[25 April 2008]

HODEIDAH, April 25 (Saba)- Gulf investors have rescued a Yemeni bank from bankruptcy after an embezzlement of about $5 million by an employee of the bank's branch in the province of Hodeidah.

Informed sources were quoted by the Saudi al-Eqtesadiah daily as saying that the bank's management resorted to the Gulf investors to end the impasse in order not to repeat the tragedy of the National Bank of Yemen, which was declared its bankruptcy by the Central Bank of Yemen.

The sources said that the Gulf investors have variable rates of the bank's capital after its board has been changed.

In Yemen, there are currently over 16 Yemeni, Arab and foreign banks.

YA/YA


Saba