good point HI
what about the developers who are out of jail in the broad day light driving their Bentlies while they owe investors 100s of millions in post dated cheques?
A food for you thought
That is a very good point but we must face the facts at this late date that the laws that were enacted to protect the investors are not being enforced. What should be regarded as 'criminal actions' in most jurisdictions are being referred to civil court - which is costly, time consuming and offer little in the way of any real resolution. (the feedback I am getting from the legal community, is that the Prosecutors and judges are no proceeding with criminal actions even though the cases seemingly and clearly point to criminal violations.. so what does this tell you?)
What is needed, are bankruptcy statutes where upon the company is put into receivership. all assets listed for liquidation etc. It's abundantly clear that RERA lacks the legal framework (criminal law mecahanisms) , the resources and the WILL to act to enforce the very laws they created. In most cases with these errant developers - as the saying goes - 'The horse has left the barn - what use closing the barn door?'
Insofar as the countless people sitting in jails because they defaulted on a credit card or car loan - for Mercy's Sake - they should be released forthwith! Dubai has lost many, many SME business owners, who would have stayed in an attempt to endure and work through this, but had to flee as they faced the prospect of going to jail. They shall not return and ask yourself, 'who is going to go to Dubai to replace them?' As people sit in jail - because they lost their job, could not make their payments and instead of the banks trying to work with them - deposited their checks that they knew would bounce, filed a police report and off to jail they were carted away... In the meantime, billions of dollars of bonds are defaulting and the worse case scenerio - 'maybe' - someone will lose their job? Clearly a double standard. Is that truly in the spirit in of Sharia law? Is that Justice?
Bankruptcy statues should be enacted and the people should be released from 'Debtors Prison' - I am not suggesting they should then be escorted in a limo to the airport - quite the contrary. A travel ban can still be imposed but at least, if they are out and able to work - they have a chance to work out or work off the debt, something they cannot do sitting in a jail and costing the Dubai govt more money to house them there... These people were in fact, productive members of society... In the case of wholesale theft, illegal diversions of monies that should have been placed in escrow ? - well, to date, the govt position is such - 'Go to civil court!' Offenses that in most other lands are clearly criminal. The message this sends is fairly straight forward - "we really don't care - your problem' as they wash their hands..
Jailing people because they defaulted on car loans, credit cards or their mortgage is
NOT the way forward and certainly,
NOT the correct message to be sending if your purpose is attract people to live here... Common sense..
There are no easy answers, but it has to start somewhere.. just a suggestion.
