DIFC Courts winds up Bank Sarasin Alpen (ME) after failure to pay damages | The National:
"Dubai-based Bank Sarasin Alpen (ME) has been placed into liquidation by the DIFC Courts after it failed to pay US$35 million in damages to a group of Kuwait investors for mis-selling financial products.
The liquidation of the private bank is the first non-voluntary winding up of a DIFC company to be ordered by the free zone’s courts. The petition for the closure was filed by the company’s creditors, as opposed to by the company itself.
Bank Sarasin Alpen (ME) was ordered by the DIFC Courts in November to pay damages to Rafed Abdel Mohsen Bader Al Khorafi and two members of his family, after the courts found the bank and its majority shareholder Bank Sarasin & Co of Switzerland (now known as J Safra Sarasin) guilty of mis-selling investments following a bitter six- year legal battle."
'via Blog this'
No comments:
Post a Comment