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The Independent UK
The Independent UK
National
Via AP news wire

Dubai developer Union Properties says $42M 'misappropriated'

Dubai
Copyright 2022 The Associated Press. All rights reserved.

A troubled Dubai real estate developer said Monday it suspected that $42 million had been “misappropriated” by the company's former officials while declaring it massively overvalued its holdings.

The announcement by Union Properties comes as Emirati prosecutors announced in October they were investigating the firm.

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