Nakheel manager held in bribery investigation

[Roshan]

Three in a row. First Deeyar, Tamweel and now Nakheel

These kind of investigations will deter all the sales people from taking kickbacks and make launches clean.

I have heard rumours of sales staff getting kickbacks sometimes in the range of 2 to 3% of the property value for fixing deals.

Time to get rid of all the scum in these big companies.

Regards

Roshan

Gulfnews: Nakheel manager held in bribery investigation

http://www.business24-7.ae/Articles/...9ef7c78bb.aspx

[M.O.B]

Does anyone know how this scam works, please kindly explain.

[georgihh]

Originally Posted by Roshan

Three in a row. First Deeyar, Tamweel and now Nakheel

These kind of investigations will deter all the sales people from taking kickbacks and make launches clean.

I have heard rumours of sales staff getting kickbacks sometimes in the range of 2 to 3% of the property value for fixing deals.

Time to get rid of all the scum in these big companies.

Regards

Roshan

Gulfnews: Nakheel manager held in bribery investigation

http://www.business24-7.ae/Articles/...9ef7c78bb.aspx

Having made millions of $ I don’t mind being kicked off and having rest for a while
Unfortunately is not me

[Roshan]

Originally Posted by cheemz

Huge Blessing!!
Badrah's phase one launch saw people with inside contacts come in with 100 power of attorney documents and eating up around 200 apartments! Biggest scam I had ever seen...

Is there any telephone number for anti corruption. We should give all these names to the authorities. Let's not give them a chance to enjoy the money they made

[Roshan]

Originally Posted by M.O.B

Does anyone know how this scam works, please kindly explain.

2 cheques are given. One is a blank cheque on which the first installment amount is put in. the other is a cheque covers the commission which I am told is around 2 to 3% of the investment value.

The sales guy could actually walk away with anything between 30K to 50 K per deal.

Regards

Roshan

[mcjidim]

Originally Posted by Roshan

Is there any telephone number for anti corruption. We should give all these names to the authorities. Let's not give them a chance to enjoy the money they made

I think its a very good call. I hope the Governement puts up a service / drive that aims at cleaning corrupt and corrutions in the country especially in the Realty market where its making waves.

Recent a broker told me that he got 7 Units in Badrah 1 each at 4-5 % commission to a Nakheel Sales Advisor.

In addition to this, the bank and mortgage sales representatives seems to be contibuting to this (I am talking about those who run a Kiosk at the launches)

[Roshan]

Originally Posted by mcjidim

I think its a very good call. I hope the Governement puts up a service / drive that aims at cleaning corrupt and corrutions in the country especially in the Realty market where its making waves.

Recent a broker told me that he got 7 Units in Badrah 1 each at 4-5 % commission to a Nakheel Sales Advisor.

In addition to this, the bank and mortgage sales representatives seems to be contibuting to this (I am talking about those who run a Kiosk at the launches)

Send an email from an unidentified source on this practise. It would help to clean up the process.

Regards

Roshan

[talk]

Originally Posted by Roshan

Three in a row. First Deeyar, Tamweel and now Nakheel

These kind of investigations will deter all the sales people from taking kickbacks and make launches clean.

I have heard rumours of sales staff getting kickbacks sometimes in the range of 2 to 3% of the property value for fixing deals.

Time to get rid of all the scum in these big companies.

Regards

Roshan

Gulfnews: Nakheel manager held in bribery investigation

http://www.business24-7.ae/Articles/...9ef7c78bb.aspx

Gulf News yesterday showed how corruption has even moved into the rental market.Businesses being asked for KEY MONEY to rent office space such was the demand.Business paying BRIBES got first choice to space,even if last in line.

Many Owners offer Bribes to agents to,so that their properties lease first at high rents.

[M.O.B]

Originally Posted by Roshan

2 cheques are given. One is a blank cheque on which the first installment amount is put in. the other is a cheque covers the commission which I am told is around 2 to 3% of the investment value.

The sales guy could actually walk away with anything between 30K to 50 K per deal.

Regards

Roshan

Roshan, Thank you for your reply. I still dont understand how this is a scam or corruption work. Does the salesman end up pocketing the blank deposit cheque? If that is the case the buyer is dick for leaving the salesman with a blank cheque in the first place besides that is not bribery it is just plain theft.

With regards to the commission cheque I thought in Dubai you pay 2-3% commission anyway when you purchase a property which is added to the total property price.

Finally this thread is about bribery/corruption so which payment is the bribe and how does this benefit the buyer? After all that is what the purpose of bribery is.

Please kindly explain.

Regards,

M.O.B

[Doobedoo]

Originally Posted by M.O.B

Roshan, Thank you for your reply. I still dont understand how this is a scam or corruption work. Does the salesman end up pocketing the blank deposit cheque? If that is the case the buyer is dick for leaving the salesman with a blank cheque in the first place besides that is not bribery it is just plain theft.

With regards to the commission cheque I thought in Dubai you pay 2-3% commission anyway when you purchase a property which is added to the total property price.

Finally this thread is about bribery/corruption so which payment is the bribe and how does this benefit the buyer? After all that is what the purpose of bribery is.

Please kindly explain.

Regards,

M.O.B

Hi M.O.B,

The premise is really quite simple - at some launches (typically big developers eg Nakheel, Emaar,..), the demand is very large and people are fighting every which way to get their hands on a unit. Some unscrupulous sales people secure units that they then sell on to people for 'a fee'. Typically the buyers know before the day of the sale that they will get a specific (or unspecified) unit and to this end they will pay a fee via an unnamed cheque (eg 3%) to the sales person. It would be unwise for a sales person to pay the cheques to themselves I suspect - but maybe a friend!?? Obviously they also have to pay the deposit cheque directly to the developer. Often the deal is done ie monies paid before the sale day but sometimes no money changes hand until the unit is secured (sometimes people 'know people' so there isn't always a guarantee of getting a unit).

As for your other point about paying commission - this only happens in the secondary market where you buy via an agent - there is no commission when you buy directly from a developer.

With reference as to why this is corrupt, well I think it should be obvious now - the sales person takes money from desperate buyers that he wouldn't typically want to divulge to his employer - and the buyer benefits by securing a unit that he may not otherwise have got (if you've been to one of these launches you'll understand) - yes he paid 3% for the pleasure but he hopes to sell it on at a premium (including his 3% cost) in due course.

Cheers