Employees at Forsyth Partners in Dubai that had its licence withdrawn from the Dubai International Financial Centre (DIFC) earlier this week due to “capital adequacy issues”, have only days left to clear their desks and leave the building, a member of staff has told Arabian Business.
“We have not been contacted and are not sure what is happening,” she said. “We only have days left in this office. If you ring next week there will not be anyone to answer the phone,” she added.
Forsyth Partners and its subsidiary Forsyth Partners Global Distributors Limited has around 20 employees working in its DIFC office. Both companies have been granted “non-operational” DIFC licences to give them time to restructure operations and leave the financial centre.
“Following the withdrawal earlier this week of the financial services licences of Forsyth Partners Global Distributors Limited and Forsyth Partners Limited, and the change of their status from regulated to non-regulated entities, the two companies have applied for, and been issued with, non-operational DIFC licences,” the DIFC said in a statement.
The sole purpose of a non-operational licence is to maintain the existence of the companies for a limited time to allow them to restructure their operations and exit the DIFC. Neither company is authorised to conduct operational activities at DIFC under the licences.
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