| From Arabianbusiness.com: Geneva based Faisal Private Bank has warned it could face foreclosure on parts of its real estate portfolio unless investors stump up cash to keep lenders at bay, documents seen by Reuters show.
Clients are concerned that the fund has not written down portfolio values sufficiently since 2006. They are also worried that prior to an accounting change in 2008, prompted by Swiss regulator FINMA, payouts to clients may have been bleeding the funds of capital because they were not fully covered by income......................................Full Article: Source
|