Fund will not pay the debts of UAE expatriates
The Higher Committee of the Nationals Defaulted Debts Settlement Fund said yesterday that it is only concerned with settling the debts of Emiratis, whether detained or convicted, the state news agency Wam reported.
Those debts will be settled according to payment schedules set by courts.
Earlier this week, the Ministry of Presidential Affairs announced that loan defaulters would no longer face prison when their security cheques bounced.
"Expatriates jailed for defaulting have been released from prison, following a similar move announced in October specifically for Emiratis.
In a press release, the Fund also said that prosecutors will suspend all the criminal cases pending in connection with bounced security cheques by UAE nationals.
Those detained or convicted were immediately released.
The Fund highlighted the directives of the President, Sheikh Khalifa, to "make available all resources which provide dignified living for nationals [and] help them overcome all barriers that impinge on the stability of their families".
Published: January 3, 2013 04:00 AM