US-blacklisted Ramallah investment firm goes into liquidation
The board of the Ramallah-based public investment firm Beit El Mal Holdings has decided to liquidate the company to protect shareholders. Beit El Mal was blacklisted in April 2001 by the US administration, charged with providing financial and material support to the Islamic Resistance Movement, Hamas.
The administration ordered an immediate block on the assets of Beit El Mal, held in or passing through US banks. The assets of Al-Aqsa Islamic Bank, 20 percent owned by Beit Al-Mal, were frozen as well.
Company chairman Mazen Sunokrot denied allegations of funneling money to the Hamas, reported Reuters and told the general assembly of plans to set up three successor companies to Beit Al-Mal, based on a different business platform. The Palestinian Monetary Authority (PMA) stated it had investigated the allegations and found them to be baseless.
Established eight years ago, Beit El Mal‘s stated business activities are making loans and investing in economic and social development projects. The company’s assets totaled $21.4 million at year-end 2001. — (menareport.com)
© 2003 Mena Report (www.menareport.com)