International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Run out of money? Run out of Dubai
The owner of gift company BlueBanana.com has fled from Dubai after going bankrupt. He said sorry.
June 25, 2009 2:41 by Aarti Nagraj
Simon Ford, the owner of gift company BlueBanana.com, has fled the country after the financial crisis drove the business to bankruptcy.
In a “letter to the Dubai public,” he apologized for fleeing and added that he would “repay every last dirham to everyone who is owed money from bluebanana.com.”
He said that he was forced to leave because he and his family began receiving death threats. “I am not running away from debt, I am purely protecting those dearest to me and getting out of a country which, due to the lack of structured bankruptcy laws and a banking system which has zero flexibility on loan repayments, drives people to make horrible decisions.”
Fleeing the country is not going to make the debts disappear. But is this the only way out for businessmen sucked dry by the crisis; to run away and then say sorry?