Drake & Scull chairman resigns

DSI said it would hold its next board meeting on Tuesday, September 12, to elect a new chairman after Majid Saif Al-Ghurair’s resignation. (Courtesy Dubai Chamber YouTube)
Updated 10 September 2017
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Drake & Scull chairman resigns

DUBAI: Drake & Scull (DSI) on Sunday said that Majid Saif Al-Ghurair, company’s chairman, has resigned from his position.
The Dubai-listed company, in a short statement to the bourse, said that Al-Ghurair has resigned from the chairmanship and membership of the board of directors for “personal reasons.”
“The BOD [board of directors] will elect a new chairman during the next BOD meeting,” the company said.
In a separate statement to the Dubai bourse, DSI said it would hold its next BOD meeting on Tuesday, September 12, to elect a new chairman and vice chairman.
The company earlier elected four new board members to fill the vacant positions, including the one left by then-executive vice chairman and CEO Khaldoun Al-Tabari, in an assembly meeting on Saturday, September 10.
The new board members, Ahmed Al-Kilani, Abdulla Atatreh, Ahmed Saeed Al-Hamiri and Saad Albastaki, will complete the term of their predecessor, DSI said.


Turkish financial watchdog cancels stock market abuse decision

Updated 15 July 2018
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Turkish financial watchdog cancels stock market abuse decision

  • The board said on Sunday the decision was taken in response to market demand
  • “speculation and negative perceptions” of the move would have prevented the decision having its desired effect

ISTANBUL: Turkey’s capital markets regulator decided on Sunday to cancel a partial suspension of a directive related to insider trading, saying “speculation and negative perceptions” of the move would have prevented the decision having its desired effect.
The Capital Markets Board said on Friday that until the end of August Borsa Istanbul share purchases by people party to a company’s internal information, or by those close to them, would not be subject to a stock market abuse directive.
It did not give a reason for the move in Friday’s statement but the board said on Sunday the decision was taken in response to market demand and was aimed at supporting companies’ share buyback programs and investors.
“The decision was taken to cancel this ruling... given the speculation and negative perceptions which arose after it was announced,” the statement said after a board meeting on Sunday.
“It was assessed that this would prevent the emergence of the desired benefits to the market of the decision,” it added.
Sunday’s statement said the decision only referred to transactions that were not a crime. Insider trading is a crime under Turkey’s capital markets law and the decision does not amount to any change in this, it added.