Securities and Commodities Authority suspends Riad Kamal for six months
The UAE's Securities and Commodities Authority (SCA), the stock market regulator, yesterday banned the chief executive of Arabtec Holding from trading shares for six months, according to The National
Riad Kamal expressed surprise at the unusual move and said he did not fully understand the allegations against him.
He confirmed that the SCA had sent him questions about personal transactions in 2009 but that he had not traded shares since then.
"I'm talking about minor trades in shares, and nothing of substance," he said.
A circular distributed by the Abu Dhabi Securities Exchange (ADX) yesterday said it was "suspending trader Mr Riad Borhan Taher Kamal from trading either in person or in any other capacity in licenced stock markets in the UAE for a period of six months effective as of Wednesday."
The circular, signed by Ghannam Bati al Mazroui, the chief of operations and control department at the exchange, added that the suspension "shall cover only buying transaction of securities listed in licenced stock markets in the UAE. The decision also states that no third party can trade on Mr Kamal's behalf".
An SCA official confirmed that the circular sent out to brokerages, and seen by The National, was authentic.
Arabtec, is the nationa's largest a builder based in Dubai.
Mr Kamal, who received a copy of the memo from a brokerage house, said the ruling was "wrong" and that he had "no idea" about it. He said that the SCA had not been in touch with him and that he would contact the ADX this morning for clarification.
"I did get a copy of this but not directly. I have no idea [what it is about] and I'd like to know what is it," he said.
Shares in the Arabtec closed 0.49 per cent lower at to Dh2.03.
© Emirates 24|7 2011
