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BL PROPERTIES """""""""""""""""""""""URGENT""""""""""""""""""""""""""""""""""""

we went to see arra today, they told us that they need 70 % people who own with bl properties. So people must visit arra desk for register. Actually they have only 30 % of the owners who have register!

akhiabani's picture

Please clarify what would

Please clarify what would happen if they have 70% registration...

BL PROPERTIES

they say they can make an action (refund a part of our money) i know that it's difficult to believe... But we can try, all people have to register no? i think it's the minimum we have to do for they recognize our problem.

akhiabani's picture

Thank you for clarifying

Thank you for clarifying this issue and I hope all the BL investors register.
However this puppet agency hasn't done a single thing to help the investors and I don't think they will be in the future.

BL properties

I went in Sept 2014 and completed settlement form registration. I have chased ARRA for updates , but no joy. ARRA has done nothing to help investors and I don't believe they will in the future.

They allowed BL to plunder at will, and then how can we except them to give something back to investors. BL made the situation look as if they had honourable intentions to start rebuilding. Their intention was to Steal as much money as possible then do the disappearing act.

Arra should seize all BL assets instantly and then re-sell to another honest developer that has a safety deposit to put down. Also issue arrest warrants for BL directors, teach the crooks a lesson - so other crooks leave UAE instantly. The only thing we investors will see is more excuses/lies from both BL and ARRA. Then maybe in 2-3 years we maybe offered 5-10% for 8-10 years of investment - that's if we are lucky. Otherwise ARRA will sell re-sell BL projects and give investors nothing. WHAT a DAMN SHAME

akhiabani's picture

Incompetent Fools

How hard is it to ask BL to provide the list of investors and their payment amount to
this useless agency???
My guess is that Rholding has collected between 15 to 20 million AED from this developer for land and 29 floors.
That plus their other assets will be more than enough to pay back the investors.
But they won't do it because they want to claim the land for free just like Mamooka and Humaid city..

BL properties

ARRA have also failed to do anything with AL Humaid City, BL properties have done absolutely nothing there and have taken huge deposits. BL should be force by ARRA to return investor deposits, BL have no plan to build and have been holding money for nearly 6-7 years. The reason we as investors are in this mess is that ARRA sit by watching while these developers are blatantly stealing money from investors. We as investors are provided no help to retrieve our investments, where is this ESCROW rubbish. Ajman law is totally useless when it actually has to act, if ARRA used the law against these scrupulous developers then investors could go to the Courts to see some justice - but the courts will not act until ARRA pushes cases against developers. ARRA doesn't want to cancel the projects officially because then the developers are liable for breach of contracts. The contracts in Ajman are waste of paper, they have no purpose because the authorities actually are causing obstacles rather than helping in cases against these crooks.

We are not allowed joint cases against developers
the lawyers are charging extortianate fees
and there is very little chance of getting any returns back from developers

ARRA act against these crooks, rather than sitting idle and allowing them to con investors at will.

its just another Mirage

well,
had enrolled along with another investor last year. nothing has hapenned, dosent look like anything will happen. they gave us the option of refund or swap. ofcourse we choose refund, am sure all others did the same. probably they just wanted to check the depth of the ocean---
1. check how many investors are still alive
2. if they can squeze them further.
3. make a mokery out of them

recovery from BL

We all need to get together, put up a database of investors and create a voice to her our money back.

Cheers,
Nadia

Arab Knight 7's picture

BL Properties

ARRA is waste of time and I believe everyone has to go through court on his own right. I live in London and I had to give power of attorney to my brother-in-law who lives in Dubai to act on my behalf. He and the lawyer did excellent job so far and if we get the money back then all the hassle is worth it.
Lawyer gave me some update today and claimed that very soon we will have all the clearance to try and access the funds at the bank, will update you with the outcome in the next few weeks.

bl properties

Hi Arab knight

I am also based in London, same issue with Bl. Would be greatfully for any lawyer contact and best Way to go àbout recovering my investment with BL. If possible could I contact you to discuss.

My personal email:ilyas.mohammed@yahoo.Co. uk