Yemen Times
4th Feb 2008
By Mohammed bin Salam and Ridhwan al-Saqqaf Yemen Times Staff
Administrative corruption is the reason behind the recent withdrawal of Yeminvest from the Aden Free Zone (AFZ), according to members of the Yemen parliament.
The parliament noted that mishandling of funds “forced the executing company of the project to terminate the operational contract with the authorities due to the great losses it met during the last 7 years of operation.”
The Yemeni government officially accused the Yemeni company for international development (Yeminvest) on Oct. 28 for mishandling the AFZ, and consequently terminated the contract. It was obliged to pay the company a compensation of U.S. 200 million.
Yeminvest had underlying contracts with international companies to operate the ports in Aden Containers of which the Singaporean PSA Corporation was one. >>>> More
