Wednesday 2 January 2013

UAE ends barbarous jail sentences for check fraud and frees all previous offenders « ArabianMoney

The President of the UAE Sheikh Khalifa bin Zayed Al Nahyan has issued a decree releasing all the expatriates held in prison for bouncing post-dated checks, a hang over from the 2009 recession in the Emirates that hit many debtors very hard leaving them personally liable for bad debts secured by checks signed by them.

In more normal economic times the practice of arresting and jailing debtors who bounced checks worked tolerably well, and allowed credit to be extended to a higher proportion of the largely expatriate UAE population who always posed a particular flight risk as they have another country to return to.
UAE ends barbarous jail sentences for check fraud and frees all previous offenders « ArabianMoney

No comments:

Post a Comment