Ras Al Khaimah Investment and Development Office Investigate $ 20 Million Disappearance
The Investment and Development Office IDO RAK headed by Sheikh Mohammed bin Saud Al Qasimi Made the RAK emirate's government suffered losses estimated at 70 million U.S. dollars since he took the financial leadership in the emirate of Ras Al Khaimah
January 13, 2013 (Newswire.com) - Back details of the case to the year 2007 when the Ras Al Khaimah Sukuk Co., Ltd., which is owned by the Office of Development and Investment in Ras Al Khaimah issued sukuk worth $ 325 million was completely included in the Dubai Market Exchange Securities and inches of London Stock Exchange that are matured in the year 2012
Where the investment map in that time for the emirate of Ras Al Khaimah was very effective for attracting greater investment in real estate, tourism projects and infrastructure projects.
In 2010 the Office of Development and Investment in Ras Al Khaimah (IDO) cancel the inclusion of Sukuk instruments in the Dubai Stock Exchange Market and London Stock Exchange two years before maturity arguing for the existence of sufficient liquidity of Ras Al Khaimah Government and long-term loan debt financing.
In 2011, international consulting firms issued a report confirming decline in yields on Sukuk which is listed by RAK Sukuk Ltd. at a rate 12 times less as instruments fell due in 2014 at a rate of 100 points and instruments falling due in 2016 at 203 points
The Investment and Development Office did not succeed in debt repayment due in 2013 worthies One Billion Dirhams which was due the end of 2012
This decline in rates and failure in the management of liquidity cost the Emirate losses exceed $ 50 million because of the scarcity of investment projects at hand and austerity policy pursued by the Office of Development and Investment in the management of funds for the Government of Ras Al Khaimah
Sources also hinted in the Dubai market for securities to a loss of $ 20 million evaporated in daylight because of the financial policies of the Investment and Development Office, which is currently chaired by Jim Stewart British national and a former employee at Arthur & Anderson accounting firm in Bahrain
It is the same person who led the payment instruments worth $ 325 million ahead of schedule, but because of poverty witnessed by the emirate of Ras Al Khaimah in the rate of investment projects and the new government projects, the plans of the development and investment office to increase the income of the emirate did not find any benefit, but on the contrary increased economic recession of the Emirate.
The Investment and Development Office headed by Sheikh Mohammed bin Saud Al Qasimi Made the RAK emirate's government suffered losses estimated at 70 million U.S. dollars since he took the financial leadership in the emirate of Ras Al Khaimah, according to estimates from the Business Delight Arabia magazine