Monday 23 April 2018

DFSA clarifies Kaloti not being probed

Dubai, November 26, 2013

The Dubai Financial Services Authority (DFSA) has, in a letter, confirmed that neither Munir Kaloti nor the Kaloti Group of Companies are or were the subject of the DFSA’s investigation of Deutsche Bank DIFC branch, a statement from Kaloti's office said.

Kaloti said: “The DFSA letter posted on the regulator’s website confirms that neither I nor the Kaloti Group of Companies are or were part of the DFSA’s investigation of Deutsche Bank AG. The manner in which my name was cited in the claim was extremely damaging to my reputation and my lawyers are investigating why this was the case.  I was given no prior warning that I would be named and had at no time been contacted by either party regarding my account.

"Nonetheless, I want to make it clear that I have authorised my office to submit all documents in my possession should they be requested by the DFSA,” he said.

DFSA had also earlier issued a statement clarifying the position.

DFSA had announced recently that it had commenced proceedings in the DIFC Courts to enforce compliance by Deutsche Bank DIFC Branch (DBDIFC), with a notice requiring information.

The DFSA said it has brought the proceedings for the purpose of enforcing compliance with two investigative notices served on DBDIFC, under Article 80 of the Regulatory Law 2004, requiring the production of information and documents.

The DFSA’s Particulars of Claim filed in the DIFC Courts makes reference to Munir Kaloti, who was a customer of the firm, it said. However, he ot his company were not subject of any investigation, it clarified.  - TradeArabia News Service

Tags: Dubai | DFSA |

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