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Sunday, 24 January 2010

Orion fall linked to $20m loss on trades

The collapse of Orion Holding Overseas, the Dubai financial trading firm forced into liquidation this month, was allegedly linked to unauthorised trades in gold and other commodities contracts that led to losses of at least US$20 million (Dh73.4m), The National can reveal.

The trades were detailed in court hearings related to Orion Holding’s liquidation, which closed in the Dubai International Financial Centre courts on January 13.

Justice Sir John Chadwick ordered the company to be wound up after shareholders failed to come to an agreement to liquidate the company voluntarily.