Ana Botín’s whirlwind start
Tuesday, December 1, 2009
by Sudip Roy
Ian Hay Davison, Dealing with Dubai: The regulator's
In 2002 the Dubai authorities announced the appointment of a
distinguished chairman to its financial regulator that would
give credibility to the country's attempts to establish itself
as the leading Arab financial centre. Just two years later he
was fired. Ian Hay Davison gives an exclusive first-hand
account of the events that led to his dismissal.
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This is absolutely right. Being precise about guarantees is the first rule of bond investing and investors should be kicking themselves. However, put yourself in the position of the owner of a financially strapped company. Would you not do everything you could to support it, and only let it default if you had no other options and were prepared to let it be liquidated? Both Dubai World, vis a vis Nakheel, and the government, vis a vis Dubai World, seem not to feel this way.Analysis should focus on what rights the Nakheel bondholders have to wrest the company from its owners, who no longer want to support it. If they have none, they should kick themselves afresh - and never lend to Dubai again without cast iron security.
01 Dec 2009 11:50
Author: JON HAY
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