While the Bank of the Netherlands (DNB) and the Finance Minister speak of ‘irregularities’ and ‘incidents’ at ABN Dubai, Dubai’s own regulator, in publishing the explanation for the penalties it has imposed, presents an entirely different picture, one of systematic malpractice. DNB, in its capacity as the Dutch regulator, has also conducted its own investigation, but in contrast to the report by its counterpart in Dubai, its findings have been kept under lock and key, with DNB refusing to make any comment. SP Member of Parliament and finance spokesman Arnold Merkies wants the Dutch regulator to offer the same openness as does the Dubai authority.
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