Dubai: Sharjah’s Invest Bank is finalising legal moves against those who had allegedly engaged in financial malpractices during their time at the financial institution. These violations relate to happenings before 2019, and included writing off debts.
Invest Bank, in which the Sharjah government holds majority stake, had in 2019 decided to investigate alleged violations. Later, it called on the services of a ‘global law firm’ that specialised in pursuing the ‘finest legal remedies’ to help in the matter.
With the investigation being done, the Bank is in the ‘process of initiating relevant legal proceedings with respect to those responsible for the violations’ and bringing the perpetrator ‘before respective judicial bodies’.
Banking regulator's approval
The UAE Central Bank on Tuesday gave its approval for Invest Bank’s set of actions, those done and in the works. “The disclosure by the bank issued today holding violators accountable and take legal action accordingly, aligns with the requirements of CBUAE's Corporate Governance Regulation for Banks,” the regulator said in a statement.
“The CBUAE recognises and highlights that the legal action announced by the bank relates to financial violations before 2019, following its extensive review that concluded recently.”
The Central Bank Governor Khaled Mohamed Balama added: “We welcome the steps taken by Invest Bank, which reflect proper Corporate Governance and the bank’s tangible efforts to hold violators accountable.”