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Monday, November 21, 2005

An Update on the Herman Group's Investments in Bahrain

Last Friday, we re-blogged a press release issued at Zawya by Teddie Garrigan who's the Executive Vice President of the Herman Group of Companies. The press release issued on behalf of Herman stated that the firm may be forced to abandon three master planned real estate projects in Bahrain (valued at more than $7billion) due to recent developments that have forced them (Herman) to question the wisdom of any foreign investment in Bahrain and to seek remedies that are available to them (Herman) as the original developer of these projects.

The following day, after reading about the whole Herman reaction regarding their investments having gone bad in Bahrain, a commenter at Mahmood's Den emailed the Executive Vice President of Herman (the person who had issued the press release) to find out more and revealed the following:
I sadly announce that this is true, those projects are dead. I cannot tell you how angry I am at what is happening and the reality that is Bahrain. We are really screwed, serious and let us forget about somethin called investment. Spare us the bs we hear about how great things are, honestly, just spare us.

Mahmood Al Yousif over at Mahmood's Den has shed more light on the entire Herman fiasco through a comment he posted earlier today:
There is more than meets the eye in this one. Through my cursory investigation I've found that the Herman Group are actually playing sour losers more than anything else. They've based their business plan on corruption rather than straight-forward business processes and forecasts. If they have been taken for a ride, then it's only them that are to blame as well as their naivete rather than the government of Bahrain which had nothing to do with this it seems.

Posted by News Blog re-Blog Team |

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