Gold Refinery Linked To Rudland Suspended In Dubai And London
Emirates Gold DMCC, a gold refinery reportedly linked to Zimbabwean businessman Simon Rudland has been suspended in the United Arab Emirates and in London, following claims of its role in money laundering.
The gold refinery, which has operated in Dubai for more than 30 years, was last week suspended from the UAE’s Good Delivery List.
Bloomberg reported sources as saying the bullion committee, which is chaired by the Economy Ministry, removed Emirates Gold DMCC due to concerns its owners were connected to alleged money launderers.
On Friday, the London Bullion Market Association, which regulates the UK capital’s precious metals market, also announced that it had suspended the refinery’s affiliate membership after a due diligence review. LBMA said in a statement:
Due to the outcome of the recent LBMA due diligence review, Emirates Gold’s Affiliate Membership has been suspended until further notice.
Two of the ultimate beneficial owners of Emirates Gold are reported to be relatives of Zimbabwean businessmen Simon Rudland and Howard Baker.
Early this year, an Al Jazeera investigation alleged that the two men were involved in money laundering through the UAE’s gold sector.
More: Pindula News
