2nd UPDATE: DFSA Says Saad Grp Unit License May Be Withdrawn

The Dubai Financial Services Authority said Tuesday that it has been informed by liquidators that SAAD Financial Advisory Services may have its license withdrawn.

The regulators said in an emailed statement that "LA Investments Limited (LAIL) has been placed into liquidation in the U.K. LAIL is the parent company of SAAD Financial Advisory Services Limited (SAAD), which is a DFSA regulated firm.

The statement adds that "LAIL was put into a members' voluntary solvent liquidation on Sept. 21, with Stephen John Akers and Gareth Rutt Morris of Grant Thornton UK LLP acting as the liquidators."