UAE regulator drops Shuaa inquiry

by Reuters Wednesday, 28 March 2007

The United Arab Emirates market regulator said on Wednesday it had dropped an inquiry into share manipulation allegations made against Dubai-based investment bank Shuaa Capital.

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The Emirates Securities and Commodities Authority said it had contacted the Kuwait stock market and been told that there was no wrongdoing in Shuaa's purchase of a stake in Kuwait's Al-Ahlia Investment Co. in 2005.
Dubai-based Shuaa had denied any wrongdoing.

"We have no jurisdiction because it comes under the Kuwait Stock Exchange, so we will drop the probe," Maryam al-Suwaidi, ESCA manager of issuing and disclosure, told Reuters.

"We wrote to the Kuwait Stock Exchange and we got a response verbally saying there was nothing wrong against Shuaa," Suwaidi said.

Esca said in February it would contact the Kuwait stock market to seek more information on allegations published by Paris-based Trends magazine that Shuaa manipulated the price of the Ahlia share purchase.



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