UAE Exchange starts issuing refunds – report

Money exchange firm UAE Exchange has started issuing refunds to some customers whose transactions had been delayed, according to a local media report.

Smaller transactions registered in February and early March are being refunded, Gulf News reported, citing unnamed sources.

The sources said all affected customers will be receiving refunds, although no deadline has been set.

UAE Exchange Centre, which operates more than 100 branches across the country, stopped all transactions in March, after it was placed under the supervision of the UAE Central Bank to verify its compliance with regulations.

“In order to protect consumers, the Central Bank of UAE has required the exchange house to swiftly settle outstanding remittances and all other already initiated transactions,” the regulator said in a statement at the time.

Read: UAE Exchange placed under Central Bank supervision

Troubles with UAE Exchange surfaced after financial irregularities were reported in its parent company, London-listed Finablr.

Earlier this month, Finablr said it uncovered about $1bn of debt that was hidden from its board, which may have been used for purposes outside of the company.

Finablr had a market value of GBP77m ($96m) when it was halted from trading in March, down from a peak of GBP1.5bn in December.

Read: Finablr uncovers $1bn in hidden debt as UAE’s NMC Health scandal widens

Gulf Business has reached out to Finablr for comment.