Finablr updates on UAE Exchange UK Limited registration status

Maria Nikolova

The proposed suspension of UAE Exchange UK Limited business registration will not be imposed.

Finablr PLC (LON:FIN), a provider of cross-border payments, FX and payment technology, today posted an announcement regarding the registration status of UAE Exchange UK Limited (UAEEx UKL).

Following prior notification from HMRC concerning the proposed suspension of the UAEEx UKL business registration, Finablr has written to HMRC to address the issues raised in the original notice of suspension, to the satisfaction of HMRC.

Finablr today confirms that the proposed suspension of he UAEEx UKL business registration will not be imposed, thereby allowing current operations to continue.

Let’s recall that, in July this year, Finablr appointed Skadden Arps Slate Meagher & Flom (UK) LLP as lead counsel in order to enable the company to investigate historic potential malfeasance within the Finablr Group and any misappropriation of assets of Finablr PLC and certain members of its group, and to facilitate the pursuit of potential claims which are the subject of the Investigation.

In April, Finablr provided an update regarding its indebtedness position. This followed the appointment of Houlihan Lokey as Finablr’s Independent Financial Adviser.

Houlihan Lokey has worked with Kroll (in its role as independent investigators reporting to the independent directors of the Company) in conducting an exercise with Finablr’s creditors to establish the current indebtedness position of the Finablr Group. The results of this exercise indicated that the total net indebtedness of the Finablr Group may be approximately $1,300 million (excluding any liabilities of the Travelex business). This is materially above the last reported figure for the Group’s indebtedness position as at June 30, 2019 and the levels of indebtedness previously disclosed to the Board.

Read this next

Inside View

Broadridge report finds 27% of firms’ overall IT budget goes to digital transformation

“A new chapter in digital transformation is emerging. In our work with clients across the financial services industry we see leading firms are already reaping the benefits from digitalization and the use of technologies such as AI and blockchain/DLT, as they adapt to economic headwinds and new competitive dynamics”

Executive Moves

Ripple announces Monica Long as President

“I’m incredibly honored to take on the role of President at Ripple as we expand deeper into crypto-enabled services like liquidity, settlement and custody.”

Executive Moves

Arabesque AI appoints Carolina Minio Paluello as CEO

“Arabesque AI is uniquely positioned to service the asset management industry’s need to meet the growing market demand for hyper customised portfolios.”

Industry News

SEC Commissioner Mark T. Uyeda says standardized ESG measures are doomed to fail

“Because ESG ratings may be divorced from matters of financial materiality, they can reflect a particular political or social agenda.”

Industry News

Worldline launches digital payments suite in India

“Our low-cost innovative offering SoftPOS will empower SMBs in a big way to accept digital payments affordably.”

Technology

cTrader Web 4.5 Presents Guest Mode, Multiple Charting and Copy Improvements

Spotware has announced the release of its cTrader Web version 4.5, which comes with a whole range of features and improvements for all cTrader users.

Technology

SteelEye suggests integrated surveillance as Morgan Stanley fines employees over WhatsApp

“The use of integrated surveillance means firms can avoid unwanted regulatory attention by enabling them to self-report and self-remedy more efficiently when malpractice is flagged.”

Industry News

ASIC bans Gregory William Finerty for unlicensed FX algo trading bot

Bradford AI leased an algorithmic trading program known as ‘Robot 1’ to trade on the FX market, using an Australia-based over the counter contracts for difference (CFD) broker.

Opinion

With the recent changes to St Vincent licensing, what will the future trends be for licensing in 2023?

New St. Vincent and the Grenadines regulations came as somewhat of a shock for those brokerages that are only regulated in SVG

<