Dubai Forums Dubai Discussions Dubai General Chat

http://www.businessinsider.com/dubai-world-skewered-by-revelation-of-justice-department-probe-into-major-holding-2010-6

Dubai World Skewered By Revelation Of Justice Department Probe Into Major Holding
Gus Lubin | Jun. 17, 2010, 2:47 PM

Dubai World's asset fire sale was interrupted by revelations that the Justice Department was probing its holdings, according to the FT.

The DoJ is investigating Inchcape Shipping Services for corruption in US military contracts:

Several private equity groups dropped out of the bidding for the business after discovering during due diligence what they believe is an investigation by the DoJ over its contract to service the US navy’s Fifth Fleet in the Middle East.

US private equity groups General Atlantic and Carlyle and Canadian pension fund Omers all decided not to submit second-round bids, according to people familiar with the matter.

The debt-burdened holding company, which is owned by the Dubai government, needs to pay off $25.5 billion in debt. It planned to sell ISS for $800 million.

+++

Not coming to a UAE newspaper soon !

Dubai is finished! I said it before, it is only a matter of time. Dubai World is broke, sued and bankrupt and now being investigated for corruption!
Nobody is going to invest or lend money to these thieves ever again.
When you think that a year ago I predicted all this and wrote that Dubai World was on the edge of collapse and that Sultan bin Sulayem would be sent to oblivion, some people must swallow the words they spewed against me.

http://www.arabianbusiness.com/590859-us-probe-halts-sale-of-dubai-worlds-iss---sources

Well well well, pickle me gonads in a vat of mango juice - A lokal rag ran with it ......


Guess some dumb reporter is gonna miss the game tonight !!!!

viking-warrior wrote:http://www.arabianbusiness.com/590859-us-probe-halts-sale-of-dubai-worlds-iss---sources

Well well well, pickle me gonads in a vat of mango juice - A lokal rag ran with it ......


Guess some dumb reporter is gonna miss the game tonight !!!!

Missing a game doesn't compare to a head (or 2 or 10) rolling!!!