Posts Tagged ‘banks’

Debt causes Death

Businessman had unpaid fines and bank case; Suffocated child in despair, then he and wife hung themselves -

Based in RAK – UAE Anil & Sareeja from India with an 8 year old child Anishree, took the most unfortunate step out of stress & financial suffocation.

The Businessman Anil was in transport business with trucks leased from banks. As the Platinum period of UAE come to an end in 2007 businesses related to construction & logistics movement came to an snails pace. 1st forcing the small entrepreneurs out of league then the mediocres and come halt to the Fleet owners.

Story of Anil is from the 1st category of an struggling hardworking entrepreneur who at the crux of his decision was driving truck 24/7 by himself to keep ends intact.

The Financial Vultures hawking the debt ridden Anil ensured that he does not miss what according to LAW is a mandatory obligation – Installment payment.

Anil is not the only one, the newspapers across UAE have reported multiple sucide cases in past 24 months. All related to debt ridden individuals.

The Govt of UAE Central Bank shall step-in between the Dead Business debtors & banks, to devise a re-payment plan. Freezing of Debt amount shall be done once the agreement is made between the banks & the debtor.

Saving human lives is most important then hawking a person to commit a sucide.

STORY

Protection to Lenders

The new law is drafted & finalised, issued to protect the lenders.
The law facilitates redemption of funds fraudulently seized by individuals from either public or private money. Under the new law, convicted persons will face 5 to 20 years imprisonment. The law permits immediate release of convicts once they fully return the money to their lawful owners or through settlement agreements negotiated with their debtors.

Imprisoned convicts will be granted access to conduct all necessary external communications that guarantee timely redemption of funds.

The law is of an immediate effect and to be published in the official gazette

Designed to protect Dubai’s economic interests and preserve financial rights of individuals, the new law comes in line with Dubai’s ongoing efforts to eradicate all forms of fraud, enhancing the emirate’s position as a leading global business hub.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today issued a law imposing tough penalties aimed to safeguard public and private funds in Dubai.

Now Saudis

It may be local disaster when finanical market started to collapse in 2nd half of 2008, but with the passage of time the cat is coming out of bag. It is Saudis who have managed to PLAY upon UAE banks and dried them out. The Saad and The Algosaibi groups, of KSA are the 2 major groups who have cheated upon the Banks of UAE.

So far, only Abu Dhabi Commercial Bank (ADCB), mashreq and National Bank of Abu Dhabi (NBAD) have disclosed their exposure to Saad and Algosaibi. ADCB and mashreq said they are owed $609 million (Dh2.2 billion) and $400 million respectively, while NBAD has reported an almost negligible $11 million. “It has been clear for some time that banks in the UAE and elsewhere have been hit fairly hard by Saad and Algosaibi,” said David Butter, Economist Intelligence Unit chief economist. “But it will be difficult for central bankers to take any decisive measures on this affair because it is still subject to some fairly large lawsuits.”

Al Suwaidi is due to participate in today’s meeting of Gulf Cooperation Council (GCC) central bankers.

Yesterday, he reasserted the UAE is still not considering rejoining the proposed GCC monetary union. “The subject is not currently under discussion,” he said.

Whats does he think of people in UAE… are they STUPID????

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