Dubai’s Union Properties boss dismissed as board chairman

DUBAI, United Arab Emirates (AP) — The chairman of Dubai-based real estate developer Union Properties has been dismissed from his position on the company’s board along with three other board members. The announcement Tuesday on Dubai’s stock exchange website leaves in place just three of the company’s seven board members. The decision follows an order by a top public prosecutor in the United Arab Emirates for the chairman’s detention amid an ongoing investigation into allegations that Union Properties had committed fraud and other offenses while trying to claw its way out of debt. The company had nearly $500 million in debt at the end of last year. That’s according to their financial filings.