DUBAI, United Arab Emirates (AP) 鈥� A troubled Dubai real estate developer said Monday it suspected that $42 million had been 鈥渕isappropriated鈥� by the company's former officials while declaring it massively overvalued its holdings.
The announcement by Union Properties comes as .
Already, .
Last year 鈥渉as been a difficult year for Union Properties as we uncovered widespread fraud and misconduct by the company鈥檚 former management involving forgery, misappropriation of funds and various other financial violations which has negatively impact the company鈥檚 financial health and been a severe breach of shareholder confidence,鈥� managing director Amer Khansaheb said in a statement.
The Associated Press
