Dubai, Sep 16 (IANS) Bankrupt investment bank Lehman Brothers has been precluded from doing any business in the Dubai financial market unless otherwise decided by its administrators.

 

The Dubai Financial Services Authority (DFSA) issued a statement Tuesday afternoon stating that the bank has been precluded from conducting any business in its branch at the Dubai International Financial Centre (DIFC).

Lehman had set up the branch Aug 28, 2006.

Stating that Lehman was placed under administration in Britain Sep 15, DFSA said: ‘The effect of that action was to place control of Lehman and all its operations, including its DIFC branch operation, under control of the administrators, PricewaterhouseCoopers.’

‘Until and unless the administrators determine otherwise, Lehman (including the DIFC branch) is precluded from conducting business,’ it added.

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