Arabtec chief banned from trading in UAE
Dubai, January 5, 2011
The chief executive of UAE's top builder Arabtec said he has been suspended from trading in UAE markets for six months and will seek a clarification from the regulator.
A circular distributed by the Abu Dhabi Securities Exchange on Tuesday said it was suspending Riad Kamal from trading in person or in any other capacity in the UAE for six months.
"I do not see anything condemning in the circular but I thought it was unfair to send a circular without notifying me," Kamal told Reuters, describing the decision as "unfair". "This is what I will seek clarification for today."
A spokesman for the Abu Dhabi Securities Exchange said the executive was suspended for "possible violations" of securities law, adding that the circular was issued by UAE market regulator Securities and Commodities Authority (SCA).
A SCA spokeman declined to comment when contacted by Reuters. Kamal confirmed that the regulator had sent him questions about personal transactions in 2009, which he had answered.
The executive said he was not sure if the decision would have an impact on the shares of Arabtec, the UAE's largest builder by market value.