DEC 1, 2009
Banks who lent money to Dubai World, the debt-laden
state investment group, reportedly plan to appoint
auditors KPMG to represent them in talks over recovering
their money.
British newspaper The Independent reported that
the banks include HSBC, Royal Bank of Scotland,
Lloyds Banking Group, and Standard Chartered.
The banks’ total loans to Dubai World
exceeds US$ 30 billion.
It added that KPMG will be formally appointed
once the creditor banks have created a steering
committee comprising five or six of the main
lenders to lead the negotiations.
KPMG was not immediately available to comment.
Dubai said last week that it would delay payment on
debt issued by Dubai World and property developer
Nakheel, igniting fears over sovereign debt
defaults and sending global markets sharply lower.
Dubai World and Nakheel have oustanding debt of US$ 59 billion.
Source:The Independent
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