So it reaffirmed some thoughts I've had.
It's an investigative journalist piece in which the journalists can influence the content of the video. But there's interesting information (some opinion some fact) from the video that, at least to me, strengthens the case of collusion among a few individuals versus a company and it's entire board knowingly entering into billions of debt covenants. Couple that with differences between Middle East business culture and say London or US business culture and the susceptibility for fraud increases. Setting up Cos in other's names or "name lending" where one person can borrow large sums based on reputation alone, to me that invites a higher percentage for fraud.
Shetty's meeting request to meet Sheikh Zayed and the personal letter, in January when the debt was becoming public, that's interesting. Shetty was still a board member at the time so if the meeting was regarding Co debt (like the video said) I'd assume other Co board members would be in attendance (video didn't specify that). So if it was only Shetty and it was about Co debt then that leads me to think fraud involving individuals and not the Co. I don't know for sure but that's how I interpreted it.
The increase in wealth of Qebaisi and Muhairi. Conflict of interest of auditors and NMC board members. That's compelling.
To me the video seemed to paint a picture of collusion and fraud by a few individuals and not corporate knowledge.
I do think with the damage and embarrassment this has caused the UAE along with their desire to be the Middle East's financial hub, like a Singapore, they'll make amends in the end. Probably a leaner NMC with Middle East focus, even then that's still a lot of assets.
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