Probing company affairs

SOME Asians were accused of swindling Dh30 million and cases were opened against them. But what was shocking was that the UAE sponsor ‘Al Kafeel’ — who was questioned about his sponsorship for those swindlers — replied that he himself was a victim of those persons.



By Catch Of The Day

Published: Mon 29 Aug 2005, 10:18 AM

Last updated: Thu 2 Apr 2015, 3:29 PM

Frankly, it was very strange when one of the victim companies tried to find out in the bank and the economic departments about the financial condition of the company, which the Asians used as a screen for their activities. The answers to their queries revealed that the company was indeed in a very good financial condition.

Here, we will not take into account all the statements of the victims who carried false cheques, because the investigation is still under process. But to avoid a similar situation and before issuing any licence, we think that the economic and other departments concerned should investigate the background of the persons who will run the company before issuing any licence. This is necessary as the company carries the name of the UAE citizen whose credibility is also at stake. The news about the financial condition of the company should also be updated, besides other reports to be submitted by experts in company affairs, which can help in evaluating the work to be done in these companies before they start playing dirty tricks and squander the money of others.


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