Bank-ruptcy Debtors Sentenced

Debtors’ Prison.

Assets of Watani Bank debtors to be confiscated 

Written By: Mohammed al-Qiri
Article Date: Nov 5, 2007 – 7:00:43 AM

The government ordered the assets of the Watani Bank debtors to be confiscated last Sunday and their rights to leave the country to be waived.

Prime Minister Ali Mujwar is the official charged to take action against the civil debtors to the Watani Bank, which announced its bankruptcy December 2005. Yesterday Mujwar sent Abdullah al-Olfi to the Minister of Interior, Dr. Rashad al-Alimi and Attorney General, to confiscate the debtors’ properties, freeze their and their relatives’ bank accounts, and publish their names in all media outlets{Ouch!}

The Primary Court headed by Judge Najeeb Qaderi sentenced the Watani Board of Directors in a session held on March 13, 2007 in the following manner:

Ahmed Ali al-Hamdni, sentenced to two years imprisonment and remain responsible for facilitating loans with no guarantees, his debt is YR611.6 million; Tha’ar Ali Ahmed Sh’alan, eight months imprisonment, his debt is YR564 million; Abdu Muhaiob Abdullah Muhaiob, eight months imprisonment and his debt is more that a YR1billion; Abdullah Mohammed al-Khawlani, eight months imprisonment, his debt is YR64.2 million; Naji Abdullah al-Ghader eight months imprisonment and his debt is YR2.8 billions; Abdullah Sagheer al-Muzna’a, one year imprisonment, and his debt is YR1 million; Basheer Ahmed Abdul-Was’a one year imprisonment; Salah Abdullah Mohammed al-Yaf’ai, one year imprisonment; Abdullah Mohammed al-Ma’amri, to be released after spending around seven months in jail, and his debt is YR600 million; Saied Shabih Muhdi Taqwi, from Pakistan, no further time in prison, and his debt is YR12 million; and Hizan Ismael al-Rub’a, no further time in prison, and his debt is YR222 million.

The Court of Appeals started to try the debtors from the Watani Board of Directors who were released last week; many of which have escaped the country.

The government sent a message to add that the procedures of liquidating the Watani Bank from the Central Bank of Yemen can be completed. These procedures are approved by the commercial court.

The liquidating committee is facing many difficulties because it has not found all the debtors who did not pay their debts, especially those who owe the bank large sums of money. Strict procedures have been taken by the government to arrest all the debtors and put them in jail until they pay all their debts.

In the accusation presented by the head of prosecution, Said al-Aqil stated that the defendants facilitated the seizure of an estimated YR19.7 billion of bank savings between 1998 and 2005.

The Central Bank of Yemen decided on December 7, 2005 to take control of the Watani Bank after it announced bankruptcy. At the same time, the Attorney General of Public Money ordered the accounts of all members of the Board of Directors, the bank directors and their relatives in the banks in Yemen to be frozen.

Rumors persist, however, that the Watani Bank was a victim of political and social influences.



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