A judge in the Dubai International Financial Centre court on Sunday approved an application to liquidate ES Bankers Dubai, part of the Portuguese Espirito Santo family’s troubled empire.
“It’s impossible for the bank to continue its business. The bank is indeed insolvent and there are no countervailing considerations to my mind that would call for the refusal of an application of the winding-up order,” Justice David Steel said.
The move is part of a series of international regulatory actions against Espirito Santo interests since Portugal’s largest listed lender was rescued in August.
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