Dubai World to Refinance USD 14.6 Bln Debt

first_imgzoom Dubai government-owned conglomerate Dubai World has struck a new deal with creditors to extend and amend its outstanding USD 14.6 billion debt, Reuters reports citing company announcement.The deal envisages full early repayment of 2015 maturities of USD 2.92 billion in addition to extension of the conglomerate’s remaining 2018 maturities to 2022.Dubai World has been at the negotiating table with creditors since last year and managed to secure support from “substantial majority of its creditor banks” at a meeting held in London in early December last year, Reuters said.The deal on extension is subject to review by the Dubai World Tribunal, a body formed to process Decree 57 cases.Decree 57 is a special law issued to help government-related companies restructure their outstanding debts.The tribunal will hold a hearing on Dubai World’s filing on Tuesday.Dubai World’s business portfolio includes DP World, Drydocks World, Dubai Maritime City, Economic Zones World and Istithmar World.World Maritime News Stafflast_img read more

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Half of public procurement contracts corrupt says President

“I regret to say that organised bribery and corruption is still taking place in government institutions,” he told a public meeting of police and anti-corruption activists in Colombo,” said the President. “We say call tenders to prevent corruption, but in reality we know that the tender procedures are also corrupt. It happens in over 50 per cent of the time,” he added. Sirisena said one Government institution had threatened to go on strike to protest against the installation of a CCTV system designed to discourage money changing hands illegally.“Such is the level of resistance and I am told that officers who refuse to cooperate with organised corruption are sidelined and not given any work by their superiors,” he said. Sirisena swept to power in January last year, ousting the country’s strongman former leader Mahinda Rajapakse. Half of Sri Lanka’s public procurement contracts are tainted by bribery and corruption, President Maithripala Sirisena said, nearly two years after he came to power promising to tackle government graft, the AFP news agency reported.The President, who has ordered investigations into alleged widespread corruption under his predecessor, said he could not name names because those exposed would “go on strike from tomorrow”. In recent months he has made several outspoken criticisms of the national unity Government under Prime Minister Ranil Wickremesinghe, including accusing top anti-corruption officials of launching politically motivated prosecutions.The two men are from rival parties, but made common cause to topple Rajapakse, whose entire family and closest associates face allegations of corruption as well as murder. read more

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