Who needs friends when you live in Dubai?

[Chilli]

btom said:

Chilli said:

It repoted today in the local rag, that the bank has agreed to help him out and let him pay 50% up front, together with a promise to pay the rest in installments. One of the conditions is that they want to see an employment contract I assume to ascertain that he can pay the loan etc back.
However, they also want him to sign a letter apologising for the grief and stress that the banks employees have had to endure, and also for the very public embarrassment caused to the bank for his actions..... He's told them to go....away.

That is quite funny. What is even funnier is that said bank pretty much recieved a handout from the Ministry of Finance a year or so ago and completely fails to see the irony of its present situation.

This joker is obviously after sympathy and deserves contempt, but Emirates NBD relying on a central banks (taxpayers) sympathy to the tune of $1.5billion+ is probably, I suggest, the bigger story.

Well, given that Emirates NBD didn't exist a year ago, there may be a few inaccuracies there, but I get your point and don't want to split hairs! I understand that all banks here are given large deposits at very attractive rates as standard procedure...but this isn't the point, I guess.

I'm not sure what this guy wants. Does he expect just to be let off, or treated differntly to anyone else, purely because he's highlighted his "plight"?
No idea, but given that it's a relatively high profile case, I suggest the bank will dig it's heels in.
Ah hang on. There was recently the case of the British "Financial Advisor" that was in the poo, and was jailed. His story broke in the same local paper, and their readers started a fund and donated. Maybe this is on his mind?

[Henry Hawthorne]

Liokault said:

Henry Hawthorne said:

Bill Carr said:

Just (yet) another reason not to visit Dubai!

Why?

I think you mean "yet another reason not to go to a country you know nothing about, racking up huge credit card bills for the lifestyle you can't afford, and crying to the media to try and get your debt written off". Pathetic man (the guy in the article, not you).

Did not Dubai as a whole not nearly default on billions of its debt, until it was bailed out by its the next door neighbour?

A whole country living a life style it couldn’t afford, then crying to friends with more oil for a bail out.

What's your point?

I guess it's that because the Emirate itself got bailed out (saving thousands of jobs), this man should be allowed to go without paying - adding to the debt problem in Dubai?

[smack]

Update:

He has managed to get his passport and get back to the UK.

http://www.bbc.co.uk/news/business-10981494

[Pommygranite]

Live 'homeless' for 12 weeks in 50 degrees for an 8k debt. Bullst, the guys a farking liar and has basically rorted other people to sort his own st out.

Should be bloody arrested for fraud.

[Jackleman]

musclecarmad said:

johnfm said:

musclecarmad said:

good, it needs to happen here too - too many people fleeing the country owing money.

people need to be more sensible - he shouldn't have racked up a credit card bill then should he?

His wife can work - he only owes about five grand!

Edited by musclecarmad on Sunday 18th July 17:00

But he was clearly NOT skipping the debt - or he wouldn't have returned, would he?

I assume you didn't read the article very closely.

no i didn't

still, he should have been aware of the law of the country he was living/working in.

Are you familiar with every law in the UK? I doubt most solicitors are.

[bga]

Jackleman said:

Are you familiar with every law in the UK? I doubt most solicitors are.

I've not taken credit in Dubai but even as a reasonably frequent visitor I was well aware of that arrangement. Many westerners out there (as is the state) are hocked up to their eyeballs. It's no secret that you have to be able to service your debts.