and yet Sir Nigel Kim Darroch WikiTrash & Horsemanure well-published to Redherring fools. Now hold your breath, Shut-up, Sit-down & Listen to Ministry of Foreign Affairs, All rights reserved… Your discretion is advised: – sexagenarian’s Space.
London killed Cameron’s Canine & Mi6 Whore Nigel Kim Darroch Abu Dhabi Trip News. Is that really ain’t a big secret or the British Media ain’t worthy the worthless. No GoogledJunk and yet Sir Nigel Kim Darroch WikiTrash Horsemanure well-published to Redherring fools. Now hold your breath, Shut-up, Sit-down & Listen to Ministry of Foreign Affairs, All rights reserved… Your discretion is advised:
Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan received here today British National Security Adviser Sir Nigel Kim Darroch who is currently visiting the UAE. They discussed topics of mutual interest and ways to enhance ties between the two friendly countries. Present were Mohammed Mahmoud Al Khaja, Director of the Foreign Minister’s office and British Ambassador Dominic Jermey. Hallelujah Mother of Elvis and Michael Jackson.
Dubai Group sued over 10 Billion Debt in London by international Banks
Sorting out Dubai Group’s $10bn debts was always going to be tougher than most negotiations over the emirate’s total $110 debt pile.
RBS, Commerzbank, Standard Bank and Commercial International Bank of Egypt calling for immediate repayment of their loans after claiming two years of talks had failed.
Now RBS, Commerzbank, Standard Bank and Commercial International Bank of Egypt have raised the stakes by launching arbitration proceedings in London, calling for immediate repayment of their loans after claiming two years of talks had failed.
RBS was co-chair of a group of partially-secured banks that made up $4.5bn of the $6bn owed to lenders. The remaining $4bn lies in inter-company loans with Dubai Group’s parent, Dubai Holding, owned by Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum.
Dubai Group raked up billions of dollars of debt to acquire mainly minority stakes in financial companies and real estate across the world, including Bank Islam Malaysia and regional investment banks EFG-Hermes and Shuaa Capital.
The value of those assets, put at around $3bn at the start of the debt talks in 2010, has declined to around $2bn, says one person aware of the matter.
The legal action in London stems from a fundamental disagreement between western banks seeking to exit the non-performing loans as soon as possible and local banks that arguing for longer term restructured loans that would have required lower provisioning.
Assuming the banks win an arbitration award against Dubai Group, they could then seek to attach their claims against Dubai Group assets worldwide.
Under the New York Convention of 1958, signed by the UAE, international arbitration awards should automatically be approved by Dubai courts.
One person aware of the situation says the claims threaten to push the investment company into insolvency, putting Dubai Group directors in legal jeopardy for potentially trading as an insolvent company.
But lawyers also point out that these domestic laws are rarely enforced in the UAE against any company, making implementation against a company owned by Dubai’s ruler even less likely.
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- Boys! Look what I got for you. The whole David Cameron in Dubai uninvited. No Formal Invitation. No Counterpart PM on Arrival. Wow! They must really pissed. Huh! David Cameron took the Metro to get to Zabeel meeting. – cloture’s column on Newsvine (alakhtal.wordpress.com)
- Abu Dhabi Menajahtwa SWF’s Annual Losses, Cheap Extravagance budget & Apocryphal Stagflation Grafts. (obaidkarki.typepad.com)