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Article: Saad unit licence at risk.
- Article from:
- Gulf Daily News (Manama, Bahrain)
- Article date:
- September 30, 2009
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MANAMA: Liquidators intend to withdraw a licence in Dubai for a unit of Saudi Arabia's Saad Group, the regulator Dubai Financial Services Authority (DFSA) said yesterday.
"The liquidators have advised the DFSA that they intend to withdraw Saad Financial Advisory Services' DFSA licence," it said, adding that that accountancy firm Grant Thornton was acting as liquidators.
DFSA said that LA Investments had been placed into liquiditation in Britain.
The regulator said the Saad unit under its licence was not entitled to hold client money and that other entities ...