Is it any wonder prices kept rising when artificial demand was ever present at Nakheel.
Last week a close friend of mine (local) let slip that one of Nakheels sales staff, who happened to be a girlfriend of one of the directors, had been asked to pay back over 700 million dirhams in ill gotten gains. Let me repeat that figure. SEVEN HUNDRED MILLION.
This was 'aquired' using friends as bogus buyers who would reserve prime plots before being released to the public. These would then be offered at a premium to prospective clients who were desperate to buy. She and her friends would pocket up to 10 million a pop for selling something that they hadn't legally bought in the first place. This took place over a 3-4 year period and she was not the only one guilty of such behaviour.
When her and many like her can do things such as this, yes, The government must take responsibility. Responsibility for not having rules and regulations that prohibit practices like this. Not only that, but laws that would send this person to jail, not simply ask for it to be repaid. Being a local though, I guess sums up what's so wrong with this sodden place.
Harry