SAAD unit withdraws DFSA licence

The Dubai Financial Services Authority (DFSA), regulator of the Dubai International Financial Centre (DIFC), said on Tuesday that SAAD Financial Advisory Services Limited, a financial services company belonging to troubled Saudi conglomerate Saad group, has withdrawn its licence to operate in the DIFC.

LA Investments Ltd (LAIL), the parent company of SAAD Financial Advisory Services, a firm operating in the DIFC, was placed under liquidation in the UK on September 21, DFSA said in an e-mailed statement on Tuesday.

LAIL is the parent company of SAAD Financial Advisory Services Limited (SAAD), a DFSA regulated firm. LAIL was put into a members' voluntary solvent liquidation on September 21, with Stephen John Akers and Gareth Rutt Morris of Grant Thornton UK LLP acting as the liquidators.

Also read:http://rupertbumfrey.blogspot.com/2009/09/2nd-update-dfsa-says-saad-grp-unit.html