IslamicFinance.de

Bahrain’s Gulf Finance House has become entangled in a dispute with a former executive at its Dubai-based private equity unit who the company alleges falsified invoices to siphon almost $5 million into bank accounts controlled by him. David Haigh, who was the deputy chief executive of GFH Capital until resigning this March, was arrested shortly after he arrived in Dubai about a month ago and has been in detention since. Legal authorities in Dubai are weighing criminal charges, according to an emailed statement from GFH, while the company has also filed a civil suit against him in the Dubai International Financial Centre. Mr. Haigh denied the GFH allegations.

Dubai-based GFH Capital is snapping up central London property in search of attractive yields and may launch technology funds with a U.S.-based partner as it seeks to capitalize on business startups in the GCC. GFH Capital has been buying London properties with values between $15 million and $50 million. It is currently looking at purchasing a pair of properties for about GBP20 million, according to chief executive David Haigh. Those investments aim to exploit good prospects for returns on luxury flats in central London. In addition to its London property strategy, GFH Capital is looking at launching private equity funds that seed startups in the region. Besides, the investment in Leeds, Haigh said, was doing well.

The ebullient GFH Capital general counsel David Haigh speaks to Alex Newman about buying Leeds United, his unorthodox legal career and lofty political ambitions. When David Haigh recounts his first meeting with Ken Bates the anecdote reveals as much about himself as it does about the famously combative ex-chairman of Leeds United Football Club.

The takeover of Leeds United Football Club by GFH Capital raised disputes on the level of Shari’ah compliance associated with the deal. A statement by David Haigh, deputy chief executive officer and chief operating officer of GFH Capital, stumbled upon rather negative reception. He compared Leeds United to young Pamela Anderson in terms of good shape and future perspective. Also, the fact that a soccer club where alcohol, gambling and pork feature in the mix is subject of acquisition, the question arises whether it is at all compliant with the Shari’ah principles.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

An analysis by the Daily Telegraph shows that Gulf Finance House (GFH), which plans to buy Leeds United, is short of money. The investment-banking group held less than £4million in cash in June 2011, which is £800million less than the cash sum at the end of 2008. As a subordinate company to GFH, GFH Capital claims to have the money for the acquisition and not to be involved in the financial shortage of its parent company. However, further details on this issue are not revealed.

Read more on: http://www.telegraph.co.uk/sport/football/teams/leeds-united/9597049/Lee...