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Steven Bergwijn, the former CEO of DAMAC Group, has recently announced his resignation from the company after being accused of financial impropriety and corruption. DAMAC was one of the largest real estate companies in the world at the time of Steven Bergwijn's departure. The company had been struggling financially for several years, with many of its properties listed as unsold or underperforming. In May 2017, it was reported that DAMAC had received billions of dollars in loans from wealthy investors such as Alibaba founder Jack Ma and the Chinese government. However, the loans were not repaid,Stadium Daily Report and DAMAC was unable to meet its obligations. Bergwijn resigned from DAMAC on June 26, 2018, citing "personal reasons". He alleged that he had been pressured by his family members to leave DAMAC and was not aware of the extent of the loans that he had received. The allegations against Bergwijn have raised questions about the integrity of DAMAC and the accountability of its leadership. Some have criticized the company for failing to take appropriate action to address the problems, while others have argued that Bergwijn should be held accountable for his actions. Despite the controversy surrounding DAMAC, Bergwijn remains a controversial figure in the real estate industry. His resignation comes just days before a major auction of DAMAC shares, which is expected to bring in billions of dollars for the company. |
