UAE market regulator forms forensic audit committee on Drake and Scull

The committee is investigating "the reasons for Drake and Scull's floundering financial position and accumulated losses," it said.

  
Image used for illustrative purpose. A view of DIFC gate building.

Image used for illustrative purpose. A view of DIFC gate building.

DIFC/Handout via Thomson Reuters Zawya

ABU DHABI- The United Arab Emirates' Securities and Commodities Authority has formed a forensic audit committee to investigate Drake and Scull International , it said in a statement on Thursday.

The committee is investigating "the reasons for [Drake and Scull's] floundering financial position and accumulated losses," it said.

DSI posted a net loss of 4.5 billion dirhams ($1.23 billion)in 2018, which widened from a loss of 1.18 billion dirhams in 2017.

($1 = 3.6728 UAE dirham)

(Reporting by Stanley Carvalho; Writing by Nafisa Eltahir; Editing by Saeed Azhar) ((Nafisa.Eltahir@thomsonreuters.com; +971 56 22 61754;))

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