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Dubai, UAE

Return of a paid investment to a partner willing to quit

Hi,

I invested in a hotel business in Dubai with 7 investors including me. the cost invested by all of us was 1.05 million.

One of the investors ran the restaurant full time every day, for 20 months. The guy who ran it full time cheated all of us by not paying us even a single penny in 20 months & made sure the debt goes up above AED 750K.

The other 6 investors don't have any legal proof as we only invested funds. The document owner is the guy who ran the restaurant 51% & the other 49% is on friend's wife name.

He hasn't paid salaries to staff, rent, vendors, vat nothing. We investors even invested additional 300k to pay rent initially, and even that he did not return us. He cheated us.

Now all investors have decided to kick him out & invest more funds to clear the negative 750K. I don't want to continue with these guys anymore, so I want to quit. But they are asking me to quit with zero!

I have invested AED 156500 & they are not ready to pay even one dirham. Please advise how to get at least some of my investment.

Please help.

Al Nassar Advocates & Legal Consultants
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28 Nov 2018, 12:52

Dear Questioner,

Thank you for contacting online.

At the time of making an investment, you might have entered into an agreement between the partners regarding the rights, liabilities and other terms according to the proportionate share of your investment.

Based on that MOU only, the rights of each partner can be decided.

Please feel free to contact me on 0556635526 or on ar@alnassaradvocates.com if you need any further explanation .

Regards,

Anitha Rajeev

28 Nov 2018, 16:34

Thanks for your kind response . I shall cal you morning on the number provided at 9 am .

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