MANAMA: MANAMA: Bahrain-based Gulf Finance House (GFH) has distanced itself from the arrest of a former executive of GFH Capital on the charges of fraud and embezzlement.
GFH Capital Limited (GFH Capital), the Dubai-based investment bank and fully owned subsidiary of Bahrain-based GFH, confirmed that its former Deputy CEO, David Haigh, has been arrested in Dubai as a result of allegations of serious fraud and embezzlement.
David had served as a Deputy CEO, COO and Deputy Counsel at the GFH Capital from December 2007 to March 2014. David had also served as Injazat’s Chief legal Officer.
In a statement issued in Manama, the GFH said the Dubai police had issued a number of statements on the matter and their investigations are ongoing. “It is not appropriate for GFH Capital to comment in any detail on their inquiries at the moment,” it said.
“GFH Capital is confident that it has fulfilled all its duties and obligations properly in bringing the allegations against David Haigh to the attention of the appropriate authorities,” the statement added.
“The issues that have been referred to the Dubai and UK authorities are unrelated to GFH Capital’s relationship with Massimo Cellino, the new majority owner and fellow shareholder in Leeds United, or his purchase of a 75% stake in the club from GFH earlier this year,” Jinesh Patel, GFH Capital’s SEO, added.
As Managing Director of Leeds United Football Club, David Haigh is responsible for overseeing all business operations at the Championship club.
In the post since July 2013, and a director since 2012, David has driven fundamental changes in the club; attendance and tickets sales have significantly increased, whilst he has spearheaded the club’s work with local and international business as well as in the surrounding community.
David was formerly Deputy CEO and General Counsel of GFH Capital, a Dubai-based Islamic investment bank that purchased Leeds United in December 2012. In Spring 2014, David left GFH Capital and Dubai to focus fully on his role in Leeds.
GFH’s takeover of Leeds represented something of a return home for David, who was born into a third generation Leeds Family from Beeston and watched the club as a child. In his time to date at Leeds David has led a re-engagement campaign with fans and his excellent relations with supporters and supporter groups have been a feature of his tenure.
Prior to GFH Capital, David worked at Barclays Wealth and Bank of New York Mellon and practiced law at DLA Piper and Akin Gump. He is a solicitor of the Supreme Court of England and Wales, a member of the UK Institute of Directors and the International Bar Association. David has been nominated for numerous legal industry awards both in the Middle East and in the UK.
He was a mentor for Seed Start-up, a Dubai based start-up accelerator and seed stage venture capital fund ranked amongst the Middle East’s top 10 start-up accelerators.
David is well known for his charity work. He set up the HCU Trust and is an ambassador for the Make A Wish Foundation. In 2013, he took part in an Arctic trek, and is due to take on Mount Kilimanjaro, the London Marathon and a cross-Channel row.
GFH Capital Limited is an Islamic investment bank and private house established by Gulf Finance House and Islamic Development Bank Group.