Financial adviser Neil Grant has been found liable after a client lost hundreds of thousands of dirhams in an investment scheme, according to a civil court-appointed financial expert.
The report found Grant liable for the Dh285,900 (£60,000) loss incurred by client Amber Waheed as a result of his unlicensed financial advice. He was found to have misled her on investments in 2015.
A judge in Dubai will make a final decision on the case on November 14, local news outlet The National reports.
Neil Grant was convicted this year by Dubai Criminal Court of operating his company without being registered with the authorities, as reported by International Investment.
If the judge agrees to the findings by financial expert Reem Al Nuaimi, other clients of Grant’s who lost money could mount similar actions.
A number of his clients have alleged that the Scotsman invested in “risky” investments such as waste removal firms and student accommodation in the UK, without giving them proper indication of the risk involved and ended up losing their investments in the process.
Clients said they individually lost an average of about £100,000 due to their dealings with Grant, who ran Prosperity Offshore Investment Consultants without a licence. The case raised concerns over the issue of unregulated financial services offered in Dubai.
His lawyers have denied wrongdoing on his behalf and will have 30 days to appeal any decision on November 14.
In an email to The National on Sunday, Grant denied any wrongdoing and said clients signed off on all investments before they were made.
He also said he did not mislead clients over their investments “in any way”.