Gulf Banks: Jumping Ship, In Denial, or Both?……..
"Dubai: First Gulf Bank on Sunday denied media reports on its exposure to Dubai World, saying they are "completely unfounded." In an e-mailed statement André Sayegh, Chief Executive Officer, said: "First Gulf Bank wishes to confirm that no senior executive released any statement related to FGB's exposure to Dubai World and some of its subsidiaries including Nakheel, and the recent reports are completely unfounded." The bank's only statement issued to the press on November 27, said: "We would like to confirm that amounts reported by newswires on FGB's exposure to Dubai World and some of its subsidiaries including Nakheel are incorrect and absolutely overstated," Sayegh said……..”
There will be more such statements from many Gulf banks this week. I hope they are all true, even as history tells me otherwise. The temptation was just too much for these banks to keep away. Besides, who do you think owns all these banks anyway?
Cheers
mhg
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