Business | Markets
Esca cancels the licenses of two brokerages
Esca's board decided on Saturday to cancel the license of Gulf International for Securities and Bonds, due to the company's failure to comply with the new requirements set by the decree number 176/R for 2006, governing the financial capacity staffing of brokerages. The suspended company has already consumed the grace period and an additional extension.
- By Ahmed A. Elewa, Senior Reporter
- Published: 14:56 May 17, 2008
Dubai: Esca's board decided on Saturday to cancel the license of Gulf International for Securities and Bonds, due to the company's failure to comply with the new requirements set by the decree number 176/R for 2006, governing the financial capacity staffing of brokerages. The suspended company has already consumed the grace period and an additional extension.
The board also decided to cancel the license of Al Ameen brokerage, omitting the company from the registered brokerages list, due to its merger with another company resulting in the ceasing of its legal status. All the company's rights and obligations has been transferred to the acquiring company.
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