Sunday, March 21, 2010
STOP THE PRESS! DFSA TAKES ACTION AGAINST THE BROTHERS ABDULLAH
As longtime readers of this blog will know I have written extensively on the subject of The Great Damas Heist. I wrote not one but two articles on the damage this did to the DIFC generally. I wrote a few articles on the Heist itself and what I thought was a strange arrangement whereby the brothers basically agreed with themselves how they would go about repaying the money and suffered no regulatory sanction at all. I wrote about how the DFSA needed to be all over these guys and encourage my readers to take action.
Today they did take two actions. The First is an agreement with the Abduallah Brothers and the second is an agreement with the board of Damas itself. I have to go through the documents before I write a longer post but, having taken all involved to task so aggressively, I wanted to give credit where credit was due. It had bothered me deeply that a long night of financial opacity was descending on the DIFC, a place I had worked so long. Now that night has been broken by at least a single star of hope.