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[size=52]Baghdad Investment announces the withdrawal of licenses for three residential complexes in the capital[/size]
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Baghdad Investment Commission announced on Sunday the withdrawal of 3 licenses for residential projects in the capital, while indicating that it will not be lenient with defaulting investors. A
responsible source in Baghdad Investment Commission told the official agency that “the Investment Commission generally works to provide an appropriate climate for investors and regulates the investment process through prevailing legislation and regulations, but when the investor’s performance and procedures conflict with the obligations and covenants stipulated in investment contracts, Baghdad Investment will certainly take deterrent measures, especially when they conflict with the public interest and the citizen.”
He added that “the Prime Minister’s directive to follow up on defaulting investment projects, especially residential ones, as they directly affect the citizen’s interest,” stressing that there will be no tolerance
for any investor who does not adhere to the legal controls and the interest of society, and that Baghdad Investment will work with all its efforts to reform and correct the approach through the legal procedures outlined by the Investment Law, whether by warning the investor, late fines, or withdrawing defaulting licenses.”
He pointed out that “Baghdad Investment has withdrawn a group of investment licenses in the housing sector and will continue to deal with defaulters and violators with the same approach.”
He revealed that “the investment license for the Abu Al-Fadl residential complex project located in the Al-Hussainiya area, as well as the Al-Zahour residential complex and the Al-Mahaba complex, has been withdrawn.”[/size]
[size=45][You must be registered and logged in to see this link.]
[size=52]Baghdad Investment announces the withdrawal of licenses for three residential complexes in the capital[/size]
[size=45][You must be registered and logged in to see this image.]
Baghdad Investment Commission announced on Sunday the withdrawal of 3 licenses for residential projects in the capital, while indicating that it will not be lenient with defaulting investors. A
responsible source in Baghdad Investment Commission told the official agency that “the Investment Commission generally works to provide an appropriate climate for investors and regulates the investment process through prevailing legislation and regulations, but when the investor’s performance and procedures conflict with the obligations and covenants stipulated in investment contracts, Baghdad Investment will certainly take deterrent measures, especially when they conflict with the public interest and the citizen.”
He added that “the Prime Minister’s directive to follow up on defaulting investment projects, especially residential ones, as they directly affect the citizen’s interest,” stressing that there will be no tolerance
for any investor who does not adhere to the legal controls and the interest of society, and that Baghdad Investment will work with all its efforts to reform and correct the approach through the legal procedures outlined by the Investment Law, whether by warning the investor, late fines, or withdrawing defaulting licenses.”
He pointed out that “Baghdad Investment has withdrawn a group of investment licenses in the housing sector and will continue to deal with defaulters and violators with the same approach.”
He revealed that “the investment license for the Abu Al-Fadl residential complex project located in the Al-Hussainiya area, as well as the Al-Zahour residential complex and the Al-Mahaba complex, has been withdrawn.”[/size]
[size=45][You must be registered and logged in to see this link.]
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