Thank you for your question.

We can confirm that all papers required by the RERA Land Dept are to be delivered tomorrow to the RERA Land Dept including accounting records on all amounts received from our buyer clients, FULLY AUDITED by our outside auditors, Messrs: AGNMAX, Chartered Certified Accountants.

Once the RERA dept issue ACW Holdings with the required letter to open Escrow accounts they will be immediately set up in local banks allowing customers to make payments direct to these accounts if they so wish.

We will keep you posted here as to progress.

THE ACW TEAM

ACW STAKE HOLDERS MUST READ
thanks for your quick response.
As you know this new law will help boost investors confidence which is best for both investors and developers so i hope you would appreciate that everyone will feel good about ACW when we are aware everything is in place.

Real Estate Regulatory Agency

Whilst it took a long time to submit documents with RERA atleast its better late than never...pls confirm once papers are submitted tomorrow and the likelihood to have received confirmation from them/TRUST account setup. RERA claims they only take half an hour to issue a certificate so this should be really quick we all hope.

Under the recently promulgated Law No. 8, which makes escrow accounts compulsory for all Dubai off-plan developments, property developers in the emirate must place project receivables in escrow, or trust, until predetermined development milestones are achieved and the money is to be released only on the orders of the DLD.
Banking & Business Review, UAE Digest

hence,
are you advising your customers who already have bought units in hanover square and kensington manor and knights bridge to stop making any further payments/installments until the trust/escrow account is opened and account details communicated as it will be illegal to receive funds otherwise?
we really appreciate your taking time out to answer queries as this gives us so much confidence in yoru company.

please also confirm full name of your auditors as a search on AGNMAX tells us www.agnmax.com Domain Name was Decativated on 04/06/2007

.com Domain names deactivated on 04/06/2007 - box free juke music yahoo

Thank you for your post.

The website you are looking for is :: Welcome to www.agnmak.com ::

We are not aware of the 1/2 hour time limit in which RERA issue a certificate. We understand this to take a few days after submission but rest assured we will post as soon as received.

With regard to payments any amounts received by ACW Holdings will be paid into the escrow accounts when opened which will be as soon as possible as we are keen to deal with this matter quickly.

As stated we will keep this forum updated.

THE ACW TEAM

thanks for your note.

we are all desperately waiting to hear the news about sucessful setup of trust account. hope to hear from you soon.

Hi ACW Holdings

Do you have an update for us on this please?

Also you didn't address the question desperado asked "are you advising your customers who already have bought units in hanover square and kensington manor and knights bridge to stop making any further payments/installments until the trust/escrow account is opened and account details communicated as it will be illegal to receive funds otherwise?"

Many thanks

Regards
Mainhead

ACW Holdings team,
Its been a week now since we heard from you so easily more than few days as you mentioned earlier but i think in the meantime you have got registration with the RERA? As per the chapter one and article 5 of below law, A Developer shall not advertise in local or foreign media, or participate in local or foreign exhibitions, to promote the sale of units or properties off the plan, until having obtained a written permit from the Department.

LAW NO. 8 OF 2007 CONCERNING GUARANTEE ACCOUNTS OF REAL ESTATE DEVELOPMENTS IN THE EMIRATE OF DUBAI

Obviously, we are seeing ACW advertisement for hanover square these days in UK and obviously you would only be doing that after achieving registration with RERA. This should be a very good news for us all but obviously we need confirmation from your goodself and also the details of Guarantee/trust account which comes with this registration.
Please let us know asap.
thanks,
Desperado

Dear ACW Holdings

It appears that you (A.C.W Holdings Ltd) have not yet complied with the Dubai property laws, for that purpose, I hereby notify you and advise investors of the following:

1- Clients are intitled to refrain from signing the Agreement and making any further payments against the Purchase Price as per the schedule of the installments set forth in the Agreement until A.C.W Holdings Ltd completes its registration as a developer in the Developer Register in the Land Department and the opening of its Trust Account as per Article 6 of Law No. 8 of 2007;

2- The payments made by the Clients against the Purchase Price are deemed to be held in trust by A.C.W Holdings Ltd, and should be returned to Clients if A.C.W Holdings Ltd fails, by the 28th of December 2007 (the Dubai Land Department deadline for registration), to complete its registration as a developer in the Developer Register in the Land Department
and to ope ning of its Trust Account as per Article 6 of Law No. 8 of 2007.

The action taken hereunder shall not be interpreted as a breach or a default by the Client (purchaser), it shall be merely deemed as a measure to safeguard the interest of Clients for the reason that A.C.W Holdings Ltd is not entided, by virtue of the Dubai laws, to carry out real estate development and to sell off-plan apartments and units.

ACW Holdings Team.
with the passage of time the investors are panicing and this is not good for them and for you. Please confirm the status asap.

Investors,
ACW has been very aggresively marketing projects w/o having registration with RERA. Please take the opportunity to visit their exhibition and do ask them if the have achieved RERA registration as they cant do any marketing w/o that. please do take printouts of the Law 8 and distribute amongst the attendees/participants.
Please also contact the venue/hotels and ask them if they have confirmed if ACW has provided them with RERA registration proof as w/o that its illegal to organise such events.
details on the upcoming events can be found on below website though interesting ACW name is no where visible on the website...

Dubai Property Exhibition

London Hilton Olympia
Westminster Suite
19th - 20th of January
10AM - 8PM
380 Kensington High Street
London. W14 8NL

Rank Properties : Glasgow
The Light
26th - 27th of January
10AM - 8PM
Hampden Park. Scotland National Stadium

Skycom Investments : London
The Light
02 - 3rd of February
10AM - 8PM
Cumberland Hotel Marble Arch

following is the contact details for Hilton Kensington

380 Kensington High Street
London
W14 8NL
United Kingdom
Telephone: +44 (0) 20 7603 3333
Fax: +44 (0) 20 7603 4846
Email: reservations.olympia@hilton.com
Bookmark: Hilton London Olympia hotel - Hotels in London (UK) - Hilton International

Please allow another 24 days for ACW to respond and confirm their status before start contacting these venues.