Who messed up the Software ???
SUCK UK! Big Clue! We should have seen the coming of the Islamic Bond
Dubai assets 'untouchable', lawyers caution foreign bondholders
Creditors to Dubai World have been warned by lawyers that all assets behind the bonds are likely to be "untouchable" because of the complicated legal structure in the United Arab Emirates (UAE).
Creditors to Dubai World, in effect the bondholders are collectively standing on top of skyscrapers, getting ever near to the edge just hoping to learn something positive about Dubai World's plans to restructure $26bn (£15.7bn) of debt, including $6bn in the speculative risk-taking Nakheel property subsidiary. Nakheel owns or has control of many of Dubai's most flashy projects, including the Palm Islands, Being good Dubai persons, they issued over half the debt in the form of a $3.5bn sukuk, an Islamic bond.
Few banks in the initial scamble to get a piece of the initial action bothered to consider the small print thinking that the ruling families would effectivel;y underwite all the bonds (or paper) ever issued. A no brainer, how could it with this blue-chip pedigree ever fail ??? Read on, Dear Reader....
It was the sukuk's looming December 14th 2009 due date that prompted last week's standstill announcement. Those upending glasses in the City of London's Bow Wine Vaults call it SUCK UK! In effect that is exactly what will, happen but not just for the UK, banks and pension funds, the world over have been sleepwalking into this. I'll explain:
Lawyers have for many years, repeatedly warned that rules which govern sukuks are way more than complex,they can be operated in many different ways and always subject to local circumstances (hang onto the word 'local').
Shaikh Muddassir Siddiqui, the respected doyen and head of Islamic finance at Denton Wilde Sapte, the London Law Firm cautioned that: ".... any default of the loan would be governed by sharia laws" then added as a mind-blowing kicker: "Each jurisdiction approaches the sharia elements of financial structures, in different ways, according to the requirements of its own law. Neither debtor nor creditor should assume that a single interpretation of the sharia principles shall be applied universally just because the structure has been determined to be sharia-compliant."
Put simply the recovery of investments may be further complicated by the UAE's foreign ownership laws. I sincerely hope everyone is still with me as it gets even better (well not for us in the West) Consider that even if Nakheel's properties are liquidated, their entitlement could be restricted because assets belonging to the ruling family cannot be seized and sold.
Of course this has to be right, the directors at RBS (Royal Bank of Scotland) would have known this long before Gordon Brown (current but unelected Prime Minister but formerly holder of the UK Piggybank aka The Treasury) decided to bail out the banksters, But they kept that under wraps, buyer beware.
The excellent London Daily Telegraph newspaper buttonholed one Essam al-Tamimi, senior partner at Al Tamimi and Company, a Dubai-based law firm, who delivered this chilling warning: "The UAE courts will order everyone to pay their debt, you, me and the ruler, we are all equal under the law. But when it comes to government debt, following the issuing of the judgment... like in a lot of countries, the attachment of government assets and selling them by public auction is not allowed."
So before RBS in the UK, pays out £1.5 billion in bonus payments in the next few days, the directors might like to think how they can possibly get around these little local difficulties as the UK taxpayer though RBS holds a mountain of Dubai World paper. Slapping a writ on the funnel of the former Cunard Cruise ship the QE2 muight be an option....we live in interesting times...
A further development is that the bosses of Dubai World, no doubt with the aid of a few prods have now agreed to meet its main creditors next week. The bondholders, which are being represented by Ashurst, are also thought to include some of the world's biggest pension fund managers including Blackrock, Pioneer and Fidelity.
The twist about the implication of Sharia Law however was not raised in the initial negotiations and only became an issue when it became clear the Dubai Government would 'cherry pick' some of the investments it would bail out or take over. They would not automatically underwriting the whole basket - that seemingly being best left to RBS - but that is where we came in!
For Publication CREDITLINE: Julian Bray MCIPR NUJ
firstname.lastname@example.org Tel: 0044 (0)1733 345581
Not quite saying that the law is structured or loaded to suit local business and citizens but a major near on impossible headache for international bondholders.
