UAE bank refutes reports on Dubai World exposure
Dubai: A leading bank in the UAE, First Gulf
Bank, on Sunday refuted media reports on its exposures to Dubai
World, saying they are "completely unfounded".
First Gulf Bank chief executive officer, André Sayegh,
said, "the bank wishes to confirm that no senior executive
released any statement related to FGB’s exposure to Dubai
World and some of its subsidiaries including Nakheel, and the
recent reports are completely unfounded."
A news report on Friday said that the bank has at
least USD 1.36 billion exposure to Dubai and its associated
companies, including Nakheel.
Sayegh said that the bank’s only statement issued to the
press on November 27 read as follows: "We would like to
confirm that amounts reported by newswires on FGB`s exposure
to Dubai World and some of its subsidiaries including Nakheel
are incorrect and absolutely overstated."
He said that the First Gulf Bank reconfirms that the
information provided by any unnamed personnel should not be
considered as a statement by the bank.
More from India
More from World
More from Sports
More from Entertaiment
- No trace of IAF's AN-32 aircraft and survivors
- Rio Olympics 2016: NADA to take decision on Narsingh Yadav's fate today
- Intruder who ‘spiked’ wrestler Narsingh Yadav’s food identified: Sources
- China increases soldiers at Ladakh's Pangong Lake
- Madhya Pradesh: Two women assaulted at railway station for carrying beef
- Will Jennifer Lopez make tunes with Calvin Harris?
- This is how you can try contouring at home! Watch video
- Here's how Modi govt plans to bring back Kohinoor from UK
- Lindsay Lohan's dad confirms it's 'baby on board' for her
- Cricket in America: India-West Indies to play three T20Is in Florida in late August