Leading Investment Companies,to be prosecuted [Archives:2000/12/Local News]

March 20 2000

A very important issue has recently surfaced in Yemen related to future of some investment companies in which many Yemenis have invested their money. The Ministry of Supply and Trade in Sana’a announced last Monday that three of the most prominent investment companies will stand before the Prosecution. These companies are accused of violating the valid regulations. Leading among these companies is the well-known investment company Al-Monkid (earlier accused of kidnapping the American Oil Specialist Kenneth White). Approximately more than 20000 citizens hold stocks in this company. The company was investing in a large Real Estate project in the Free Zone in Aden and is now in a dispute with government. The company tries to reclaim a sum of 60 Billion YR in return for a land it says the government confiscated after the company had purchased it with funds of shareholders. This situation has aroused concern and fear on part of shareholders who do not know what would be the fate of their invested money especially after the declaration of the illegitimacy of these companies investments particularly following Al-Monkid kidnapping incident of Mr. White. Mr. Hamoud Hashim Al-Thirahi, Representative of Al-Monkid, asserted that his company started its business with a license from the Ministry of Supply just like other companies. He also said that the president was the only person able to resolve this complex dilemma.
The Ministry of Supply and Trade has warned citizens through media against dealing with such organizations. It stated that this business is not licensed and is jeopardizing people’s money.