Dubai to meet local banks, propose no haircut

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Dubai to meet local banks, propose no haircut - MEED

March 10th, 2010

DUBAI - Debt-laden Dubai World, which will meet with the two local banks on its creditor committee this week, will propose that creditors get their principal investment back, magazine MEED said.

The magazine, which did not name sources, said Dubai World is expected to propose a debt restructuring that involves creditors receiving their principle investment, meaning there will be no `haircut' on their outstanding loans.

Dubai World will also suggest the outstanding loans have some form of guarantee from the government of Dubai, the magazine said. (www.meed.com)

The magazine said details of the interest entitlement of the banks is still unclear, while they wait to be repaid.

If little or no interest is paid, it would equate to a substantial haircut over several years, the magazine said, citing one Dubai-based banker close to the situation.

The repayment term is expected to be between five to 10 years.

The meetings with Emirates NBD ENBD.DU and Abu Dhabi Commercial Bank ADCB.AD come after Dubai World met with foreign lenders in London this week to discuss the restructuring of its $26 billion debt pile.

(Reporting by Thomas Atkins; Editing by Amran Abocar)

Source: in.reuters.com

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Driver denies bribing immigration officer to gain entry into UAE

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Driver denies bribing immigration officer to gain entry into UAE

March 10th, 2010

Dubai: A truck driver has denied bribing an immigration inspector and claimed that he thought he was paying a penalty for violating the Naturalisation and Residency Law, a court heard on Tuesday.

Prosecutors charged the 25-year-old Pakistani truck driver with offering a Dh950-bribe to an inspector at the Department of Residency and Foreigners' Affairs at the Hatta border check-point to allow him enter the country illegally.

"I am innocent. I didn't bribe him. I paid him money considering that I was paying my fines for violating the Naturalisation and Residency Law," the suspect, M.I., argued as he defended himself before the Dubai Court of First Instance.

According to the charges sheet, the defendant offered the bribe to the Emirati inspector after the latter informed M.I. that he was banned from entering the country for violating the Naturalisation and Residency Law.

"While I was on duty at the Hatta border checkpoint, the suspect came to the counter wanting to enter the UAE… When I informed him that he was banned from entering the country, he... begged me to help him," the inspector told the court.

"He said he was willing to pay money. However, I told him it was impossible to allow him to enter because he was blacklisted," the inspector added.

"He insisted on paying me money to allow him enter. My superiors asked me to accept his offer… he offered me around Dh950 in Omani currency," the inspector told prosecutors during questioning.

Records said the defendant was arrested in a sting operation. A verdict will be heard next week.

Source: gulfnews.com

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