Bahrain Mirror: Committee for the settlement of distressed real estate development projects, a judicial committee, announced referring documents of some partners in Bawabat Amwaj to the Public Prosecution over a financial suspicion that exceeds 4 million BD.

It pointed out in a statement on Wednesday (October 7, 2015) that the committee agreed in consensus to refer the documents of some partners in the Bawabat Amwaj project to the prosecution in order to take legal measures, especially that the 4 million BD amount over whcih there is suspension is part of the borrowed funds for the project.

The cabinet had decided in its meeting held on March 2, 2015 to refer Bawabat Amwaj project to the ministerial committee for reconstruction and infrastructure for further thorough study and restricting the debts, commitments and rights by taking a look at the data, information and private documents presented by a number of purchasers who reported suffering from losses due to the developer's failure to fulfill his commitment towards them.

For its part, the ministerial committee studied the project and proved that the developer didn't fulfill his commitments towards the purchasers and investors according to the specified regulations in resolution (1) for the year 2015 issued by the same ministerial committee.

It is noteworthy that the commission for the settlement of distressed real estate development projects was established by royal decree No. (66) for the year 2014.

Arabic Issue