Thursday, November 24, 2005

Ever get the feeling that you're surrounded by idiots?

Seriously. I don't mean like your family or friends. But don't you sometimes feel like everywhere you go you're just dealing with idiots (like the people OD wrote about a couple days ago)? It's been getting to be a bit much these past few weeks.

10 days ago when Omantel's share price started to nose dive I went to NBO and paid off most of the IPO financing which I had taken from them and signed a sell order to sell 550 shares to cover the remaining amount. On that day the price of the share was around 1.98. If they had sold that day it would have covered my outstanding and left me with about 100 rials cash to spare. Two days ago I called the branch to tell them I want to close the account and withdraw the cash. They told it's not possible to close my account because there's an overdraft still outstanding. How could that be? I told you to sell a week ago? Oh we don't know, our brokerage department didn't execute the sale. By this point the share's price had come down to about 1.84 and the very next day it collapsed to 1.77 which means that if they sell now it won't be enough to cover my overdraft, let alone leave with me 100 rials of profit. In fact at 1.77 I would still owe them about 25 rials. I wrote a complaint to the head of NBO's brokerage. Two days later I still haven't received any word from NBO. No one's called to explain what happened or even to apologize.

To add insult to injury I just got the following SMS on my mobile:

Your Omantel IPO loan with NBO has expired. Contact your branch to repay/renew the loan or sell the shares. For more details call 800770077.


I swear, holding on to your sanity is a full time effort in this country.


11 comments:

Sleepless In Muscat said...

muscati: if i was you. i would have marched down to their office and grabbed that stupid person by the 'collar' until he empties his life's savings..

btw.. NBO aren't the only idiots in Oman..Bank Muscat are just the same i have written a letter to them through their website where you click 'contact us' and not once have they replied ....not once!

illogicist said...

lol @ ali.....

About your last sentence M, I agree!

AtGm said...

I would assume you have a contract with them and also assume that the moment you declare sale, it is their responsibility to do so ASAP. So by all means if you are covered legally, then I say dont let this every go until you get your 100 rials back! All the best.

muscati said...

I'm sure I have grounds to complain to the CMA about it. To me it is mostly a matter of principal. It get extremely irritated when confronted with people who don't their job right. You're a broker, your job is to take people's orders and execute them. How can you take an order and just put it in your desk for a week? In my case it was only 550 shares and a drop in price that brought their value down by 125 rials. But what if it was an order to sell all my Omantel shares which were mortgaged to them? In that case the drop in price would have cost me over 700 rials!

PizzaQueen said...

Go to Qurum branch, Asia is cool!

Namika said...

Somehow I am not shocked reading this.. expected..

Hope you will be able to get back your rights and money..

TI3GIB said...

That is sorry to hear .. Make sure you don't loose any more money ...

You reminded me of this funny story about being surrounded by idiots ...

Hey can I link your blog to mine ?

PizzaQueen said...

Yes, but you must talk about iPod .

muscati said...

Ti3gib - dude you don't need anyone's permission to link their blog. Link away, buddy.

3omani said...

Get this, I've had an NBO card for the past decade or so. Since I was a minor a decade ago, I was given a minor card. I'm 22 now and NBO still considers me a minor and sends me all those cute birthday cards. My birth date, of course, is on their files. Now that I'm back here for good, I decided to remind them myself. So I go to get it changed thinking it'll take a second. I asked why I couldn't get this done over the phone and get a "huh? How would you get the card then?". 'By mail, you idiots'. So it took an hour-and-a-half to complete the 'procedure' and I was supposed to get a call within 3 days to come pick the new card up. The call never came. I went a week later and guess what (no, the card was ready, but) I had to wait 45 minutes for the 'collection procedure'. Unbelievable. I really felt like making a profane finger-gesture at them.

OceanDream said...

Speaking of idiots. Last week, while I was sitting in my office dreaming of places far far away, I decided that Mux and I should go to Mauritius. So, I picked up the phone and called the travel agency. NOT BUSINESS TRAVELS. Anyhow, an Omani girl picks up the phone and just says:

Omani Girl(OG): Hello (no mention of travel ageny's name)

OD: Hello, is this (travel agency's name)?

OG: Yes ( no how can I help you)

OD: Can I please speak to one of your staff regarding packages to Mauritius?

OG: They are all busy (no please hold on and someone will be with you in a minute)

OD: Its ok I'll hold

OG: I don't think thats a good idea, they are all busy !

OD: *speachless*

OG: ok bye (hangs up)

WHAT THE HELL!!!

Sometimes Omanisation sucks.