ARD Price Target FY07: TBA
ARD EPS Estimate FY07: TBA

Friday, February 24, 2006

UAE Corruption: Look What the State Department Says


Tonight I went to the State Department Website to see what they say about UAE. There are many different subheadings. One section dealt with corruption. Here is what the State Department said under the heading 'Corruption' regarding the UAE:

Corruption
"There is no evidence that corruption of public officials is a systemic problem; however, the former head of Dubai Customs and Port Authority – along with five other customs officials – was tried, convicted, and sentenced in April 2001 to 27 years in prison on charges of corruption and embezzlement. He was pardoned four months later by the Dubai government and released. "

"The UAE is not a signatory to the UN Anticorruption Convention. "

The above information taken from the U.S. Department of State Website.

In Conclusion, do you realize that Dubai Ports World is owned by the UAE government? Do you also realize that this very same government pardoned the former head of Dubai customs and Port Authority after serving only 4 months of a 27 year prison term? This goes to show that the UAE is committed to protecting those that are corrupt and embezzle. This is especially troubling given the fact that the person involved in the crime was the head of the Dubai Customs and Port Authority. Don't forget that UAE is famous for their smuggling. HAVING THE UAE OWNED DUBAI PORTS WORLD RUN OUR PORTS IS NUCLEAR SUICIDE. Also, Why has UAE not signed the UN Anticorruption Convention? Do you want a country running our ports that refuses to sign the UN Anticorruption Convention (Not that I put much faith in the U.N. but you at least have to ask yourself why the UAE is not a signatory?)