Dubai Financial Market Delays Introduction of New Tick System

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Dubai Financial Market Delays Introduction of New Tick System

March 10th, 2010

Dubai Financial Market PJSC, the only Gulf Arab stock market to sell shares to the public, delayed the introduction of a new tick system for shares.

“The introduction of three decimal tick size system on securities with a market value below 1 dirham, which was due on March 11 will be postponed until further notice, in response to brokers’ request,” the bourse said in an e-mail statement today. Brokerage firms asked for more time to complete their preparations in coordination with vendors, it said.

DFM will allow shares valued at less than 1 dirham to trade at fractions of 1 fils from March 11, it said on March 7.

Source: www.businessweek.com

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Driver denies bribing immigration officer to gain entry into UAE

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Driver denies bribing immigration officer to gain entry into UAE

March 10th, 2010

Dubai: A truck driver has denied bribing an immigration inspector and claimed that he thought he was paying a penalty for violating the Naturalisation and Residency Law, a court heard on Tuesday.

Prosecutors charged the 25-year-old Pakistani truck driver with offering a Dh950-bribe to an inspector at the Department of Residency and Foreigners' Affairs at the Hatta border check-point to allow him enter the country illegally.

"I am innocent. I didn't bribe him. I paid him money considering that I was paying my fines for violating the Naturalisation and Residency Law," the suspect, M.I., argued as he defended himself before the Dubai Court of First Instance.

According to the charges sheet, the defendant offered the bribe to the Emirati inspector after the latter informed M.I. that he was banned from entering the country for violating the Naturalisation and Residency Law.

"While I was on duty at the Hatta border checkpoint, the suspect came to the counter wanting to enter the UAE… When I informed him that he was banned from entering the country, he... begged me to help him," the inspector told the court.

"He said he was willing to pay money. However, I told him it was impossible to allow him to enter because he was blacklisted," the inspector added.

"He insisted on paying me money to allow him enter. My superiors asked me to accept his offer… he offered me around Dh950 in Omani currency," the inspector told prosecutors during questioning.

Records said the defendant was arrested in a sting operation. A verdict will be heard next week.

Source: gulfnews.com

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