Car Parks Update - December 2018

There have been many requests for recent updates – we have been working very hard the last few months as you will hopefully read below but this is just to say that we are not trying to withhold information to cause frustration.

There are things that have occurred in the last two months almost daily and the issue is that for us to put out news, we need to fully understand it when we are working in Arabic, which is then translated (sometimes not well) and we could have put out information that is either wrong or sets the wrong impression. 

As you are probably aware the products of Car Parks and the ABC bonds are both connected in so much as the same individual in the UAE had control of the bank accounts. As such the Criminal case that we have been progressing on your behalf has been for the benefit of both groups. 

On 24th October case number 31188/2018 had registered a communication 5866/2018 from the Government of Dubai, Public Prosecution department.

The accused individuals have been found to have  “committed the misdemeanour of fraud and criminal complicity”. There was an instant appeal to push the case to being purely Civil by the legal team of the accused but following a court session of cross examination of Best Asset Management, the case has been cleared to continue as a criminal case to be concluded during Q1 of 2019. This is very positive news for the repatriation of funds.

As a result there have now been the corresponding civil cases submitted with a view to enforcing against assets which were scheduled as security in preparation for dispersal.

What does this mean for creditors of ABC and members of the CPOA. – with the accused now found to be guilty there is a method to force the return of the monies in the criminal case which are greater than 40m GBP. This also clears the way for the Civil case to be progressed at speed for additional values up to the level of the civil claims.

Finally – in the UK the term “misdemeanour” is not imagined as a serious offence – please understand that this is a translation and this is the court that is one below capital punishment. A “misdemeanour” is serious enough in UAE law for what we are needing to achieve. – which is eventually to force the return of funds. 

Whilst we have not reached the point of returning funds to investors – we have made very significant progress in achieving this and we hope that as we enter the Christmas period you are feeling comfortable that your investments have not been ignored.