Jordanian businessman Majd Shamaylih defrauds three banks of $102 million, flees country
Exclusive information obtained by the Mena Report indicates that Jordanian businessman Majd Sami Shamaylih has defrauded three major banks in Jordan of 72.5 million Jordanian dinars ($102 million), and has subsequently fled the kingdom to an unknown destination, presumably Australia.
He is reportedly accompanied by his lawyer, Nassir Salim Al-Masaada. Shamaylih, the general manager of the Global Business Company, obtained the funds as credit facilities to support his business. Of the total loans, JD44 million were extended by the Jordan National Bank, JD20 million by the Investment and Finance Bank and JD8.5 by the Jordan Gulf Bank.
Other sources assert that Shamaylih had in fact persuaded these banks to lend him much higher sums, in the region of JD100-180 million. These sources further disclosed that following news of the sham, the head of the Amman Stock Exchange (ASE) considered shutting down the Jordanian burse in an effort to avoid a sharp decline in the banks' share prices.
Responding to rumors, the Governor of Jordan's Central Bank (CBJ) Umayya Touqan, downplayed the effects that such a scam might have on Jordan's financial institutions. Touqan stated that in the year 2001, a total of five billion JD in loans were extended by the Kingdom's 21 banks, reported the Jordan's official news agency, Petra.
Corruption charges have been filed in the past against Shamaylih, the son of an ex-ambassador, who is also married to the daughter of a Jordanian diplomat.
Shamaylih formed his company in 1998. The firm markets computers, communications equipment, security systems and provides Information Technology (IT) services. The Global Business Company was involved in IBM's marketing campaigns in Jordan and the Persian Gulf region, as well as in the import of computers and technological equipment for the Jordanian Army.
Shamaylih also serves as a Senior Advisor on the Washington-based American Defense International (ADI), a consulting and defense-lobbying firm specializing in government affairs, business development, public relations and bank instrument financial transactions. ADI is also a US military supplies contractor. — (menareport.com)
© 2002 Mena Report (www.menareport.com)