Region: United Arab Emirates

Dubai freezes Banco Espirito Santo deposits

Dubai’s Financial Services Authority (FSA) has frozen client deposits at ES Bankers (Dubai), the Dubai subsidiary of Portuguese bank Banco Espírito Santo, and banned it from receiving further funds from existing or future clients.

19 September 2014

UAE warns Standard Bank of potential client lawsuits

The United Arab Emirates (UAE) Central Bank has warned Standard Chartered that it risks being sued by account holders after the bank agreed to withdraw its services from UAE clients as part of a settlement with New York’s Department of Financial Services.

22 August 2014

Standard Chartered settles AML charges

UK bank Standard Chartered has agreed to pay US$300 million to settle anti-money laundering charges brought by the New York State financial regulator after a monitor discovered failures in the bank’s internal compliance controls.

20 August 2014

SFO investigating Sweett Group bribery claims

British surveyor Sweett Group is the subject of a Serious Fraud Office investigation over bribery allegations.

15 July 2014

Djibouti sends port bribery claim to LCIA

The east African state of Djibouti has filed for arbitration against the operator of the continent's biggest container terminal, alleging that the Dubai company secured the concession through bribery.

10 July 2014

Djibouti launches arbitration alleging bribery in port contract

The government of Djibouti has rescinded a port concession and launched an arbitration procedure against Dubai-based port terminal operator DP World, alleging the company paid bribes to secure a concession at the Doraleh Container Terminal.

09 July 2014

Barclays to face dealmaker lawsuit on top of Qatari corruption probe

UK investment consultant Amanda Staveley, who helped Barclays bank raise billions in emergency funds during the financial crisis, reportedly plans to sue the bank for as much as £300 million over the fees she received in a deal that has links to a current SFO investigation.

10 June 2014

UK and US monitoring Sweett Group bribery investigation

UK property surveyor Sweett Group has been in contact with the UK’s Serious Fraud Office and the US Department of Justice concerning its investigation of an alleged attempted US$100 million bribe to an official in the United Arab Emirates.

02 April 2014

Deutsche Bank faces UAE disclosure lawsuit

Dubai’s Financial Services Authority (DFSA) is seeking an injunction forcing Deutsche Bank to disclose details of its wealth management clients.

18 November 2013

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