Dubai’s financial regulator has frozen the operations of the private banking institution ES Bankers Dubai (ESBD) — the latest twist coming from the collapse of Portugal’s Banco Espirito Santo (BES).
The Dubai Financial Services Authority said that it was restricting ESBD, a private bank operating in the free zone, from taking or paying deposits and that the firm was required to maintain and preserve its assets.
The regulator said that the restrictions were deemed necessary in light of the failure of a Swiss-domiciled bank in the Espirito Santo Group, Banque Privee Espirito Santo, to honour contractual commitments to ESBD and to repay deposits owed to ESBD in the normal course of business.
Under the new restrictions, ESBD will be prohibited from transferring any assets to other Espirito Santo Group companies.
The regulator’s move follows the collapse and partial bailout in August of BES.
BES, the parent of ESBD, was forced into an emergency restructuring after posting a first half loss of €3.58bn and impairments of €4.25bn, with numerous allegations of financial wrongdoing by one of its principal shareholders, Espirito Santo International.
It was reported earlier this week that regulators in the United States had launched an investigation into BES’s Florida unit over a series of allegedly improper transactions with the bank’s operations in Panama.
The DFSA has also suspended the status of Ricardo Espirito Santo Silva Salgado — until now the head of BES and a director of ESBD.
As a DIFC bank, ESBD is not permitted to deal with retail clients, nor to accept deposits from UAE clients.
jeverington@thenational.ae
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Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
MATCH INFO
Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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)