Damas digging deep
The jewellery company has appointed PWC as an external auditor to scrutinize the “unauthorized transactions” performed by its ex-CEO.
October 15, 2009 4:20 by Aarti Nagraj
Likewise, the central bank published a new transparency law for UAE banks in June this year. Central Bank governor Sultan Bin Nasser al-Suweidi explained in an emailed statement to the press that the new guidelines “will reinforce international competitiveness of UAE banks.”
He added: “Commercial banks are leading contributors to a successful UAE economy and are expected to show the way on high management standards and corporate governance.”
“If a bank fails it affects the whole economy so (banking) directors are the guardians of financial stability.”
For Nasser Saidi, the chief economist at Dubai International Financial Center, the frameworks for transparency “are in place.”
“I think the next step [...]is greater enforcement in terms of corporate governance standards and transparency in disclosure,” he told Kipp earlier this week.
Although the country’s standards are still below international benchmarks, Saidi said that the frameworks would give a positive impetus.
But do you think the country needs stricter regulations to enforce corporate transparency?