UAE To Settle, Restructure AED568M Of Toxic Debt Held By Locals
May 20th 2012, 7:02 pm
#1
Lost in BE Cyberspace
Thread Starter
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
UAE To Settle, Restructure AED568M Of Toxic Debt Held By Locals
jolly good of them.
http://www.zawya.com/story/UAE_To_Se...0120520000055/
I like this:
so, that means... 308 people, holding 500m AED... 1.66m AED each (on average). quite a lot on a per capital basis.
http://www.zawya.com/story/UAE_To_Se...0120520000055/
I like this:
The total number of locals impacted by the presidential order is "368 citizens with total defaulting debts of AED568 million, of whom 60 locals are detained or had court sentences issued against them with a total sum of AED68.8 million," WAM said.
May 20th 2012, 7:29 pm
#2
Big Member
Joined: Jul 2005
Posts: 3,889
Re: UAE To Settle, Restructure AED568M Of Toxic Debt Held By Locals
Where do I sign up for a UAE passport 
May 20th 2012, 8:27 pm
#3
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Location: currently Dubai, ex UK
Posts: 4,582
May 21st 2012, 2:25 am
#4
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Joined: Jul 2007
Posts: 13,553
Re: UAE To Settle, Restructure AED568M Of Toxic Debt Held By Locals
jolly good of them.
http://www.zawya.com/story/UAE_To_Se...0120520000055/
I like this:
so, that means... 308 people, holding 500m AED... 1.66m AED each (on average). quite a lot on a per capital basis.
http://www.zawya.com/story/UAE_To_Se...0120520000055/
I like this:
so, that means... 308 people, holding 500m AED... 1.66m AED each (on average). quite a lot on a per capital basis.
May 21st 2012, 11:15 am
#5
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: UAE To Settle, Restructure AED568M Of Toxic Debt Held By Locals
What a fantastic way to teach people to be responsible. Not. 
May 21st 2012, 11:43 am
#6
BE Forum Addict
Joined: Jan 2008
Posts: 1,869
Re: UAE To Settle, Restructure AED568M Of Toxic Debt Held By Locals
Once again the banks get away with it. They were allowed to financially violate a small number of people with a lot of new cash and no idea how to handle it. Every hard sales pitch used anywhere was available to the banks and their greedy tools, and the victims were people whose financial literacy was next to nothing.
May 21st 2012, 11:44 am
#7
Lost in BE Cyberspace
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Posts: 13,553
Re: UAE To Settle, Restructure AED568M Of Toxic Debt Held By Locals
I like Clause 3-7:
3-7 The Bank, on behalf of the Fund and
without pay, shall manage the loans
provided by the Fund (constipation
of accounts, follow-up collection of
monthly payments, the preparation of
statistical data on the status of loans
and to initiate legal proceedings
against to beneficiary of Fund's loan,
if he breeches his new obligations)
3-7 The Bank, on behalf of the Fund and
without pay, shall manage the loans
provided by the Fund (constipation
of accounts, follow-up collection of
monthly payments, the preparation of
statistical data on the status of loans
and to initiate legal proceedings
against to beneficiary of Fund's loan,
if he breeches his new obligations)
May 21st 2012, 11:47 am
#8
Hit 16's
Joined: Mar 2010
Location: Of all the gin joints, in all the towns, in all the world, she walks into mine
Posts: 13,112
Re: UAE To Settle, Restructure AED568M Of Toxic Debt Held By Locals
I like Clause 3-7:
3-7 The Bank, on behalf of the Fund and
without pay, shall manage the loans
provided by the Fund (constipation
of accounts, follow-up collection of
monthly payments, the preparation of
statistical data on the status of loans
and to initiate legal proceedings
against to beneficiary of Fund's loan,
if he breeches his new obligations)
3-7 The Bank, on behalf of the Fund and
without pay, shall manage the loans
provided by the Fund (constipation
of accounts, follow-up collection of
monthly payments, the preparation of
statistical data on the status of loans
and to initiate legal proceedings
against to beneficiary of Fund's loan,
if he breeches his new obligations)
