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16 July 2009 — DFSA Withdraws Licence From Libertas Capital

The Dubai Financial Services Authority (DFSA) withdrew the licence of Libertas Capital (Dubai) Limited (Libertas) to carry on financial services activities in or from the Dubai International Financial Centre (DIFC).

Libertas has a period of 30 days in which to appeal the decision.

The licence withdrawal follows Libertas' inability to meet the applicable regulatory capital requirements.

The DFSA took this action following the issuance of a Notice to Libertas, requesting it to show cause why the DFSA should not withdraw its licence.

Libertas was a Category 4 firm authorised to arrange credit or deal in investments and to advise on financial products or credit. Category 4 firms are not authorised to accept client money.