29 September 2009 — DFSA's Statement on SAAD Financial Advisory Services Limited in the DIFC
Dubai, UAE, 29 September 2009: The Dubai Financial Services Authority (DFSA) advises that LA Investments Limited (LAIL) has been placed into liquidation in the UK. LAIL is the parent company of SAAD Financial Advisory Services Limited (SAAD), which is a DFSA regulated firm.
LAIL was put into a members' voluntary solvent liquidation on 21st September 2009, with Stephen John Akers and Gareth Rutt Morris of Grant Thornton UK LLP acting as the liquidators.
The liquidators have advised the DFSA that they intend to withdraw SAAD's DFSA licence.
SAAD is a prudential category 4 Authorised Firm and cannot hold Client Money. The Firm currently has no Clients other than other SAAD group entities.
The firm is currently subject to conditions and restrictions under Article 49(1)(a) of the DFSA's administered Regulatory Law 2004 which limits the types of transactions it may enter into.