PHI Group Inc (PHIL)

[mythical_phenix]

The Haj loan. LOL! Oh my.

From the most recent 10Q https://sec.report/Document/0001493152-22-014785/

The Company has satisfied certain international legal and administrative requirements, set up a Special Purpose Vehicle in United Arab Emirates under the name of PHILUX DUBAI GLOBAL LLC FZCO, Formation No. DAFZA-FZCO-CF-1095, License No. DAFZA-FZC-CF-1095.22, and is in the process of completing the Hawala Global Certification process with the Central Bank of United Arab Emirates and the Anti-Graft Clearance Certificate by the Gulf Cooperation Council towards the expected release of the financing proceeds.

What exactly is the "Hawala Global Certification" and the "Anti-Graft Clearance Certificate" ? Sounds like some official documents. Inquiring minds want to know. I googled them. In quotes. Exactly one hit each. The aforementioned 10Q.

What exactly is Hawala. There's a Wikipedia entry that describes it: https://en.wikipedia.org/wiki/Hawala

Basically, a money transfer systems that doesn't actually transfer money but instead relies on a honor system of the participants. Apparently it works. For making a tuition payment maybe. Or sending a few hundred dollar to your kid.

But not no 1.5 Billion dollar loan. LO!!!
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