To all our INVESTORS on this forum

Thank you for your above comments which we take note of (excluding the last one which we do not believe to be from an investor buyer).

Please note that we are this week sending out a Newsletter to all our Investor Buyers confirming our registration with RERA and giving details of Escrow accounts.

We do apologise for the delay which is frustrating for us also but would point out that there have been a number of public holidays called in Dubai in the last few weeks including a further holiday called only this afternoon for tomorrow, 14th January 2008, at very short notice.

All our details have been in order for some time with RERA but due to their work load and the holidays etc the certificates etc have been delayed.

THE ACW TEAM

atleast you responded. keeping customers in suspense is really costing you image and trust. Thanks anyway for atleast taking the pain to respond.
As you confiremd the RERA registration has not been granted yet you must stop all the advertisement on media as this is against article 5 of law 8. Also the exhibition at Hilton next weekend should be called off immediately as this would be illegal without having RERA registration and setup of escrow account for the projects being projected. not doing that is damaging both yours and existing investors stake as everyone who knows the law is looking forward to attend your next exhibition at hilton olampia and pose you with difficulat questions. It will be difficult to provide legitimate answers to questions like how are you conducting such exhibitions without RERA registration so are you not in breach of UAE law? how can you sell more withoug having escrow account in place. This obviously will inflict damage to reputation of these projects further and hence those who already have bought units at your projects.

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

By Tuesday, please inform all customers by email and than by post to not pay any further installments in the illegal non-escrow accounts. Only once the escrow accounts are set up the payments should be made.

Investors - after this Tuesday....If ACW holdings and skycom continue to fail to respond to UAE law and employ delaying tactics than do everything to push them to do things right so that dubai govt doesnt take any action against these projects.
All investors should play their responsibility to ensure ACW Holdings and Skycom investment do the right thing by registering with RERA asap and do not collect any money outside trust account unlawfully. Please do turn up at the exhibition at above venue if it carries on and ensure everyone who attends the exhibition is aware of the situation.

please write anyone and everyone to inform them of the situation so that they are stopped from collecting money outside the Trust/escrow accounts. consider the following...

• RERA
• DLD
• Hilton olampia and other venues they are conducting exhibitions.
• all the television channels they are airing their ads as they are illegal.
• Citizens Advice Bureau www.adviceguide.org.co.uk
• bbc watchdog
• consumer watchdog

Hi ACW Holdings,
It is now Thursday and there is no sign of the Newsletter that
you had promised will be sent to all your Investors this week, providing
the RERA number and escrow account details.

Can you please provide the exact date when this information will
be sent out. We need a no excuses response to this immediately as
you have continually failed to do this thus far.

--Mainhead

I'm not sure if many of the people here are genuine buyer investors. I noted an email from a memeber saying nothing had been recieved as of Thursday 17/01/08.
I am a UK based investor in the Kensigton Manor project and so far my dealings with Skycom have been very professional. I agree that there has been some confusion regarding their status in terms of RERA registration and frankly absolute lack of communication even within the staff. When queried many of the staff have been giving me slightly vague answers but I am loath to put this down to any kind of deciet. Seems like more a case of lack of internal information. ( I could be absolutely wrong here).
Any way as of Wednesday 16/01/08, I recieved the ACW 1st quarter newsletter. Here is an extract:

"ACW Holdings is pleased to announce that we have registered with the RERA (Real Estate Regulatory Authority) under Escrow Law 8. Escrow Law 8 requires that all funds involved in the sale/purchase of off-plan properties will be managed through an escrow account which in turn will be run by banks and financial institutions approved by the Dubai Land Department making the off-plan real-estate market transparent, uniform and secure."

I'm not sure if this means that they have just applied and yet to be registered or its complete. Guys in Dubai can probably shed some light here.

Other aspects of the newletter included:
ACW Holdings appoints GEO foundation Group LLC
ACW Holdings Ltd, the British Managed developer with planned developments in Jumeirah Village and Arjan, Dubai has appointed GEO Foundation Group LLC to carry out enabling works on their Knightsbridge Court and Kensington Manor projects in Jumeirah Village Circle, Dubai.

Hope this helps and maybe ACW can confirm any discrepancies in the above

Hi Vinay or may be Mr. Ismail of ACW team or may be Mr. Adam Kahrim of ACW team of may be someone else within the team, this solo message from your user id makes you suspect as you might be using this id instead of ACW team to sound more credible? If not than you are just a bluffed customer so i have my sympathies with you and i have to open your eyes.

Yes, ACW claimed two days before the weekend event to have the RERA registration but have not provided a proof yet(to counter some questions at the exhibition and face saving?). Very unprofessionaly they did not provided with escrow account details and insisted customers to keep paying in the non-escrow account which is illegal without a doubt and that makes their intentions questionalble which they could have so easily avoided!!!. Now if you pay money into non-escrow account you are in breach of UAE law (Law no 8 as they referred in the newsletter) together with ACW holdings and skycom investments. Moreover atleast three people told me reps(and there are not many) from their accounts department including Mr. Ismail in particular have been threatning them of penalties though ACW themselves would have to face penalties for such threats when they are in breach of UAE law forcng customres to pay outside escrow. Now if you pay outside escrow account or through CurrencyUK than you are breaching UAE law together with ACW though its their responsibility to stop collecting monies outside escrow.
If they really have got RERA registration than this is a step in the right direction but they must stop collecting money outside escrow account and communicate this very clearly and also stop threatning people of penalties. This is how they can stop people questioning their intentions and will help them gain credibility and name.

AWC team,
It seems like your newsletter that you sent out last week did not address the key issue that your investors have raised in this forum.

To quote your reply on 13th Jan "Please note that we are this week sending out a Newsletter to all our Investor Buyers confirming our registration with RERA and giving details of Escrow accounts."

The newsletter failed to supply the details of the Escrow accounts that you promised.

Hence this continuation of this forum thread from concerned investors like myself who simply wants to make the due payments, without breaking any dubai laws into a legitimate escrow account.

Why will you not provide the correct escrow account details to your investors and put this thread to rest once and for all?

Regards
Mainhead

Please note that we are registered with RERA and have been for some time as pointed out in our previous posting the problem was that RERA were unable due workload to provide the certificate and other documentation.

This is confirmed by our registration no. 414/2007 *( the 2007 being a 2007 registration).

Certificates can be viewed at ACW Holdings

THE ACW TEAM

after reading this forum being invester in one of mention properties in dubai i tried to speak to acw holding regarding RERA certificate and escrow accounts.
i have been told today on 23 january 2008 frm account manager ismaiel tht they already get the rera certificate and the r in the procces of opening clients escrow accounts and hopefully will be done in 1 week. lets see and hope they will keep their words this time and show us all that they r professional ppl.

did ismael007 again threatned you for penalties if you dont pay in the illegal non-escrow accounts until the escrow account is set-up?