Jun 21 2011 |
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Amlak takes action against 'few' investors
By Parag DeulgaonkarIslamic mortgage company takes legal action against customers who refused to take possession of their property
" Amlak Finance has and continues to exert all goodwill measures and case by case incentives to ensure the smooth conduct of our customers' financing obligations," the company said in an emailed statement.
"Unfortunately, legal action was taken against very few customers who have refused to take possession of their properties, in breach of their contractual obligations, and whose cheques have bounced due to insufficient funds, even though we have worked diligently and patiently with such customers to manage their cases to the best of our ability," it added.
An investor, who has been financed by Amlak in Skycourts project, said on conditions of anonymity: "I had met Amlak officials and had given them the reasons why I was not eager to take handover of my unit. I had told them I would not be paying any money to them.
Last month, this website reported Amlak had informed investors it financed for the Skycourts project, that it is exploring legal options against defaulters and does not rule out presenting security cheques, if the buyer refuses to take handover of the unit.
"In the event of your failure to fulfill the above requirement, Amlak Finance shall exercise its rights under the relevant finance document and shall also be entitled to explore all available legal options, including but not limited to damages suffered by Amlak as a consequence of the breach and presentation of your security cheque/s, which may result in adverse legal consequences for you," the company said in a final reminder sent to an investor on April 17.
© Emirates 24|7 2011
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