Just in:
AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Study: Stainless steel circular economy significantly reduces the risk of climate change in Thailand // Hong Kong Seen Granting Mainland Investors Access to Crypto via ETFs // Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Experts come together to support updating the city’s nature conservation masterplan // Near Miss at Kolkata Airport: IndiGo Plane Makes Contact with Stationary Air India Express // Hullabaloo About Electoral Bonds May End Up As A Whimper Pre And Post Poll // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Universal Language for Healthcare: General Authority Embraces Global Coding System // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // The World’s First & Wettest Party: “S2O Hong Kong Songkran Music Festival” proudly returns Get an immersive water and music experience on 8-9 June during Dragon Boat Festival long weekend at Central Harbourfront Event Space! // In Lok Sabha Polls In Punjab, AAP Is Advantageously Placed As Against Its Three Rivals // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Party Nominees Refusing To Contest: Major Perception Threat For BJP // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened //
HomeEconomyDIFC names liquidators for Portuguese group’s local unit

DIFC names liquidators for Portuguese group’s local unit

espirito santo|By TAP Staff| The Dubai International Financial Centre Court appointed Philip Bowers and Neville Kahn of advisory firm Deloitte as joint provisional liquidators of Portuguese financial group Espirito Santo’s Dubai subsidiary ES Bankers (Dubai) Ltd (ESBD.

This came after the regulator was informed ESBD was “no longer able to meet its obligations and continue as a going concern”, the statement added.

The DIFC action is the latest in a series of international regulatory actions taken against the family’s collapsed business empire.

ADVERTISEMENT

The family’s problems have been escalating since accounting irregularities were identified at one of its holdings earlier this year, leading to a 4.9 billion-euro bailout for Banco Espirito Santo, once Portugal’s largest listed bank, and global actions to contain the fall-out in multiple jurisdictions.

Last month DFSA froze deposits at the bank as its solvency had been “seriously comprised” by the failure of the group’s Swiss unit to repay deposits.

Switzerland’s financial regulator, FINMA, said the following day that it had initiated bankruptcy proceedings against Banque Privee Espirito Santo (BPES) due to the family’s inability to be able to recapitalize the business.

FINMA was already investigating BPES with a focus on its role in distributing securities and financial products to the wider Espirito Santo group.

 

ADVERTISEMENT

ADVERTISEMENT
Just in:
Employer Obligations Tighten: 30-Day Deadline for Emirati Employee Registration with GPSSA // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Study: Stainless steel circular economy significantly reduces the risk of climate change in Thailand // Near Miss at Kolkata Airport: IndiGo Plane Makes Contact with Stationary Air India Express // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // Hong Kong Seen Granting Mainland Investors Access to Crypto via ETFs // Emirates Post Speeds Up Deliveries for GCC with Special Day // HSBC Streamlines Gold Investment for Hong Kong Residents with Tokenized Product // Universal Language for Healthcare: General Authority Embraces Global Coding System // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // Party Nominees Refusing To Contest: Major Perception Threat For BJP // In Lok Sabha Polls In Punjab, AAP Is Advantageously Placed As Against Its Three Rivals // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // 2024 Lok Sabha Election Is A Historic Battle Against The Advent Of Fascism In India // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain //