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Thu 16 May 2019 10:47 AM

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UAE to investigate listed firm over inflated acquisition value

Acquisition of unidentified company is suspected to have included 'errors' that led to inflated value

UAE to investigate listed firm over inflated acquisition value
The capital markets regulator, which supervises and monitors UAE capital markets Abu Dhabi Securities Exchange and Dubai Financial Market, did not identify the company.

The UAE’s Securities and Commodities Authority has referred the case of a listed company to the public prosecution on suspicion that errors led to an inflated acquisition value, according to a statement on its website.

It said the authority referred the case to the prosecution “in light of the investigations conducted by the SCA with regards to acquisitions and transactions of one of the public listed companies, and given that these acquisitions are suspected to have included errors that led to inflated value.”

The capital markets regulator, which supervises and monitors UAE capital markets Abu Dhabi Securities Exchange and Dubai Financial Market, did not identify the company.

The SCA was set up in 2000 and given administrative independence by a federal decree.

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