Dubai World: An IED at ISS? | Beyond Brics | FT.com

Potential buyers have pulled or reduced their bids for one of the debt-laden Gulf group’s prize assets, Inchcape Shipping Services, after they discovered what they think is an investigation into its contracts with the US Navy.

Istithmar, the government-owned conglomerate’s investment arm, has dropped the sales process in the belief that it can’t now get a good offer.

Fortunately, good progress towards the acceptance of Dubai World’s $23.5bn restructuring proposal will probably give the holding company up to eight years to dispose of its assets and maximise value to repay creditors.