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Exchange house goes into voluntary liquidation

UAE Central Bank committee in the process of assessing claims against Arab Link Money Transfer

Gulf News

Abu Dhabi: The Central Bank of the UAE has permitted the closure of Arab Link Money Transfer upon its request, a statement by the exchange house revealed on Tuesday.

The winding up will be overseen by a liquidation committee appointed by the UAE Central Bank, which will delete the exchange house’s name from its register of money-changing establishments in the UAE, once the process is complete.

The central bank is in the process of assessing claims filed against the exchange house in order as part of the liquidation process.

The exchange house directed all natural and judicial persons — including government departments or authorities, landlords, remitters of funds if their remittances were not paid to respective beneficiaries, beneficiaries who are yet to receive their remittances — who had dealings with it, whether directly or indirectly, to submit their claims to the central bank.

“We hereby advise all parties who have claims of any type or nature [that they] must include the complete details of the type or nature of their relationship or dealings, the amount of [the] claim in UAE dirhams and [this] must be accompanied by original supporting documents in order to facilitate the calculation of claims,” the exchange house said in the public announcement.

Affected parties have been urged to submit their claims within 45 days from the date of the announcement.

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