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A Spanish investor won a court order to seize the head offices of Emaar Properties, builders of the world’s tallest tower, after its subsidiary failed to deliver an AED5.3m ($1.4m) villa on time, his lawyer has claimed.
The Dubai Court of Cassation issued an order on Nov 29 to allow representatives for Carlos Jose Periera to seize Emaar’s Dubai offices in an attempt to recoup AED3.4m, reflecting his villa payments to date and a sum of interest, said Fareya Azfar, partner at The Legal Group

Emaar are broke, they'll probably issue an IOU.

If they are broke than how come that they are still alive, hope the best for Carlos

yuqtegsdfr ,

Please provide a source/link to support your post.

ETA: Never mind, I found one:
http://www.arabianbusiness.com/buyer-wo ... 38713.html

i heard the same fool will buy another property from one of the Emaar projects

He must have had a damn good lawyer to pull that off. Seizure granted, money deposited the next day. It was to have been completed October 2010, but delayed because:

The company said the construction delays at Warsan Estate were the result of rescheduling to secure better negotiations with contractors.

My favorite:

"They were in breach of all legal obligations including, but not limited to, not obtaining the necessary approvals from the authorities for this project. The project was neither approved nor registered."

Apparently they couldn't be bothered with "a little red tape".