AL-WAHDA: Sanaa weekly, 1-4-98. [Archives:1998/14/Press Review]

April 6 1998

(Official)   Main Headline:
1- Meeting deputy speaker of Iraqi parliament, the President stresses Yemen’s solidarity with the Iraqi people.
2- Chairman of the Consultative Council received the president of the Arab Monetary Fund to discuss cooperation with Yemen.
3- Attended by Yemeni and international researchers, a conference on Yemen is held in Exeter, Britain.
4- A study is conducted to restructure the Industrial Bank.
Article Summary:
Bogus Investment Companies
Under various alluring themes such as “Halal” or religiously allowed investment, a number of bogus in companies have sprung up to trick people with giving huge, almost fantastic returns of 70% or even 100%! Denouncing usury, the founders of these companies had good reputations as religious people with great powers of persuading people to part with their money. Most of these companies were formed without official licenses. One of these companies was the Fish and Marine Life Co., which started by selling YR 8 billion worth of shares. Despite it being officially registered and run by top religious figures, the Fish Co. has allegedly not made any profit during the last years of its existence.
Months passed by and the huge profits did not materialize. Numerous justifications and excuses were given to allay the so-called investors’ fears. Some people sold large chunks of their belongings to get the money for investing in these companies. Largish profits were handed out at the beginning to entrap more people. Official sources indicate that a total of YR 2 billion disappeared into bogus investment companies.