Search JULIAN BRAY AVIATION SECURITY BLOG
JULIAN BRAY ++44(0)1733 345581 BROADCAST ISDN ++44(0)1733 345 020 all codecs
MOBILE: 07944 217476
AVIATION SECURITY EXPERT, AIRLINE OPERATIONS & NATIONAL SECURITY ISSUES.
BROADCASTER, COLUMNIST & JOURNALIST. NUJ & FULL EQUITY MEMBER.
IMMEDIATE LIVE BROADCASTING VIA OWN ISDN COOBE, STUDIO & HIGH SPEED BROADBAND SKYPE
ISDN +44 (0) 1733 345020.
OFFICE +44 (0) 1733 345581
AVIATION & CRUISE, MARTIME INCIDENTS, SAFETY ISSUES, TRAVEL THREATS & PERILS, TERRORISM ISSUES, WORLD TRAVEL & INSURANCE COVER ISSUES, CONFLICT ZONES, LONDON RUNWAY, FEATURES & CORRESPONDENT RESEARCH PACKAGES. NATIONAL & LOCAL POLITICS, LAW & ORDER, LITIGATION SUPPORT.
"Adept at holding national and international politicians and business people to account, has a 'Marmite' but considered approach to politics and always well prepared" Iain Wilson
Julian Bray broadcasts and comments via ISDN +44 (0)1733 345020 (GLENSOUND C5 Dual Codec), VoIP and SKYPE >>> JULIAN.BRAY.UK <<< mobile 07944 217 476
BBC Contributor 10476453
LANDLINE number in the UK is +44(0) 1733 345581 Use this number to pre-brief or to book link.
TELEVSION AND RADIO LIVE INTERVIEWS AND CONTRIBUTIONS
RUSSIA METROJET, GERMANWINGS, MH17 INCIDENTS and other RECENT TV NEWS & RADIO AUDIO FEEDS
LASER PENS BBC NEWS
https://www.rt.com/op-edge/323287-su24-fighter-russia-turkey-syria/ Scroll down final VT
http://www.cbc.ca/i/caffeine/syndicate/?mediaId=2685621754 AIR DUBAI CRASH MARCH 2016 Television 2-way with CBC Canada via 'upmarket' SKYPE
https://ca.news.yahoo.com/video/plane-circled-airport-bad-weather-110053170.html AIR DUBAI CRASH 19/03/2016 Julian Bray first reaction
Julian Bray Broadcaster Radio Podcasts Selection
CargoLogic Air load one of their mega all cargo aircraft. In addition to purpose built frighters, many end of first lease, state-of-the-art wide-bodied passenger aircraft are currently being snapped up and rapidly re-purposed for all cargo operation. As the 21st Century trend is away from airport hub/spoke operation - apparently Heathrow [LHR] is yet to get the memo… -and towards single aisle narrow bodied passenger/cargo hold aircraft, working point to point schedules continues apace ...
JULIAN BRAY ++44(0)1733 345581
Illustrated Convention Lectures & Workshops, Keynotes, Broadcast Briefings, Media Presentational Training, Aviation Security and Operations Incident Management Consultancy
(ISDN BROADCAST LINK ++44(0)1733 345 020) all codecs G.722 & ATX Developed for use in ISDN remote broadcasting, G.722 is the original wideband speech codec to be standardized by the ITU-T. By sampling the speech signal at 16 kHz, G.722 more than doubles the encoded speech information, providing richer sound and better clarity than narrowband speech codecs. ( (ISDN2 BT BOX INSTALLED AT HOME: LIVE LINKS AVAILABLE AROUND THE CLOCK )
Book slot on landline 01733 345581
Mob: 07944 217476 http://www.aviationcomment.com/ E&OE
COVERING TRANSPORTATION & ASSOCIATED POLITICAL ISSUES IN ALL FORMS plus RELATED INDUSTRIES including AEROSPACE, COMPUTER NETWORKS, RAIL, AVIATION, CRUISE, FERRIES, MERCHANT MARITIME, MILITARY, TRAVEL & HOLIDAY INDUSTRIES, CAA REPORTS, TERRORISM & SABOTAGE, COMPUTER MISUSE & SYSTEM FAILURES, TRAVEL AGENTS, ATOL ISSUES, CIVIL & COMMERCIAL AVIATION. AIRSHOW ORGANISATION & LOGISTICS.
