O.K. On one hand we have the EU where Merkel just "suggests" a new approach..on the other hand the UAE where in Nov.09 Dubai Inc. in fact asked for a standstill on the debts payment which was later avoided by the AUH bailout.
The contract explicitly states that "other regulations" are part of it and they have the liberty to change these at will. In civilized countries, changes to these T&C's have to be negotiated...not at EK!
So unilaterally "adjusting" productivity pay (justified or not) would be a breach of contract elsewhere.
The main thing about the bonds and the contract...there is no law that is properly enforced in the UAE to protect investors and employees!
Just think about all the investors in Dubai real estate who lost their money...to companies linked to the royal family or owned by the Dubai government.
Just the idea of somebody trying to sue a Dubai owned company in a UAE court would be a good stand up comedy topic...
Honestly Wiz, would you buy these bonds?
