Bank Muscat announces $50m exposure to Dubai World
Bank Muscat, Oman’s biggest lender, revealed on Sunday exposure of…
December 6, 2009 4:46 by kippreport
Bank Muscat, Oman’s biggest lender, revealed on Sunday exposure of OMR19.25 million ($50 million) to government-owned conglomerate Dubai World. The amount is the part of a syndicated loan that “continues to be serviced,” the bank announced in a statement to the Muscat Securities Market (MSM).
The bank’s shares fell 8 percent to OMR0.755 at 11.19 am in Muscat, according to Bloomberg.
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1 Comment
Barclays Bank Dubai, UAE has ended with an exposure of USD 500Million to various entities of Dubai World. When the loans were granted, the risk was not properly assessed, necessary due diligence was not undertaken but rather was approved due to Barclays Dubai management’s connections at high places.