German bank is being sued by the regulator of Dubai's tax-free financial centre
Munir Kaloti, the chairman of Dubai-based Kaloti Group, a large gold refiner and jeweller, said on Monday he was not being investigated as part of a lawsuit brought by the regulator of Dubai's tax-free financial centre against Deutsche Bank.
The Dubai Financial Services Authority (DFSA) has sued Deutsche Bank claiming the German lender unlawfully refused to provide information as part of an investigation into alleged breaches of its rules.
The DFSA asked for information on the bank's dealings with Munir Kaloti, according to court documents filed on Oct. 31 and made public on Nov. 17.
Later, in a letter published on Nov. 21, the DFSA said that neither Munir Kaloti nor the Kaloti Group were the subjects of its investigations.
"The manner in which my name was cited in the claim was extremely damaging to my reputation and my lawyers are investigating why this was the case," Kaloti said in a statement on Monday.
"I was given no prior warning that I would be named and had at no time been contacted by either party regarding my account. Nonetheless, I want to make it clear that I have authorised my office to submit all documents in my possession should they be requested by the DFSA," the statement said.
Both the DFSA and Deutsche Bank declined to comment.