Somalia:Dahabshiil Struggles to repay Loans

Sunday March 01, 2015 - 01:03:03 in Articles by Super Admin
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    Somalia:Dahabshiil Struggles to repay Loans

    Waagacusub.net- After funding a group that twisted our peaceful religion of Islam and killed more than 60 Kenyans civilians, after a siege at a Kenyan mall two years ago, Dahabshiil Money Transfer Company is paying the price.

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Waagacusub.net- After funding a group that twisted our peaceful religion of Islam and killed more than 60 Kenyans civilians, after a siege at a Kenyan mall two years ago, Dahabshiil Money Transfer Company is paying the price.

The US banks closed Dahabshiil accounts and Australian banks are planing to shut down for fear of funding the bad guys like John Jihadi. 

Dahabshil Company can't afford bank loans repayments now, as one of its clients who owes millions of  U.S dollar to Dahabshiil asks to get back his money. 

Mohamed Ismail Tarabi better known as Ina-Afdinle, a Somali businessman has asked to get back his 12 million U.S dollar from Dahabshiil Company but unfortunately, the company could not afford to repay such an amount of money.

Ina-Afdinle is a Somali businessman who previous years used to deal Khat, a recreational  legal drug consumed almost exclusively by Eastern African populations mainly Somalia, Ethiopia and Kenya. 

He said, "When I asked my money back they said after elder's mediating, we will repay to you the year 2014. But unfortunately,  when I returned to them to demand my money they responded to me, you can take our two-floor house instead of your money -but the house is cheaper than 12 million U.S dollar."

Speaking with Wagacusub Media, he said I eventually demanded to be handed over all the Dahabshiil founder's houses in the Hargeisa town after calculation ,but has been rejected the proposal by Dahabshiil Haji Mohamed Said, the founder of the company. Mr. Said borrowed 4 million U.S dollar from Somaliland Administer to give Ina-Afdinle but it only led a tension between Ina-Afdinle and the Company. 

The founder of the Dahabshil Company owns 7 million U.S dollar but used to run his company the money of the Somali business people put his accounts. The business people started to withdraw their money from Dahabshiil following the closure of its branches in Northern America ,Europe and Australia. 

Below is the Isaq tribes' business people that have accounts in Dahabshiil Money Transfer Company. 

1. Ibrahim Abdi Kahin ( Ibrahim Dheere) 1.6 Billion $

2. Mohamed Said Duale (Dahabshiil) 70 Million $

3. Cumar Caydiid (Golden Boy) 560 Million $

4. Aamina Mooge Hersi 445 Million $

5. Mohamed Ismail Tarabi( Ina Afdiinle) 405 Million $

6. Abdi Awad Ali (Indho Dheero) 301 Million $

7. Mohamed Saed Geedi ( Ina Aw saciid) 200 Million $

8. Mohamed Abdilahi Xoogsade( Xoogsade ) 165 Million $

9. Family Oomar. 160 Million $

10. Ahmed Osman ( Geele Arab) 68 Million $

However,  the small amount of money that the Company's founder had was used extravagantly by his sons. It also funding terrorists took a heavy toll to the company.  

By Ahmed Abdi

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