UAE regulator refers listed firm to public prosecutor over acquisition

The Securities and Commodities Authority, the UAE's capital markets regulator, referred a case of an unidentified listed company to public prosecution on suspicion that errors led to an inflated acquisition value, according to a statement on its website.

Calls to SCA for further clarification were not immediately answered.

The regulator was set up in 2000 and granted administrative independence by a federal decree. The public authority is tasked with supervising and monitoring UAE capital markets, the Abu Dhabi Securities Exchange and Dubai Financial Market.

Sultan bin Saeed Al Mansoori, Minister of Economy, is the chairman of the SCA.

Updated: May 15, 2019 02:07 PM