Jan 05 2011 |
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Arabtec CEO banned from trading on stock market
Securities and Commodities Authority
suspends Riad Kamal for six months
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.
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."
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
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