| 
 Mobile Version
  |
 Jobs
Emirates Business24|7
Site last updated at
1:55 PM
The Numbers
Dirham | Pound
6.06
(1.78%)
Dirham | Euro
5.45
(-0.18%)
Dubai Index
2081.71
(2.26%)
World News : Left Right
Send To Friend
Your Name  
Your Email   
 
Friend Name
Friend Email   
 
Message
Agent faces police probe over bounced cheques 
CBS faces police cases over bounced cheques. (EB FILE)
By
 
Parag Deulgaonkar  on 11/8/2009 

Some Burj Views apartment owners have filed police cases against Corporate Business Solutions (CBS) for bounced cheques, but they now face an arduous task of regaining possession of their apartments as they have been sub-leased to others by CBS, Emirates Business can reveal.

Two of the owners said they had entered into lease agreements with CBS in August and September this year, with rents being payable in four cheques. However, in both the cases, the first cheque, which also included the security deposit, had bounced. One of them has filed a case in Naif Police Station and the other in Rashidiya against CBS Managing Director.

GJ, owner of apartments in Burj Views in Downtown area, said he had leased his two apartment to CBS for Dh80,000 each, with the company issuing him four cheques.

"We entered the lease agreements in August with the clause they should not be sub-leased. Unfortunately, she [CBS?Managing Director] had sublet the apartments to others for Dh50,000 each for cash," he said.

The other apartment owner, on condition of anonymity, said: "The agreement was between us and CBS for Dh80,000. The first cheque itself has bounced. But to our astonishment we found someone else was already staying in our apartment even before the agreement with CBS came into force. And she wasn't an employee of CBS."

According to the landlord, the "tenant" has already paid the rent in cash to CBS. "The tenant is not willing to vacate our house and so we have now filed an eviction case with Dubai Municipality. Our first hearing is due on November 9."

In both the cases, the CBS Managing Director had allegedly approached the owners through other real estate agents and had leased the apartment for company accommodation. She paid them higher rent through cheques, but sub-leased at lower-than-market rents to people for cash.

GJ said one of the tenants agreed to vacate the apartment, but the other is still considering his proposal. "We have offered the tenant to stay in the apartment until January 2010, but then has to sign a lease agreement with us from February. If they don't accept, I will have to file an eviction case with the Dubai Municipality."

"We have lost quite a lot of money… there is no alternative for us but to either strike a deal or take the case to authorities," GJ said.

CBS is also involved in a rental dispute with some tenants in Discovery Gardens.

 

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

 


 del.icio.usnewsvineFaceBookTailrankGoogle BookmarksDiggredditStumbleUpon
Comments 
Post a Comment
 
 
Comments are subject to editing and are only published after approval.
You will be sent an email when your submission has been posted online.
Please read the website Terms & Conditions.
ENBD faces $350m Saudi exposure
Bank’s balance sheet and last quarter results will not be affected, says chief executive.
Ineffective snagging can cost owners dearly
Facilities and property management are neglected by some developers, say realtors.
GCC corporate profit to recover in Q4 after nine-month decline
Bad debt provisions, low commodity prices and realty are to be blamed for drop.
Loading
11082009_9cd700ea-e026-4a1b-a1c1-8ef2c654b288 
Nov.22Obama to host India's Singh
Nov.22Ford plans $2bn Brazil foray
Nov.21Nasdaq finishes lower
Navele on why the dollar doesn't rise on economic figures – Business Breakfast, November 22
..............................................
Smith discusses a radio advertising seminar – Business Breakfast, November 22
..............................................
Akhtar talks about the legal side of private equity – Business Breakfast, November 22
..............................................
Internet has revolutionised reputation and word-of-mouth and firms must live up to their promise.
Paul Murphy is associate editor of the Financial Times.
Under the worst case scenario, average borrowing in the advanced economies is headed to 150 per cent.
Julian Bene writes opinion for  Emirates Business .
How banks engaged in accounting for credit losses has been highlighted by the global financial crisis.
Loading
Loading
Loading