Al Barakah, a property development company with more than a dozen projects in Dubai and Ajman yet to get off the ground, has told investors it is insolvent.

Lawyers acting for the company told the investors at a specially convened meeting last week that the company had at least Dh400 million of unsecured liabilities.

Investors said later they were disappointed that the company’s chief executive, Shariq Imran Khan, did not attend the meeting.

Khan is being sought by Dubai Police for allegedly bouncing cheques totalling Dh60 million (US$16.33m).

The National