While multibillion dollar scandals have been making headlines during the financial crisis, here’s a cautionary story from the Gulf about what went wrong when a boutique investment bank was found by regulators to have breached the rules in accounting for the the value of eight contemporary Iranian art works.
Dubai investment bank Arqaam Capital and its auditor, Ernst & Young, have been fined $50,000 each by Dubai’s regulator for contraventions of accounting rules in relation to the valuation of eight art works by a renowned Iranian artist.
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