Shareholders clamor for compensation [Archives:2005/873/Local News]

September 1 2005

IBB-Aug. 30- Around seven thousand shareholders of the Al-Munghidh Company appealed to President Saleh and the Parliament Speaker to grant them permission to organize a peaceful demonstration against the companies uncompensated seizure of their shares

The claimants allege that their capital, estimated at around 1.8 billion rials was seized illegally in what essentially amounts to corporate theft.

Al-Munghidh Company is chaired by Anas al-Ahdal, a prominent Islah Party leader while Sheikh Abdulwahab al-Anisis was responsible for compensation.

Some shareholders at the company were accused of backing the kidnapping of a US expert from an oil block in Marib. The victim was held until negotiations with Sheikh al-Ahmar granted the company compensation worth 1.8 billion in exchange for releasing the US expert. In effect, it is alleged that the company offset their loss by seizing investor shares instead of paying from their profits.