Esca wants Golden Gate to close

by Ben Flanagan Tuesday, 13 March 2007

The UAE market regulator is seeking to "liquidate and suspend" Golden Gate Securities, the brokerage company that is banned from activities on the capital markets of the UAE.

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"We have submitted a request for the company's liquidation to Dubai's courts, as we seek to protect the clients' rights," said Habib Al Mulla, chairman of Habib Al Mulla and Co, the firm representing the Emirates Securities and Commodities Authority (Esca), quoted in Gulf News.
The move is a further step in settling the company's assets and liabilities following the seizure of its $2.7m bank deposits held at DFM and ADSM seized by Esca late last month.

Esca suspended the company's activities at the beginning of the year because of non-compliance with market rules and regulations.

Earlier this year, ArabianBusiness.com reported that the Dubai Financial Market said that the 3,000 investors with Golden Gate Securities will not lose their money.



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