Yemen Observer: http://www.yobserver.com
Posted in:
Local News
Written By: Mohammed al-Qiri
Article Date: Nov 22, 2008 - 4:33:46 AM
The Penal Appeals Court, presided over by Judge Mohammed al-Hakimi, Nagib al-Faqih and Musi'd Al-Omisi acquitted Ahmed Ali al-Hamdani in the Watani Bank trial. His time in prison has been reduced to one year instead of two, beginning the day of his arrest. The court has also requested his cooperation with the Liquidation Committee to repay depositors hurt by the scandal; however the court has acquitted him of the bribery charge.
In the case, the bank’s chairman, board of directors and management stood accused of bribery and fraud.
The court ruled that the appeals of the prosecution and the board of directors’ be accepted. The court also approved the primary court’s ruling, which ordered the imprisonment of Abdullah al-Mammary, Said Shaibah, Abdullah Saghir al-Maznie, Bashir Abdulwasie Al-Adimi and Salah Abdullah al-Yafie.
However, the court acquitted Thair Ahmed Shulan, Hizam Ahmed al-Rube, Abdo Mahiob al-Mahiob and Naji Abdullah al-Nadir and ordered Bashir Abdulwasie al-Adimi to pay $46,446 to the Watani Bank’s Liquidating Committee.
The court also accepted the remaining civil accusations, and ordered the Central Bank to finish liquidation procedures and submit their account statements to the relevant court.
In the first statement for the Watani Bank after the ruling, Chairman Al-Hamdani said that the Appeals Court verdict was just, and added that that the Yemeni judiciary had proven its trustworthiness. This sent a positive signal indicating that the rights of Yemeni and foreign investors are protected, thanks to wise policy and direction from the president. He also stated that the committee is now responsible for the compulsory liquidation of the bank.
Sheikh Naji Abdullah al-Kadir, a member of the Watani Bank’s Board of Directors said that the Yemeni judiciary has proven its impartiality as well as its support of investors and investments. Sheikh Kadir also felt that the Central Bank had shown rashness and incompetence by using their administrative and information authority to lay their hands on the Watani Bank, degrading the bank, its members’ reputation and integrity.
Sheikh Kadir added that the Central Bank’s monetary policy has failed, leading to the Rial’s loss of value. He pointing out that this policy caused staggering national economic losses because investors fear losing deposits. Al-Kadir added that the bank’s customers had lost many millions because of the termination of the bank’s financing for their projects and investments. Sheik Kadir also said that the banks closure had aggravated unemployment by adding five hundred of the bank’s employees to the unemployment list, in addition to the reduction of jobs in the other companies and institutions whose facilities were shut down following Watani Bank’s closure.
Mahiob, a member of the board of directors praised the judiciaries impartiality, though reiterated that the judiciary’s termination of several projects degrades Yemen’s investment reputation. However, the appeal’s verdict is a strong blow to those who have questioned the independence and impartiality of the judiciary.