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Insolvency accusations are baseless - Khoie Properties

10/03/2009 12:05 AM

Dubai:  Khoie Properties denied insolvency allegations against the firm, saying it remains in control of over Dh1 billion worth of assets in land.

The firm also retains around Dh700 million in receivables as it owns the Dh5 billion La Hoya Bay project in Ras Al Khaimah.

Ras Al Khaimah court recently appointed Rakeen as the official custodian of the project providing light at the end of the tunnel for investors in La Hoya Bay.

Frank Khoie, chairman and chief executive of Khoie Properties, is currently in jail, but remains adamant that his company is not insolvent.

Khoie Properties still holds Dh288 million of investor money.

Around Dh81 million of this was allocated to construction, architecture, design and engineering works and Dh72 million was paid to the Ras Al Khaimah government for the land.

In addition, Dh61 million has been given in commissions and Dh56 million has been paid in salaries, advertising, promotions and administrative expenses.

A further Dh18 million was invested towards the Ras Al Khaimah American School.

"The real estate market as a whole has been affected by the financial crisis and Khoie Properties has not been exempt from its economic repercussions. In line with this, the developer seeks to clarify that accusations pertaining to insolvency are baseless and that Khoie Properties still has the capacity to deliver the La Hoya Bay project to investors," a statement sent by the company said.

Khoie Properties initially procured six plots of land from Rakia with a total value of Dh302 million.

While the first cheque was funded for Dh72 million and construction began, controversy arose when the developer was unable to meet the Dh57 million land payment in December 2008, said the statement.

"The combination of the tightening of credit markets and the slowing of sales spelt doom for the Khoie business model. Funding for the project relied heavily, and latterly exclusively, on new sales revenue, which dried up completely," Khoie explained to Gulf News from jail.

When asked when he thought he might be able to take back control of La Hoya Bay, Khoie did not answer.

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