Decriminalizing security cheques apply only to UAE citizens, says Higher Committee of the Nationals Defaulted Debts Settlement Fund

WAM ABU DHABI: The Higher Committee of the Nationals Defaulted Debts Settlement Fund today said that the Fund, in line with directives from President His Highness Sheikh Khalifa bin Zayed Al Nahyan, is concerned only with settling all the debts of only Emirati citizens, whether detained or convicted, and are settling their debts according to payment schedules set by courts.

The committee also explained, in a press release, that the relevant mechanisms set by the Fund for this purpose apply only to relevant UAE citizens, and not others, and this includes the directives by President His Highness Sheikh Khalifa bin Zayed Al Nahyan to decriminalize security cheques presented by UAE citizens to banks and financial firms.

The Commitee added that security cheques are still considered valid as evidence, the prosecution shall suspend all the criminal cases and the courts shall rule that all criminal cases, that are under consideration by all courts of all degrees in connection with security cheques presented by UAE nationals, are terminated, and that all nationals who are detained or convicted over these cases shall be immediately released as long as the specialized prosecution receives proof that the cheques presented by the relevant nationals are presented as a guarantee for their commitment.

Explaining the work and the procedures of the Fund, the Higher Committee highlighted the directives by President His Highness Sheikh Khalifa bin Zayed Al Nahyan to make available all resources which provide dignified living for nationals, help them overcome all barriers that impinge on the stability of their families.

The Higher Committee also noted the follow up by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, which contributed to the acceleration of procedures to settle a large number of applications to settle loan defaults.

The Committee, chaired by Ahmad Juma Al Zaabi, the Deputy Minister of Presidential Affairs, also noted that it continues to work on completing the treatment and settlement of loan defaults in accordance with the mechanisms and procedures set by the Fund.

WAM/MMYS

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