The United Arab Emirates Bank declared that it supports the actions taken by the Investment Bank’s Board of Directors, with the approval of the bank’s shareholders, to launch legal proceedings against those in charge of financial irregularities.
The bank’s disclosure, issued today, is commensurate with holding the violators responsible, placing them under accountability and taking legal measures against them, with the requirements of the central bank system regarding the institutional governance of banks.
The Central Bank noted that the legal actions disclosed by the bank relate to financial offences committed prior to 2019 and that the bank is now making an announcement following an extensive review that just came to an end.
We applaud the Investment Bank’s actions, which show good governance and the bank’s sincere efforts to hold the wrongdoers accountable.
The UAE Central welcomes the last investment bank’s disclosure.
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