The Dubai Financial Services Authority (DFSA) announced yesterday that it has accepted Enforceable Undertakings (EU) from Credit Europe Bank (Dubai) Limited (CEBD) and its former Head of Treasury.
The undertakings result from a DFSA investigation into trading conducted by the former Head of Treasury on behalf of CEBD. CEBD is a firm authorised to conduct financial services in the Dubai International Financial Centre (DIFC).
In May 2011, CEBD’s former Head of Treasury,Ozkan Demirkaya, executed a loss-making foreign exchange transaction on behalf of CEBD. To hide the unrealised loss resulting from that transaction, Demirkaya created a fake forward transaction and caused it to be entered into the accounts of CEBD. The forward transaction concealed the full extent of the unrealised loss arising from the earlier transaction in the accounts of CEBD.
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