“Union Properties has denied what is being circulated on some social networks in relation to the company’s business activities and its boar
“Union Properties has denied what is being circulated on some social networks in relation to the company’s business activities and its board of directors, which would negatively affect trading in UAE capital markets as well as the economic security,” the statement said.
Its Managing Director, Ahmad Khoury, said: “The Company operates in accordance with UAE laws and regulations and as per the Securities and Commodities Authority and Dubai Financial Market regulations.
“All transactions are subject to external audits by independent companies approved by competent authorities. The company will take all legal procedures and will file a case to prosecute rumour mongers and refer them to the competent authorities.
“The UAE laws hold accountable all promoters of rumours and false news, and economic rumours are more dangerous to society because of the resulting losses to companies and investors, and the damages to the reputation of companies and the economy.”
2018 board shake-up
The board of directors has approved to appoint Mr.Khalifa Hassan Ali as the CEO of the company instead of Mr.Ahmed Youssef Abdullah Hussein khouri who was holding the position of the managing director of the company.