02 October 2008
A BD100 million loan availed by Bahrain Holding Company, Mumtalakat, from the Pension Fund is to top investigation priority when Parliament opens its third session," claimed Abdulhaleem Murad, Al Asala Deputy.
He called the sanctioning of the loan an infringement on the rights of senior citizens of the Kingdom. He alleged that if Mumtalakat could not repay the loan, then the government would be forced to pump in money - another major loss.
In addition to the loan, Asala will probe Gulf Air's financial position.
"The airline is incurring a daily loss of BD700,000," alleged Murad. He said, "It is like opening a water can at the bottom."
"The government is injecting vast amounts of money into the airline in a bid to bail it out, but there seems to be no respite," he said. "The money being infused into Gulf Air is the funding that could benefit the Kingdom's social infrastructure - including health, education and housing," he added.
"The mounting losses are a result of bad management," Murad claimed.
"Bahrain's senior citizens have worked all these years and funded the pension. The disbursement of BD100 million loan was illegal," he alleged.
He said that a meeting between Al Asala and Shaikh Ahmed bin Mohammed Al Khalifa in the chamber of Ghanum Fadhul Al Buainain, first deputy speaker in the House, did not convince him. "The minister kept requesting for time for Gulf Air's turnaround," said the deputy. "We have waited over two years and the airline shows no plans of a turnaround," alleged Murad.
A BD100 million loan availed by Bahrain Holding Company, Mumtalakat, from the Pension Fund is to top investigation priority when Parliament opens its third session," claimed Abdulhaleem Murad, Al Asala Deputy.
He called the sanctioning of the loan an infringement on the rights of senior citizens of the Kingdom. He alleged that if Mumtalakat could not repay the loan, then the government would be forced to pump in money - another major loss.
In addition to the loan, Asala will probe Gulf Air's financial position.
"The airline is incurring a daily loss of BD700,000," alleged Murad. He said, "It is like opening a water can at the bottom."
"The government is injecting vast amounts of money into the airline in a bid to bail it out, but there seems to be no respite," he said. "The money being infused into Gulf Air is the funding that could benefit the Kingdom's social infrastructure - including health, education and housing," he added.
"The mounting losses are a result of bad management," Murad claimed.
"Bahrain's senior citizens have worked all these years and funded the pension. The disbursement of BD100 million loan was illegal," he alleged.
He said that a meeting between Al Asala and Shaikh Ahmed bin Mohammed Al Khalifa in the chamber of Ghanum Fadhul Al Buainain, first deputy speaker in the House, did not convince him. "The minister kept requesting for time for Gulf Air's turnaround," said the deputy. "We have waited over two years and the airline shows no plans of a turnaround," alleged Murad.
Alexander M. Arrackal
Bahrain Tribune 2008
