BANKRUPT BANKER
Nasser al-Shaikh resigned from three more companies on Monday linked to Dubai's government, including Dubai Islamic Bank DISB.DU
Friday 26 June 2009
Nasser al-Shaikh resigned from three more companies on Monday linked to Dubai's government, including Dubai Islamic Bank DISB.DU, a day after leaving its affiliate Deyaar DEYR.DU.Officials and statements from Dubai Islamic, National Bonds, and education provider Taaleem confirmed Shaikh's resignations just a month after he was replaced as head of Dubai's Department of Finance. Shaikh declined to comment.The move will likely add to investor confusion as Shaikh had spearheaded the launch of the emirate's $20 billion bond programme in February, a move aimed at easing worries that state-linked companies could default on debts.He was removed from his post in May without explanation.None of the companies gave a reason for the resignations, which initially sent Dubai Islamic shares lower, before closing 1.2 percent higher.Shares in Deyaar, in which Dubai Islamic holds around a 41 percent stake, rallied on Monday after falling 1.7 percent on Sunday.Dubai Islamic and Deyaar said in statements they would meet shortly to consider the ratification of Al Shaikh's resignation. A spokeswoman for Shaikh confirmed he had also stepped down from National Bonds and Taaleem. Two spokeswomen said he would stay on as chairman of troubled mortgage lender Amlak AMLK.DU, in which Emaar Properties EMAR.DU holds a 45 percent stake, according to Reuters data.Deyaar chief executive Markus Giebel told Reuters late on Sunday Deyaar was a stable company with the backing of Dubai Islamic Bank, and Shaikh's resignation would not have a big impact on the company.
