Qatari Central Bank Issues Warning to Unlicensed Finance Companies
The Qatar Central Bank (QCB) plans to take immediate action against any unlicensed finance company engaged in local investment activities, a senior bank official said.
Moajab Al Turki, the director of the banking control department, told the Gulf Times that following complaints from the public, the bank had asked four companies to wind up their operations in Doha within a deadline.
The QCB has issued a warning notice, cautioning the public in this regard.
The companies are Integra, Global Asset Managers, Global Financial Services and Al Baraka International Investment Co. Ltd., he told the paper.
While the bank has asked investors to withdraw their money from the first three companies before September 30, 2001, Al Baraka International Investment Co. Ltd., represented by Al Barakat International for Import and Trade Co., has been granted until October 31, 2001 to wind up its operations.
Once these deadlines have passed, the QCB will exercise its legal powers to close down these unauthorized companies and initiate legal action against them, the bank announcement said, cited by the paper.
Asked about the total amount of money invested by the public in these companies, Turki said the figure was not available – Albawaba.com