{"id":13009,"date":"2013-12-05T12:01:01","date_gmt":"2013-12-05T11:01:01","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=13009"},"modified":"2013-12-05T12:13:47","modified_gmt":"2013-12-05T11:13:47","slug":"kaloti-suffers-reputation-damage","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/kaloti-suffers-reputation-damage\/","title":{"rendered":"Kaloti Suffers Reputation Damage"},"content":{"rendered":"

Kaloti Group \u2018compliant with Dubai \"Kaloti\"
\ngold audit? Tradearabia<\/a><\/h4>\n

Mr. Munir R. Kaloti, President of Kaloti Jewellery International DMCC stated: \u201cThe DFSA confirmed that neither I nor the Kaloti Group of Companies are or were part of the DFSA\u2019s investigation of Deutsche Bank. The manner in which my name was cited in the claim was extremely damaging to my reputation and my lawyers are investigating why this was the case. I was given no prior warning that I would be named and had at no time been contacted by either party regarding my account.\u201d<\/p>\n

“Nonetheless, I want to make it clear that I have authorised my office to submit all documents in my possession should they be requested by the DFSA,\u201d he said.<\/p>\n

On November 17, 2013 DFSA had announced that it had commenced proceedings in the DIFC Courts to enforce compliance by Deutsche Bank DIFC Branch (DBDIFC), with a notice requiring information.On November 21, 2013 DFSA confirmed that neither Munir Kaloti nor the Kaloti Group of Companies are or were the subject of the DFSA\u2019s investigation of Deutsche Bank DIFC branch.<\/p>\n

Kaloti Group of Companies published on November 27, 20013 a self-evaluation titled \u201cDMCC Responsible Sourcing of Precious Metals Guidance Compliance Report\u201d and a report Ernst & Young Dubai commissioned from Kaloti Group of Companies titled \u201cIndependent Reasonable Assurance Report\u201d.<\/p>\n

Katloit\u2019s \u201cCompliance Report\u201d outlines the steps taken by Kaloti Jewellery International DMCC (KJI) and Kaloti Jewellers Faclory Ltd. (KJF) to achieve full compliance with the DMCC’s Responsible Supply Chain Guidance as well as following all international regulations covering Anti Money Laundering and Terrorist Financing.<\/p>\n

Katoti Jewellery International DMCC (K]I), which is based in Dubai, is responsible for the management of all aspects of the physical precious metals business in the United Arab Emirates. It is the licensed entity that faces clients and counterparty service providers such as international bullion banks, security and logistics companies, insurance and airline firms. Kaloti Jewellers Factory Ltd. (KIF), an independent entity based in Sharjah, is the refinery service provider of the Kaloti’s United Arab Emirates operations and is the entity that enjoys Dubai Good Oelivery accreditation. References to systems, procedures and controls in this refinery report collectively cover both KJI and KJF.<\/p>\n

Not surprisingly, the self-evaluation comes to the conclusion:<\/p>\n