Central Bank takes over UAE Exchange operations


khaleejtimes, 18-03-2020 08:36:20


Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


Central Bank takes over UAE Exchange operations

The regulator said it will take additional action, if necessary.

The UAE Central Bank said it had taken over the embattled UAE Exchange to oversee its operations.

The remittances and foreign exchange firm earlier this week stopped new transactions after irregularities were found at its parent company Finablr.

"UAE Exchange has stopped new transactions through its branches and online platforms, with the exception of the operation of Wage Protection System, which it is allowed to operate until further notice. In order to protect consumers, the Central Bank of UAE has required the exchange house to swiftly settle outstanding remittances and all other already initiated transactions," the Central Bank said in a statement issued late on Tuesday.

A press statement issued by Central Bank said that an inspection team has started an examination on the UAE Exchange in order to verify its compliance with the applicable laws and regulations. The regulator said it will take additional action, if necessary, once the examination is completed.

Earlier, its parent company Finablr - which is listed on London Stock Exchange, temporarily suspended listing of the shares.

Its group CEO Promoth Manghat also decided to step down last week as well as from all other directorships and other offices of entities within the Finablr Group. The Board accepted his resignation and thanked Promoth for his contribution to the Group over many years. Promoth had agreed to continue to support the Group while the Board finds a suitable successor.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Udupi: Traffic congestion and dangers to pedestria
View More

Udupi BasketUdupi Basket
Veez Konkani Issue # 129Veez Konkani Issue # 129
Contact for Masks, Sanitizers, PPE kits and More..Contact for Masks,  Sanitizers, PPE kits and More..
LIVE STREAM OF MASSES - Holy week schedule from Abu DhabiLIVE STREAM OF MASSES - Holy week schedule from Abu Dhabi
Our ABBA will never be forgotten - A TributeOur ABBA will never be forgotten - A Tribute
Hotte Thumba Tiffin Services at Kallianpura, Santhekatte and Kemmannu.Hotte Thumba Tiffin Services at  Kallianpura, Santhekatte and Kemmannu.
Smparka Feb 2020Smparka Feb 2020
Choice Furniture vast household showroom opens at Santhekatte, KallianpurChoice Furniture vast household showroom opens at Santhekatte, Kallianpur
Focus Studio, Near Hotel Kidiyoor, UdupiFocus Studio, Near Hotel Kidiyoor, Udupi
Canara Beach Restaurant, Hoode/Bengre, Udupi.Canara Beach Restaurant, Hoode/Bengre, Udupi.
Delite Catering, SanthekatteDelite Catering, Santhekatte
Welcome to Thonse Naturecure HospitalWelcome to Thonse Naturecure Hospital
Kemmannu Platinum Jubilee Souvenir – Amruth KaanikKemmannu Platinum Jubilee Souvenir – Amruth Kaanik
St. Alphonsa of India
Kemmann.com Face Book

Click here for Kemmannu Knn Facebook Link

Sponsored Albums