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Dubai judge approves Espirito Santo unit liquidation

DUBAI, October 19, 2014

A judge in the Dubai International Financial Centre (DIFC) court approved on Sunday an application to liquidate ES Bankers (Dubai) Ltd, part of the Portuguese Espirito Santo family's troubled empire.

"In reality, it's impossible for the bank to continue its business. The bank is indeed insolvent and there are no countervailing considerations to my mind which would call for the refusal of an application of the winding up order," Justice David Steel said.

The move is the latest in a series of international regulatory actions taken against Espirito Santo interests since Portugal's largest listed lender, Banco Espirito Santo, was rescued by the state in August. - Reuters




Tags: Dubai | DIFC | Espirito Santo |

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