This post is also available in:
On behalf of WERBAGO GmbH, a German company based in Solingen, we feel it is our responsibility to issue an urgent warning to all German, European, and international investors who intend to invest in real estate in Hurghada, Egypt.
This warning explicitly refers to the business practices of the Hurghada-based lawyer Mr. Walid Mohammed Jalal Abdelaziz Mohammed. Our own experiences have led us to believe that we are dealing with a case of alleged severe contractual fraud. Our goal is to protect other investors from similar, potentially existence-threatening losses.
Our Case: A Lesson in Broken Trust
In 2016 and 2017, WERBAGO GmbH demonstrably acquired two properties from Mr. Mohammed, with the purchase price paid in full. When inexplicable delays occurred during the final registration of the properties, Mr. Mohammed himself proposed a supposedly clean solution: the signing of two “Agreements for the Mutual Termination of a Purchase Agreement” on August 14, 2022.
These contracts, co-signed by Mr. Mohammed as a practicing lawyer, stipulated a full refund of the purchase price in installments starting July 15, 2024. Trusting in the integrity of a lawyer and the validity of the signed contracts, we agreed.
The result: The first installment of EUR 10,250.00 was not paid on July 15, 2024. Not a single cent was transferred.
In our opinion, this is a classic case of contractual fraud: A contract is signed by one party with the fraudulent intent from the outset never to perform their own obligation. The obvious goal was to stall us for almost two years to regain full control over the properties without providing the agreed consideration.
The Scheme: An Analysis of the Alleged Modus Operandi
The pattern we experienced can be summarized as follows and should serve as a red flag for any investor:
- Building Trust: The status as a lawyer is used to suggest seriousness and trustworthiness.
- Creating Problems: After full payment, opaque problems with the final registration are put forward to unsettle the buyer.
- Offering a Seemingly Fair Solution: A reversal of the transaction is offered, which is supposed to free the investor from the uncertain situation but actually deprives them of their acquired rights.
- Stalling Tactics: The repayment agreement is given long deadlines to gain time and lull the injured party into a false sense of security.
- Cold Breach of Contract: Once the deadline arrives, payment is refused, and communication ceases.
We Are Fighting Back: A Multi-Stage Approach on an International Level
WERBAGO GmbH will not tolerate this attempted fraud. We have already initiated comprehensive legal steps on several levels:
- Civil Lawsuit in Egypt: We have mandated a reputable law firm in Hurghada, recommended by the German Embassy, to obtain the immediate reversal of the fraudulent termination agreements and the judicial confirmation of our ownership of the properties.
- Criminal Complaint in Germany: We have filed a criminal complaint for severe contractual fraud with the competent public prosecutor’s office in Germany. We have requested international legal assistance to initiate state investigations against Mr. Mohammed in Egypt.
- Professional Conduct Complaint: We will file a formal complaint with the Egyptian Bar Association with the aim of initiating disciplinary proceedings, potentially leading to the revocation of Mr. Mohammed’s law license.
- Information to Embassies: The German, Ukrainian, and Russian Embassies in Cairo will be informed by us about the case and the ongoing prosecution measures to protect their citizens.
What You Can Do: A Call for Caution and Assistance
- Be Extremely Cautious: Do not blindly trust a person’s professional status. Have every contract reviewed by an independent lawyer of your own choosing.
- Insist on Security: Never agree to a reversal of a transaction without the owed amount being deposited into an escrow account.
- Contact Us: Have you also been affected by the practices of Mr. Walid Mohammed Jalal Abdelaziz Mohammed or similar schemes in Hurghada? To get a complete picture and consolidate further legal steps, we ask affected parties to confidentially contact our legal department at hurghada-case@werbago.com.
We will bring this case to a conclusion with all severity and through all available legal and public channels – not only in our own interest, but in the interest of all honest investors.
This post is also available in:
