Dubai – Mubasher: Union Properties' (UP) former board member Khalid Bin Kalban said that he had nothing to do with UP's loss in 2017, blaming the current board for the loss.
UP’s shareholders approved firing bin Kalban as well as another two members, in addition to not discharging him and Ali Fardan during its assembly meeting held on Thursday, 19 April.
Bin Kalban told CNBC Arabia that he and the other two members were not invited to attend any board meetings except the one in which they had nodded to the 2016 financial statements.
In 2017, the Dubai-based real estate developer had announced the resignation of the three members, but they denied the move.
Bin Kalban said that he would take the legal procedures against UP's decision.
For the full-year 2017, UP’s net losses reached AED 2.3 billion versus a net profit of AED 211 million in the year before.
While assets of the real estate firm plunged 30% to AED 5.61 billion last year, compared to AED 8 billion in 2016.
