It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
The suit alleges that Credit Suisse failed to “disclose conflicts of interest and other material information, and provided misleading information, when structuring, marketing and selling an investment, known as Farmington, to ADCB in 2007.”
S&P said Abu Dhabi’s second biggest lender said “provided inaccurate, investment-grade ratings to assets associated with the Farmington structure.”
In a regulatory filing to the Abu Dhabi Securities Exchange on Thursday, the Bank said that in 2005 and 2006, it invested in an SIV known as Stanfield Victoria. In 2007, the SIV faced liquidity issues, and ADCB alleges that “it was induced to enter into an emergency restructuring transaction, Farmington, based on false and misleading information.”
The transaction was sold to ADCB on the basis that it would help to preserve and protect the Bank’s original investment in Stanfield Victoria.
Farmington, the restructured vehicle, appeared to have positive valuations and prospects and purportedly benefited from a high quality portfolio of assets rated by Standard & Poor’s.
In addition, as a quid pro quo for the restructuring, ADCB said it was required to enter into an unfunded credit default swap to protect Credit Suisse’s loan exposure to Farmington, which Credit Suisse and the other defendants led ADCB to believe was relatively safe and carried minimal risk.
The share price dropped 0.43 per cent to Dh2.34 at the close of the day, after touching a high of Dh2.39 in the morning trading session.
“We have taken all steps necessary to recover the Bank’s exposures; this has included legal action,” ADCB CEO Ala’a Eraiqat said. “This latest action is brought with the aim of protecting the Bank from potential losses. Whilst we don’t anticipate a material impact on our earnings as a result of the disputed exposure, we believe, for the benefit of all our key stakeholders, it is appropriate to take action against parties who we believe misled ADCB.”
It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
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