Dubai Regulator Restricts Local Unit of Portugal's Espírito Santo Group - WSJ:
"The regulator overseeing Dubai's main financial center said Thursday it has restricted the ability of a local subsidiary of Portugal's Espírito Santo Financial Group to take or pay any deposits to protect the interests of its clients.
The Dubai Financial Services Authority said it imposed the restriction on ES Bankers Dubai because Switzerland-based Banque Privée Espirito Santo, one of the group's many holdings, is unable to honor its commitments and to repay deposits owed to the Dubai-based subsidiary. Banque Privée Espirito Santo is in voluntary liquidation, the Swiss financial regulator said earlier this month.
"The failure of [Banque Privée Espirito Santo] to honor its legal obligations has seriously compromised [ES Bankers Dubai's] operations and solvency," the regulator said."
'via Blog this'
No comments:
Post a Comment