ID: ARW-434
Financial and legal violations in Emaar Palestine, a Real Estate Shareholding company case
$799.28K
Assets Returned
Country of Asset Location
Jordan
Country that initiated legal action to recover proceeds of corruption
Jordan
Transit Country
Jordan
Other Jurisdictions Involved
Palestinian authority
United Arab Emirates
Disposition of Criminal Case(s)
At time of reporting (2020), there was a concluded investigation/prosecution related to the case in the country of asset location (Jordan).
Action Initiating Asset Recovery
By domestic investigation by law enforcement authorities (independent from foreign request)
Stage of Asset Recovery
Assets returned
Legal Basis for Asset Recovery in the country of asset location
Conviction-based criminal prosecution and confiscation
Court-ordered compensation, restitution, or damages awarded to a foreign jurisdiction
Out-of-court Settlement Agreement
Legal Basis for International Cooperation
Reciprocity
Manner of Asset Transfer
Wire transfer to a designated account held by a third party
Transfer of legal title
Share transfer
Contributing Factors in Asset Recovery
Other
Notes
Contributing factors in this asset recovery were the utilization of the internal brokerage company for the financial settlement between the parties under the supervision of the relevant jurisdictions.
Assets returned
#1
Assets returned
567,010.00 JOD
Assets Returned (USD equivalent)
$799,281.11
Date of return
September 2014
Asset Type at Time of Return
Cash/bank deposit
Securities
Real estate
Agreement for Returned Assets
Yes – another agreement
Monitoring and Disbursement Arrangements
Financial Settlement agreement between the parties.
There was a third party involved, which was Al-Sanabel International for Islamic(Investment) Holding which made a financial settlement between the parties under the supervision of the concerned authorities in the Jordanian government.
Asset Type at Time of Confiscation
Other
Specify Other
Financial Settlement Agreement
Assets Frozen/Seized
#1
Date of freeze/seizure
December 2012
USD Conversion date
September 2023
Date and Country of Case Submission
January 1, 2020
Jordan
Data Source
Official information provided by country authorities