Local Paper: Bahrain Mumtalakat Co. Fails to Pay "Retirement Fund" 100 Million Dollar Loan
2016-01-06 - 1:09 am
Bahrain Mirror: The local Bahraini Al-Bilad newspaper owned by the son of the Prime Minister Ali Bin Khalifa Al Khalifa reported that the Bahrain Mumtalakat Holding Company haven't paid any installment of the USD 100 million loan borrowed from the Retirement Fund.
Although the Public Authority for Social Insurance law doesn't allow it to lend, it had in 2008, according to Al-Bilad Newspaper, lent Mumtalakat Co., Bahrain's investment arm, the mentioned amount on the terms that the company should pay the first installment after 5 years.
"After more than 5 years from giving the loan, based on the Authority's accounts, there is no evidence that Mumtalakat Holding Co. had paid the loan and there is no statements confirming this," the newspaper added.
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