dar, as Islamabad strengthens diplomatic infrastructure in Saudi Arabia, home to one of Pakistan’s largest overseas communities and a key source of remittances.
During the ceremony, Dar praised the efforts of the Consulate General of Pakistan in Jeddah and acknowledged the support of Saudi authorities in completing the project, according to a statement from Pakistan’s foreign ministry.
“The Deputy Prime Minister and Foreign Minister of Pakistan, Senator Mohammad Ishaq Dar inaugurated the new chancery building in a small and graceful ceremony in Jeddah,” the statement said.
“He emphasized that the government is committed to facilitating overseas Pakistanis through provision of effective consular services,” it added.
The ceremony included the hoisting of Pakistan’s flag, a tree plantation at the chancery premises, ribbon cutting and the unveiling of a commemorative plaque, followed by prayers for Pakistan and Saudi Arabia.
Dar later reviewed the facilities and authorized the transfer of consular operations to the new chancery at the earliest, expressing satisfaction over the completion of the project.
Western Saudi Arabia is home to around 1.8 million Pakistanis, said the statement, adding that the new building is expected to ease access to consular and administrative services for the community.
