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Somali remittance company near collapse by family feud

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Sunday August 14, 2016 - 13:48:26 in Articles by Super Admin
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    Somali remittance company near collapse by family feud

    The giant remittance company Dahabshiil is facing serous family crises and customers are worried. "After its founder is ill and lost vital memories of his life and other job related issues," family friends and customers told WAAGACUSUB.

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The giant remittance company Dahabshiil is facing serous family crises and customers are worried. "After its founder is ill and lost vital memories of his life and other job related issues," family friends and customers told WAAGACUSUB.

Respected businessman Mohamed Said founded Dahabshiil from small shop to flourishing business empire but the company is  almost loosing credibility after the whole commercial transactions were solely run by

his flamboyant son without consultation of company executives with immense  financial  managerial knowledge, according to Mohamed Diheye in Djibouti.

He further added that it is unfortunate that old man, Mr Said,  "lost most vital memory to oversee  the business".

"He can't  precisely remember days, numbers, places and individuals," he said.

Said was very lively and run the company in a credible manner before his son, Abdirashid Mohamed Said, who is the current CEO created confusion and hostilities with competitors a well as major customers.

"The former boss is unaware if he saw you today or last month, let alone to remember the deals and pledges he made with customers," a Dahabshiil customer in Hargeisa said.

The deteriorating health situation led to the withdrawal of huge deposits by business men that were dealing with the company more than 30 years. 

"We trusted the old man but not his terrible boy that undermined the image of the company since he became CEO," accused Mursal Abdi in Gedo region.

The negative health condition of Said was not only affecting business people but created tension among family members on how to inherit dahabshiil assets

"They might take all the money we have in accounts assuming that everything belonged to their ailing father," a businessman in Mogadishu Mohamud Ibrahim said.

"That is why we took precaution measures and withdrew huge cash from the confused institution," he said.

"Abdirashid believed to have  diverted company money to private accounts in Bahamas and his brothers are extremely furious but he enjoyed the support of his mother who wanted him to take everything," a family member who declined to be named said

As the unfortunate issue is very important to Somali business community we shall continue to follow the rise and demise of Dahabshiil.

Many Somali remittance company collapsed in last several years and money was lost by the shadowy deals of merciless managers.

Financial analysts predict Dahabshiil may join the losing club if the issue is not resolved amicably.

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