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Investors lodge complaint with DFM
DUBAI - A handful of Dubai stock market investors have lodged a complaint to the concerned authorities in the Dubai Financial Market (DFM) against what they called disclosure of inside information by the Dubai Islamic Bank's board of directors regarding an increase of bank's paid up capital last week.
The Dubai Islamic Bank's board of directors' had on 13th May recommended an increase in the bank's declared and paid up capital from Dh2 billion to Dh3 billion and the paid up capital from Dh1 billion to Dh1.5 billion.
The investors complaint centres around the fact that they were not publicly informed of the bank's plan to increase its capital until Sunday, three days after the Board's formal meeting hence they sold out all their shares at low prices on Saturday trading.
Prominent investor in DIB's scrip said: "It was very shocking to me when I learnt that the share soared high due to the Board's capital because one day earlier I sold out almost 85 per cent of my shares to get into another business.
"It never happened that I liquidate my shares the way I did on Saturday. This is unfair and I have always thought such thing will never happen and that transparency is one matter Dubai Islamic bank is firmly adhering to."
"The bank should do something urgently to solve the matter as a large number of investors have incurred heavy losses. We are not sure whether these information were leaked to other investors who bought a large quantity of share early on Saturday," he said.
Essa Kazim, the director-general of the stock market, said: "After receiving a number of complaints, Dubai Financial Market has prepared a detailed report on the incident which will be submitted to the UAE Securities and Commodities Authority to take the appropriate action. There are certain rules and regulation that controls such practices which should be strictly implemented to avoid any ambiguity."
"Thorough investigation will be conducted to ensure investors that inside information was not leaked to few investors. The matter will take few days before we could decide any thing, we have to probe the matter. We shall make sure that investors' rights are well protected and that the institution name and fame is well taken care of," he added.
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