Monday, 1 July 2013

A reminder of need for bankruptcy law - The National

"The extraordinary generosity of Indian businessman Firoz Merchant - who has spent millions of dirhams to get indebted foreigners out of prison and pay for their flights home - deserves applause. But it also underlines the challenge in the UAE's financial and legal system.

Mr Merchant has evoked the spirit of Ramadan with his latest gift, which will see the release of another 500 inmates who have served their sentences but have remained in prison because they could not pay their debts. He has spent Dh3.7 million over the past few years to help thousands of people. And he has plans to help many more before the year is out.

"One prisoner is equal to one family back home," he told The National. "They are the bread earners, so the longer they stay in jail, the more the family suffers.""

'via Blog this'

No comments:

Post a Comment