As we have said, there is no way out of this quagmire.
It is just a matter of time before several main players end up in jail for this mess.
First cheque bouncing case was for USD 300m that was settled out of court, now second one has arisen for USD 217m by the same party.
Kuwait Govt, Bill Gates, UK and French Govt, dozens of banks have yet to file their claims.
There is no money, so better hurry up, else all money will end up going to the owners themselves.
Keep watching the drama unfold on a daily basis as everyone comes out of the woodworks to sue the owner and master mismanager, Arif Naqvi.
Alas, the regulators, courts and liquidators don't even have sufficient past documents to work with.
The corporate governance in DIFC and supervisory oversight could not get any worse.
FT has printed another article today on poor corporate governance in DIFC and the Middle East in general.
Abraaj woes puts Gulf’s corporate governance under spotlight
"Many experts have for years warned about weak standards of governance in the region"
FT has printed another article today on poor corporate governance in DIFC and the Middle East in general.
Abraaj woes puts Gulf’s corporate governance under spotlight
"Many experts have for years warned about weak standards of governance in the region"
All worldwide regulators will be watching this unfold in Dubai with much awe and fear, both in equal measures, with their mouths wide open.
It will get a lot worse in days to come because billions of dollars are frozen in assets worldwide that too in emerging markets (where it is very hard to dispose assets) while billions are at stake for lenders and investors who want their money back as of YESTERDAY.....
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.