Tuesday, October 13, 2009

Welcome to Debt City Dubai, where debtors can flee or face jail...

Default on a loan or bounce a check in Dubai and you could end up in debtors’ prison.

That was the very Dickensian prospect facing Simon Ford, a boyish British entrepreneur whose “alternative gift” business sold rides in hot air balloons and Formula 1 racing cars to the party crowd in this Disneyesque city-state. But the recession has hit Dubai hard and Ford’s business foundered.

When his loans came due last June, he did what thousands of other expats have done. He packed up his family and fled — a few hours ahead of the law. More...

Don't miss:

  1. Under-age Indian girls flown to Dubai for sex feast...
  2. How a French spy escaped from Dubai in a burka...
  3. Sordid reality behind Dubai's gilded facade...
  4. The dark, dark, dark side of Dubai...
  5. The slave workers of Dubai...

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