The Dubai financial regulator has called for the winding-up of the local unit of troubled Portuguese bank Espirito Santo after its manager attested that it was unable to continue as a going concern.
The DIFC Courts have appointed administration specialists Philip Bowers and Neville Kahn of Deloitte as joint provisional liquidators of ES Bankers (Dubai) Ltd (ESBD), following a petition made on September 24 by the freezone’s regulator the Dubai Financial Services Authority (DFSA).
“The primary function of the joint provisional liquidators is to protect ESBD’s assets and those of its clients in the period until a formal winding-up hearing,” said the regulator in a statement.
A hearing of the DFSA’s petition will be heard in the DIFC Courts on October 19, at which point it will be decided whether to place the bank into full liquidation, and to formalise the liquidators’ appointments.
Mr Bowers said in a statement that ESBD’s financial position was currently being reviewed, and that he and Mr Kahn could not currently comment “on the potential quantum of return to depositors”.
“A liquidator (if appointed) will write to clients with Customer Deposits separately in due course to agree claims and to advise on the likely timing and quantum of payments,” he said.
In April, Mr Bowers and Mr Kahn were appointed as joint receivers of London’s iconic Gherkin tower, after a series of loan defaults on the building.
The petition follows a restriction placed by the regulator on ESBD on September 18 from taking or paying deposits and to require the firm to maintain and preserve its assets.
The restriction was put in place after Banque Privee Espirito Santo (BPES), a Swiss-domiciled entity in the same group as ESBD, to honour contractual commitments to the Dubai-based entity and to repay deposits owed to it.
BPES is currently subject to liquidation proceedings in Switzerland, with several other members of the Espirito Santo Group also in some form of external administration.
Portuguese regulators bailed out the financial group - splitting the bank in two - in August after Banco Espirito Santo’s owners were unable to meet commitments on billions of euros of debt.
jeverington@thenational.ae
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The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
The%20specs
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Company%20profile
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Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
Specs%3A%202024%20McLaren%20Artura%20Spider
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The%20Specs
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Company%20Profile
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Honeymoonish
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Killing of Qassem Suleimani
The%C2%A0specs%20
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