AL-SHOURAH: Sanaa weekly, 20-9-98. [Archives:1998/39/Press Review]

September 28 1998

(Federation of Popular Forces)   Main Headline:
1- About 60% of Yemenis are without proper health care, running water or sanitation services. While 43% of the population rely on charlatans for treatment.
2- Tribal conflict between Khawlan and Sanhan has been settled with 6 oxen, 60 sheep, and a ’97 model Jeep.
3- People tricked by bogus investment companies demand swift recompense.
4- 14 October Establishment for Press, Printing and Publishing intends to lay off 225 employees.
Article Summary:
Is it money laundering?
A press conference was held in Aden by the Aden and Taiz Chambers of Commerce to discuss the financial irregularities discovered in the French Bank IndoSuez.
The accountant who was mainly responsible for these violations was allowed to carry on with his work regardless of the huge deficit discovered in his bookkeeping. He was found to be transferring individual bank accounts from one branch to another with the account holders’ knowledge.
A total of YR 123,377,659 was transferred from the account of one particular person to another. The accountant in question refused to cash cheques made out by the first person despite having enough funds in his account. Other violations include issuing deposit receipts without actually depositing the clients’ money into their accounts and freezing or closing some bank accounts without a court order. For example, a sum totaling $125,000 deposited by Al-Mihdhar was not actually added to his account.
It is alleged that some employees at the Bank IndoSuez were speculating in hard currency using money belonging to the bank’s clients.
Director of the Ministry of Finance branch in Aden has expressed his suspicion that a large-scale money laundering operation was taking place at the bank.