Well, Well, the “ethical investments” in Dubai are under financial sancion for share manipulation. And we thought Wall Street was evil! Wait till you understand Shariah Finance.
Dubai’s watchdog sanctions Shuaa Capital
By Simeon Kerr in Dubai
Published: September 24 2008 23:19 | Last updated: September 24 2008 23:19
Dubai’s financial regulator on Wednesday sanctioned investment bank Shuaa Capital for alleged share manipulation, the regulator’s highest-profile enforcement since the Dubai International Financial Centre opened for business four years ago.
The Dubai Financial Services Authority, which oversees regulated companies operating in the DIFC, said it had fined Shuaa Capital’s DIFC arm $950,000 and criticised it for obstructing its six-month investigation.
“The DFSA has determined that Shuaa Capital intentionally set about to raise the closing price of DP World shares on 31 March 2008 so that it could mark up the book value of its proprietary portfolio in those shares for accounting purposes,” the DFSA said in a statement.
“It did so by standing in the market during the closing minutes of trading with bid prices well above those at which DP World shares had been trading in the ordinary course of business.”
continue reading at………………http://www.ft.com/cms/s/0/4d858e32-8a5d-11dd-a76a-0000779fd18c.html