Abu Dhabi Global Market issues alert on Rothschild link scam

Abu Dhabi Global Market (ADGM), the capital’s financial free zone, has issued a “scam alert” about a company allegedly misrepresenting a connection to the illustrious Rothschild banking dynasty. The Financial Services Regulatory Authority (FRSA), the market’s watchdog, on Wednesday warned investors and the public about possible misrepresentation by a company called Rothschild Gulf Investment Bank […]

Abu Dhabi Global Market (ADGM), the capital’s financial free zone, has issued a “scam alert” about a company allegedly misrepresenting a connection to the illustrious Rothschild banking dynasty.

The Financial Services Regulatory Authority (FRSA), the market’s watchdog, on Wednesday warned investors and the public about possible misrepresentation by a company called Rothschild Gulf Investment Bank (RGIB).

“RGIB has claimed on its website that it maintained private offices in the ADGM on Al Maryah Island and provided financial services,” the FRSA said.

“This claim has now been removed from its website. RGIB has not been granted a financial services permission as an authorised person or an exempt person and is not an entity with any presence both legally and physically with ADGM.

“The FSRA is concerned that RGIB is misrepresenting itself. Furthermore, such misrepresentations may be linked to other illegal activities.”

The alert – ADGM’s first since it opened for business last year – added: “The FRSA strongly advises the market and investors to be aware and cautious of RGIB or persons purporting to be acting for it, and under no circumstances to transfer nor send money/assets to this named entity. Communication with RGIB is at the investor’s own risk.”

Rothschild (Middle East) Limited, the UAE arm of the centuries-old Swiss banking dynasty, based in the Dubai International Financial Centre, declined to comment on the ADGM alert.

The DIFC regulator could not be reached for comment.

The only online reference to RGIB relates to an undated recruitment advertisement for a private banking sales specialist, invited to apply to Michael J Rothschild and giving a UAE mobile and a phone number and email address of a com­pany based in New York City.

The UAE mobile is not currently in operation, and a call to the New York number was answered by an unrelated company which had no knowledge of Mr Rothschild.

fkane@thenational.ae

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Source: Business

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