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Abu Dhabi to create financial watchdog - WAM

2008-12-20 10:10:18 GMT (Reuters)
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ABU DHABI, Dec 20 (Reuters) - The Gulf Arab emirate of Abu Dhabi said on Saturday it would create a state auditing unit that would look into the management of state funds and firms in which it owns more than a 50 percent stake.

Abu Dhabi, one of seven members of the United Arab Emirates, has the world's largest sovereign wealth fund and is a shareholder in several local firms.

Among the goals of the watchdog is "increasing accountability and transparency in entities that fall under its jurisdiction", according to a law creating the body cited by the official WAM news agency.

It will seek to ascertain that "the management, collection and disbursement of funds of the entities it oversees are carried out in an efficient and economically viable manner", it said.

The agency did not say if the creation of the new body was linked to any suspected wrongdoings.

Regional trade and tourism hub Dubai, another member of the UAE, launched a campaign this year to root out corruption and made a series of high-level arrests of leading bankers and property officials.

The Abu Dhabi state auditor, which will report to the crown prince of the emirate, will have the authority to directly punish employees who delay or hamper its work.

The law also places restrictions that prevent any other authority from sacking key employees of the auditing unit, whose employment would be governed only by internal regulations. (Reporting by Inal Ersan)

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