Abu Dhabi: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has issued a scam alert on Wednesday about claims made by Rothschild Gulf Investment Bank (RGIB) that it has an office within the financial free zone to operate.
ADGM said in a statement on Wednesday that the bank has “not been granted a Financial Services Permission as an Authorised Person or be an Exempt Person and is not an entity with any presence both legally and physically with ADGM”.
“The FSRA is concerned that RGIB is misrepresenting itself. Furthermore, such misrepresentations may be linked to other illegal activities,” it stated.
RGIB has claimed on its website that it maintained private offices in the financial free zone on Al Maryah Island and provided financial services. This claim has now been removed from its website, according to ADGM.
Further, ADGM strongly advised the market and investors to be aware and cautious of RGIB or persons purporting to be acting for it, and under no circumstances transfer or send money or assets to this named entity.
For complaints about a firm in relation to financial services activities being conducted in the financial zone, the public can direct their complaints via the web link http://www.adgm.com/contact-us/?pgNm=financial-regulatory
Abu Dhabi Global Market is the international financial centre for local, regional and international institutions, established in 2013 as part of the emirate’s vision to diversify the economy and attract financial services companies to the capital. It declared itself open for business last year.
