YCB to blacklist failed companies

SANA'A, Sep. 22 (Saba) - The Yemen Central Bank is planning to blacklist 58 trade and exchange companies after they failed to live up
to their financial liabilities for commercial and investment banks in Yemen and outside Yemen.

Sources told the Economist, the bank is serious about taking legal measures
against
the companies. The bank previously turned over a number of companies which could not
reform their financial situations to the judiciary, the sources said, adding the
companies
then received verdicts after missing a deadline to do necessary reforms. The bank
also intends to release the names of the 58 companies in the media. Stocks are
currently
hitting record amid the increasing number of exchange companies working in Yemen,
with the bank considering law amendments to guarantee clients and company rights. A
new
report by the bank noted the number of the exchange companies in Yemen rose to 528. FR