Al Basaru Holdings Bond collateral Doha Qatar
Contined asking of up front fees for insurance, SPV account, and Bond related after a Letter of Intent and Loan Agreement. Cost of loan incresed from initial agreement of 5% to over 11% and not including some other upfront fees. Continued delays and excuses in transferring loan to client by asking for more fees for other services not provided by Lender and claiming not lenders resposibility.
Various people involved including:
Dr. Umaru Ashique, Investment Director
Mohammed Bin Saeed Albasaru, Executive Chairman
Mr. Richard White, CFO
insurance agncy Red Star Insurance, P. O. Box 0489, Abu Dhabi, UAE.
Antonios Georgiou, Bond Department Director