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| Identifier: | 03ABUDHABI3682 |
|---|---|
| Wikileaks: | View 03ABUDHABI3682 at Wikileaks.org |
| Origin: | Embassy Abu Dhabi |
| Created: | 2003-08-10 13:52:00 |
| Classification: | CONFIDENTIAL |
| Tags: | EFIN PREL PGOV TC |
| Redacted: | This cable was not redacted by Wikileaks. |
null
Diana T Fritz 03/21/2007 11:35:26 AM From DB/Inbox: Search Results
Cable
Text:
CONFIDENTIAL
SIPDIS
TELEGRAM August 10, 2003
To: No Action Addressee
Action: Unknown
From: AMEMBASSY ABU DHABI (ABU DHABI 3682 - UNKNOWN)
TAGS: EFIN, PREL, PGOV
Captions: None
Subject: UAEG REQUESTS GUIDANCE ON RAFIDAIN BANK
Ref: None
_________________________________________________________________
C O N F I D E N T I A L ABU DHABI 03682
SIPDIS
CXABU:
ACTION: ECON
INFO: P/M AMB DCM POL
Laser1:
INFO: FCS
DISSEMINATION: ECON
CHARGE: PROG
APPROVED: CDA: RALBRIGHT
DRAFTED: ECON: CCRUMPLER
CLEARED: ECON: GRANA
VZCZCADI167
OO RUEHC RUEATRS RUEHZM RUEHDE
DE RUEHAD #3682 2221352
ZNY CCCCC ZZH
O 101352Z AUG 03
FM AMEMBASSY ABU DHABI
TO RUEHC/SECSTATE WASHDC IMMEDIATE 1224
RUEATRS/TREASURY DEPT WASHDC IMMEDIATE
INFO RUEHZM/GCC COLLECTIVE
RUEHDE/AMCONSUL DUBAI 3332
C O N F I D E N T I A L ABU DHABI 003682 SIPDIS STATE FOR NEA/ARP, NEA/RA, EB/ESC/ESP TREASURY FOR OGC FOR AUFHAUSER TREASURY PASS OFAC FOR NEWCOMB E.O. 12958: DECL: 08/10/08 TAGS: EFIN, PREL, PGOV, TC SUBJECT: UAEG REQUESTS GUIDANCE ON RAFIDAIN BANK REFS: A) ABU DHABI 3476 B) ABU DHABI 2275 1. (U) Classified by Charge D'Affaires Richard A. Albright for reasons 1.5 (b) and (d). 2. (U) This is an action request; please see paragraph 4. 3. (C) The UAE Central Bank forwarded a copy to Post of a July 26 letter to Treasury Secretary Snow seeking guidance on the liquidation of Rafidain Bank in the UAE (ref A). The letter states that, as a result of USG confiscation of Rafidain Bank's assets in New York, the bank is now in "gross violation" of the UAE's own capital adequacy requirements. (Note: Per ref B, Rafidain Bank currently maintains total assets of USD $18.8 million, USD $17.3 million of which are frozen in the United States and Germany. The UAE Central Bank has managed the limited operations of the single branch of Rafidain Bank in the UAE since the 1990 Iraqi invasion of Kuwait. End note.) 4. (C) Action request: The letter from the Central Bank further states that its Board of Directors already has removed Rafidain Bank from the Register of Banks in the UAE and seeks to liquidate the branch -- pending USG approval. Post appreciates any guidance from Washington that we can pass to the Central Bank regarding the modalities/legalities of closing Rafidain Bank in the UAE, and provision for the remaining USD $1.5 million. End action request. Albright
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