Dubai regulator seeks to wind-up Santo local arm

Dubai: Dubai’s financial regulator is seeking court approval to wind up the local arm of Portuguese financial group Espirito Santo, the latest in a series of international regulatory actions taken against the family’s collapsed business empire.

The family’s problems have been escalating since accounting irregularities were identified at one of its holdings earlier this year, leading to a €4.9 billion (Dh22.77 billion) bailout for Banco Espirito Santo, once Portugal’s largest listed bank, and global actions to contain the fall-out in multiple jurisdictions.

The Dubai International Financial Centre Court appointed on Monday Philip Bowers and Neville Kahn of advisory firm Deloitte as joint provisional liquidators of ES Bankers (Dubai) Ltd (ESBD), a Dubai Financial Services Authority statement said.