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Dubai Financial Services Authority obtains final court orders |
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1/15/2007 10:10:23 AM |
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The DFSA obtained a final court order against Patrick Lochrie and David Carruthers for making false and misleading representations concerning their regulatory status in relation to the Dubai International Financial Centre (DIFC).
The defendants had maintained that Enduam Asset Management, also known as Enduam Consulting Ltd. ("Enduam"), had obtained or applied for a license with the DIFC when no such application had been made or approved. The DFSA application to the court also stated that the defendants falsely represented to members of the investing public that Enduam was physically located in the DIFC.
The defendants consented to the court order, sought by the DFSA, which permanently prohibits them from making any future misrepresentations about the regulatory status of Enduam with the DIFC.
The Deputy Chief Justice of the DIFC Court, Mr. Michael Hwang made the final orders against the defendants. This concludes the DFSA investigation of this matter.
David Knott, DFSA Chief Executive, stated: "The court orders obtained send a strong regulatory message that the DFSA will take appropriate and proportionate action against conduct or misrepresentations that negatively affect the reputation of the DFSA or DIFC, in relation to a company's regulatory status."
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange.
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