Amal Bank closed because they refused to lend money to broke ass Gaas

[Maroodijex]

So, news is coming out from Garowe that the Somali remittance company Amal Bank has been closed down. The sole reason is that they refused to fund Gaas' desperate call for money to help his broke ass region against Somaliland. This news is developing so more will come out soon.

[Maroodijex]

http://puntlandi.com/dowladda-puntland- ... ee-garowe/

[AwRastaale]

So MJ both the province and what supposed to be their largest firm can't come up with $60k?

That's how much Dahabshiil drops from the window every hour.

Should we open a crowdfunding project for them?

[Maroodijex]

The issue is very deep for Dhabayaco land. Before 2010, Bosaso Port was the only major sea port for a huge swathes of Southern Somalia all the way in Hiiraan and beyond. It was doing very well for its capacity.

However since Mogadish Port came online, specially after 2012 when the Turks took over management and developed it into a major port. Bosaso Port lost at least 50% of its fees from Central regions. And some even now think Galkacio is importing its goods from Mogadishu because its cheaper.

The fewer goods coming through Bosaso coupled with the increase in taxes to cover the loses, meant that many business people are going to other ports for their import and exports. It is a case of the old Econimic problem of "diminishing returns" i.e. trying to fix the lost of tax money by increasing taxes and in turn scaring off businesses by loosing them to competition.

So it is been well known that the Dabayaco state has been running a deficit budget and had to resort to borrow money from private businessmen to cover the shortfall and pay the soldiers and other commitments. In fact for the last 6 months only about a fraction of their soldiers received their salary on time.

The private business like Amal bank had enough and now they refusing totally to give any more money.

this is an imploding regime and in the near future you will hear a lot of the bigwigs infighting over scarce resources and more soldier mutiny.

[kanadiid90]

all mj is good at 1-faan 2-crying on mics
https://www.facebook.com/inasafiyasidoo ... 754926625/

[mahoka]

all mj is good at 1-faan 2-crying on mics
https://www.facebook.com/inasafiyasidoo ... 754926625/

[xiimaaya]

Kkkkkkkk puntland is sinking ship and that fat deformed is reason.

[Siciid85]

all mj is good at 1-faan 2-crying on mics
https://www.facebook.com/inasafiyasidoo ... 754926625/

Dabcasar waa Mareexaan. He is that funny guy who married the two Syrian girls

[hangool79]

all mj is good at 1-faan 2-crying on mics
https://www.facebook.com/inasafiyasidoo ... 754926625/

Dabcasar waa Mareexaan. He is that funny guy who married the two Syrian girls

lool married what

[Siciid85]

Two Syrian refugee ladies in Jordan. Nin sahlan maaha

[Maroodijex]

https://www.youtube.com/watch?v=qey_IwNLLLQ

[Maroodijex]

For couple of nights so far Garoowe, the small village of less than 60k people experienced heavy gun fire coming from different corners.

These gun fires are from clan melitia under the control of different members of parliament and Golaha xukuumadda. For example, VP Camey has his own Dhulbahante melitias, while minister from Qardho and Barri have their own heavily armed melitias. Basically every member has to have his own clan melitia for protection. The regular Dhabayaco army has long disbanded because of lack of payments.

Gaas is now Ethiopia and while he is away begging the Ethiopians for some help financial or otherwise.

Meanwhile, on his absense, he has ordered his own clan melitia to take over Garoowe while he is out.

[Siciid85]

Gaas mismanagement is ruining Puntland. So much for economic professor l.

[TheGrumpyGeeljire]

This is bad news. We can't afford to have an unstable neighbour. Puntland needs to sort this out ASAP.

[Siciid85]

This is bad news. We can't afford to have an unstable neighbour. Puntland needs to sort this out ASAP.

They probably deserve it. All that faan caught up with them