Contact numbers 01733 345581 OR Trusty Nokia Mobile: 07944 217 476 OFFICE: 01733 345581 and answerphone email: email@example.com
BROADCAST ISDN2 LINE: 01733 345020 ISDN DIGITAL DIAL-UP only. [ BH VENDOR #10476453 add PE28xl ]
SKYPE: JULIAN.BRAY.UK (directly wired Ethernet connection on high speed Virginmedia cable) ALSO GLENSOUND ISDN GSGC5 ISDN LOCATION UNITS FOR PROFESSIONAL DRY HIRE
Julian Bray provides: Opinion, comment, forward thinking speculation, keynote presentations and workshops for corporate organisations on Travel, Cruise & Aviation: conflict zones, terrorist impact, cybercrime and DoS issues, drone (UAV) issues, safety (black boxes, emergencies), airline operations, aviation finance, political implications, and all forms of incident risk.
He operated at board level with several airline and aviation groups, including Alitalia, British Island Airways, British Airways, Galileo , British Aerospace, Skyways, former CEO City firm Leadenhall Assoc. (PR WEEK TOP 150) Founder CNS City News Service. Director NTN Television News (joint co. with ITV Wales TWW) Debretts People 2017 and featured in launch edition of the PRWeek Black Book. Investigative Journalist and Broadcaster.
After-dinner speaker and presenter. NUJ LIFE MEMBER & FULL EQUITY MEMBER.
Direct links to a selection of television and radio contributions can be found at foot of this page. Scroll down. Join the conversation here or on Twitter at @aviationcomment @julianbray.
A retweet, comment or other publication by any means does not constitute an endorsement. Quoted Content subject to creditline 'Julian Bray' . During career an active MCIPR, MMC & MBDS.
Main UK telephone and prime contact number 01733 345581.
Mob: 07944 217476
ISDN2 Loop Test (by arrangement) 01733 345020
Download the new CAA DRONECODE HERE : http://dronesafe.uk/wp-content/uploads/2016/11/Dronecode.pdf
Glensound GSGC5 ISDN LOCATION (COOBE - FLYAWAY) COMMENTARY UNITS/COLES LIP MICS FOR PROFESSIONAL HIRE
VIDEO PROJECTOR & SMALL FORMAT PUBLIC ADDRESS/ MUSIC PLAYOUT HIRE
BBC LOCAL NEWSROOMS
The Small Print...
TERMS & CONDITIONS
This is the small print, demanded by the legal eagles, we've tried to keep it clear and simple, this is in addition to, and not in the alternative to the NUJ Code of Professional Conduct.
- The content this website is for your general information and use only. It is subject to change without notice.
- Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors, we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
- Your use of any information or materials on this website is entirely at your own risk, for which we shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements and you have made your own independent enquires as to the content..
- This website contains material which is owned by or licensed to us. This material includes, but is not limited to, the design, layout, look, appearance and graphics. Reproduction is prohibited other than for review purposes, or where specific permission has been granted, for example in connection with a commission or contribution supported by a written contract and any terms in accordance with the copyright notice, which forms part of these terms and conditions.
- All trademarks reproduced in this website, which are not the property of, or licensed to the operator, are acknowledged on the website.
- Unauthorized use of this website may give rise to a claim for damages and/or be a criminal offence.
- From time to time this website may also include links to other websites. These links are provided for your convenience to provide further information. They do not signify that we endorse the linked to website(s). We have no responsibility for the content of the linked website(s).
- E&OE Errors and omissions excepted. Use of quoted content subject to creditline: Julian Bray, broadcaster.
- Writers P.I. & P L I. # WRT001966
Alert for restricted airspace - London and vicinity of Watford (Temporary) NATO and Heads of State Meeting in Watford and Head of State visit to Londonhttps://mailchi.mp/caa/alert-for-restricted-airspace-london-and-vicinity-of-watford-temporary?e=2437c5cb26 Julian Bray NUJ, EQUITY, MMC, Br...
Huge setback for Boeing MAX8 rehabilitation as new documents emerge and allegations that Boeing knew of test pilot concerns at an early stage....https://theaircurrent.com/aviation-safety/new-document-in-737-max-investigation-points-to-chaos-pressure-in-mcas-development/ Julian Bray N...