May 2, 2019 / 12:48 PM / a month ago

UAE market regulator forms forensic audit committee on Drake and Scull

ABU DHABI, May 2 (Reuters) - The United Arab Emirates’ Securities and Commodities Authority has formed a forensic audit committee to investigate Drake and Scull International , it said in a statement on Thursday.

The committee is investigating “the reasons for [Drake and Scull’s] floundering financial position and accumulated losses,” it said.

DSI posted a net loss of 4.5 billion dirhams ($1.23 billion)in 2018, which widened from a loss of 1.18 billion dirhams in 2017..

$1 = 3.6728 UAE dirham Reporting by Stanley Carvalho; Writing by Nafisa Eltahir; Editing by Saeed Azhar

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