[Congressional Record Volume 146, Number 34 (Thursday, March 23, 2000)]
[Extensions of Remarks]
[Page E405]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  MAKE DUBAI INVESTMENTS PAY ITS BILLS

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                            HON. MAC COLLINS

                               of georgia

                    in the house of representatives

                        Thursday, March 23, 2000

  Mr. COLLINS. Mr. Speaker, today I am introducing legislation to apply 
pressure to Dubai Investments, a very profitable joint stock public 
holding company in the United Arab Emirates (UAE), to pay its debts to 
American companies. The proposal is directed toward the government of 
the UAE, because both the government of Dubai and Sheikh Hamdan bin 
Rashid al-Maktoum, the deputy ruler of Dubai, are founding investors 
and major stockholders in Dubai Investments--a rogue company that 
utilized unethical business practices left over 100 Georgians.
  The Dubai Investment/United Arab Emirates Debt Repayment Act of 2000 
addresses the situation that brought this issue to my attention--Dubai 
Investments' refusal to fulfill the terms of its contract with Pascoe 
Building Systems, Inc. Pascoe was once a mid-sized manufacturer with 
over $20 million in annual sales. Today, Pascoe's doors are shut as a 
result of Dubai Investments' failure to fulfill its contractual 
compensation obligation. My legislation will prevent the pending sale 
of F-16 fighter aircraft to the UAE until the President certifies that 
Dubai Investments has fulfilled its obligations under its agreements 
with Pascoe Building Systems, Inc.
  It is time for Congress to defend American businesses against rogue 
foreign corporations that intend never to pay their bills. I encourage 
my colleagues to support The Dubai Investments/United Arab Emirates 
Debt Repayment Act of 2000.

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