Dubai's Shuaa gets all clear on Tunisia operations

Finance house says Tunisian Financial Market Council has lifted freeze on its brokerage accounts
Dubai's Shuaa gets all clear on Tunisia operations
Flashback to the protests in Tunisia. (Getty Images)
By Andy Sambidge
Sun 10 Apr 2011 08:12 PM

Shuaa Capital, the Dubai-based financial institution, on Sunday said that the Tunisian Financial Market Council had lifted the freeze on its brokerage accounts in the North African country.

The Tunisian Financial Market Council previously ordered 123 firms in Tunisia to suspend their trading accounts, including Shuaa, until it could confirm that there were no connections with individuals who are currently under investigation by the authorities in Tunisia.

Based on documents provided by Shuaa, the Tunisian Financial Market Council stated that all securities held by the company could resume trading, Shuaa said in a statement.

Last week, Tunisia ordered its brokerages to suspend securities trading by 123 firms named in a confidential list issued at the end of February by Tunisia's financial authorities.

They were trying to pry loose the grip of overthrown President Zine Al-Abidine Ben Ali's extended family on the North African country's economy.

Earlier this month, the interim government said it would freeze assets of 112 people close to the ousted president pending the completion of investigations into corruption.

Tunisia's attempt to bring businessmen who prospered through ties with the previous regime is mirrored in Egypt, which is expected to expand a list of people whose assets have been frozen pending investigations into links with former leader Hosni Mubarak.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.