9
Mar 09

Legal actions taken against Khoie

Legal actions taken against Khoie

Only a day after the chief financial officer of Khoie said the company was insolvent, Khoie Properties says it is unable to meet a $15m payment to the government of Ras Al Khaimah for the $800 million project La Hoya Bay.

‘Following last year’s credit crunch and its impact on the UAE’s real estate market, we were unable to meet our December 1, 2008 land payment of $15 million to Ras Al Khaimah Investment Authority (RAKIA),’

CEO of Khoie Properties, Frank Khoie, said in a statement.

‘Rakia’s officials have not been able to accept our deferred payment proposals and have taken legal action,’ he said.

Khoie said they are in discussions with RAKIA for a possible handover of the La Hoya Bay project, but a senior RAKIA official denied this. The official, who declines to be named, said that Khoie Properties had collected Dh280m from the investors of La Hoya Bay but had only spent Dh50m on construction.

Frank Khoie was not immediately available for comment when contacted by Reuters.

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  • Andre Kalashikov

    So, How do we get our deposits back?

  • http://N/A Karan

    Frank Khoie is a fraud, he has eaten the money of small suppliers as well. Forget getting your money or deposits.

  • http://www.lahoyabay-investors-group.com Ashley

    La Hoya Bay investors are waiting for an announcement from RAKIA, which will hopefully be deliverd in the next week or so. We remain optimistic and focused and would welcome fellow investors joining us -http://www.lahoyabay-investors-group.com – to move forward with this project somehow. We have 300 members registered so far. We look forward to seeing you.

    Ash

  • http://www.lahoyabay-investors-group.com Ashley

    I am media spokesperson for the La Hoya Bay Investors and you are very welcome to contact me directly ashleymerry@aol.com.

    I will be happy to answer any questions re La Hoya Bay if I can.

    Ash

  • Jane Taylor

    We own two one bed props there with roof gardens and paid cash off plan.

    Only just discovered this so will you please be kind enough to keep me updated.

  • http://www.lahoyabay-investors-group.com Ashley

    Jane,

    Any updates and official communications are posted on the Investors website. A quick summary of where we are was posted today.

    Please take a look at the website and or email me so I can make sure you are copied in on everything.

    Best wishes

    Ash

  • April Krokou

    I have just reciver email stating that RAKIA are now not taking over the project. Where does this leave us now?
    April

  • http://www.uaerush.com UAERush

    The government of Ras al Khaimah has decided to take over La Hoya Bay:
    http://www.uaerush.com/2009/06/05/rak-to-take-over-la-hoya-bay/