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KUWAIT CITY, Feb 10: The Lebanese Public Prosecutor is investigating the real estate fraud against two brothers Imad Sh and Zuhair in what is known in the media as the ‘Kuwaitis’ Hill’, reports Al-Rai daily.
According to informed sources, Zuhair took full responsibility for the charges against the company owned by the brothers and confessed that he owed about 800,000 dollars to Kuwaiti investors, while denying responsibility for the rest of the charges.
The brothers, according to the sources, seemed indifferent during the investigations and were not aware of the legal consequences, and asked for a 20 days period to submit documents to prove the company’s contractual obligations.
The sources said a delegation representing the investors met with officials of the Kuwaiti Fund for Arab Social Development to explain the situation of their investments in Baalbek and the lack of infrastructure in the city.
Earlier it was reported at least 10 Kuwaiti investors were swindled by a real estate and contracting company owned by two Lebanese brothers who had been living in Kuwait until recently.
The victims said the two Lebanese brothers did not abide to the terms of contracts, that is to say they did not start the projects of housing units which remained just ink on papers, nor had registered the lands in the name of the investors, but instead they sold them to repay their own debts because these pieces of lands were registered in their names.
According to the Lebanese law, foreigners are allowed to possess a certain proportion of land, so the victims had no alternative but to register the land they had bought and paid for it in full in the names of the two Lebanese brothers.