Recently in Central Asia Category
WHY COPY DUBAI OR MAURITIUS?
The high-powered committee, chaired by former World Bank economist Percy Mistry, has recommended a package of radical measures to transform India’s business capital into a global financial hub. The expert committee set up for making Mumbai an International Financial Centre has suggested India must not follow the quick growth models of Dubai or Mauritius, but has to set up its own model, based on deregulation and liberalisation of financial sectors, strong bond, currency and derivative markets and responsive role of institutional players in the capital markets.
The “miracle bank” of Central Asia, Asia Universal Bank in the Kyrgyz Republic has had an involuntary bankruptcy petition filed against it. The petition alleges that AUB illegally “froze” some US$11 million in order to cover its own liquidity problems. When questioned, AUB opined that it was required to freeze the funds under the anti-money laundering statute. Further investigation however, reveals that there was no such statute in effect at that time of the action, only a yet unenacted “draft”.
