A disturbing disclosure on the Bahrain Stock Exchange today from Golden Belt Sukuk 1 management.
"Regular requests for various documents and information have been made by Golden Belt and the Delegate to Saad. Saad has also been asked for money to pay various expenses of Golden Belt (which has no money of its own), including the BSE listing fees. Saad has neither acknowledged or responded to any of these inquiries."
One might understand an inability to provide money given that Maan's assets have been frozen. It's harder to explain why information wouldn't be forthcoming.
Citibank is the Delegate on the transaction. Golden Belt is managed by Ohad Trust. Graham, is that your signature?
By the way it's not only the BSE listing that's in jeopardy if the company doesn't pay. Golden Belt's Bahraini Commercial Registration (C.R. 65124-1) is up for renewal 9 May 2010. And, as I've noted before, there's the very interesting fact that the registered owner of 99% of Golden Belt's shares is AlGosaibi Investment Company!
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