Banks banned from dealing with 323 personalities & companies [Archives:2006/910/Local News]

January 9 2006

SANAA, Jan. 7- The Banks Monitoring Sector at the Central Bank of Yemen (CBY) has recently revealed that there are 323 debtors to banks working in the Republic of Yemen.

A statement distributed by the monitoring to different media and considered by the CBY as a top confidential issuance, clarified the list of debtors was prepared in dependence on data gathered from banks and results reached by field inspections carried out by Banks Monitoring Sector.

The CBY demanded banks operating in Yemen not to grant new loans to any of the people whose names mentioned in the blacklist. The circulation warned banks against violating those instructions, otherwise they would be exposed to imposition of fines or severe procedures that the CBY realizes are necessary.

Reading the names of blacklisted people, it has become apparent that they are social personalities of distinction, in addition to fifty reputable trade firms. The blacklist also included 20 trading and service companies, tourism and travel agencies, factories, hotels, private hospitals and commercial groups.

What arouses astonishment is that the blacklist contains names of real estates and egg, plastic bags and sweets shops that must not be granted loans by any private banks operating in Yemen under a CBY ban. The CBY publication never mentioned figures on sums on debtors to repay nor did it contain details of debts against each name on the blacklist.