FRA Co-host the FoRe Summit 2023 in Dubai

OVERVIEW

FRA co-hosted the Forensic and Restructuring Summit (FoRe) in Dubai, where industry experts gathered to discuss the latest insights on economic impact, emerging white-collar crimes, regulatory frameworks, and more. Partners and directors from FRA’s Dubai office moderated and participated in several panel discussions,  sharing insights on topics such as restructuring, sanctions, crypto crimes and asset recoveries.  

A short summary and photos from some of the panel sessions follow below.

Panel Session Summary

Unlocking the Value of NPL and Asset Recoveries

The panellists emphasized the necessity for banks to shift their attitudes towards non-performing loans (NPL) and asset recovery. One of the key takeaways was that banks should consider external factors beyond credit rating, capital, and profit when determining the need for NPL and asset recovery. It was acknowledged that banks lacked the necessary capacity and expertise to effectively recover NPL. At the same time, the interest from new players in asset recovery was also increasing. Legal costs in this area are very high and banks are looking for a one-stop shop for handling NPL.

• Stephen Millington, Partner, Forensic Risk Alliance [Moderator]
• Simeon Kerr, Gulf Correspondent, Financial Times
• Mohamed Damak, Senior Director / Sector Lead FI & Global Head of Islamic Finance, S & P Global Ratings
• Haroon Ahmed, Partner and Service Lead - Restructuring Advisory, Grant Thornton UAE
• Walid Azzam, Partner, Hadef & Partners LLC  
• Sam Gidoomal, Managing Director, Alvarez & Marsal  

Crypto Crimes and Insolvencies

This panel session addressed scams in the crypto market and the various risks associated with them. It was noted that regulators were acknowledging these issues and taking steps to establish more laws and regulations to combat them. While efforts towards standardizing cross-border regulations have begun, it was still a long way away. A key takeaway from the session was the importance of implementing practices such as investment strategies, risk committees, data analysis tools, corporate governance, and external audits.

• May Mhanna, Director, Forensic Risk Alliance [Moderator]
• Alexander Chehade, Executive Director and General Manager, Binance
• Matthew Shanahan, Partner, Norton Rose Fullbright
• Kokila Alagh, CEO, KARM Legal
• Pranav Sharma, Co-Founder & General Partner, Woodstock Fund

Managing Complex Cross-Border Restructuring and Forensic Investigations

The panellists delved into the significant challenge of data gathering, management, and protection. The key takeaway was the importance of adopting best practices such as objective setting, accountability, clear reporting structures, and data control. The panel emphasized that digital tools and AI can play a crucial role in standardizing cross-border investigations, saving time, and generating synergies.

• Simon Taylor, Partner, Forensic Risk Alliance [Moderator]
• Simon Charlton, Chief Restructuring Officer, Ahmad Hamad Al Gosaibi & Bros
• Mohammed Al Dahbashi, Managing Partner, ADG Legal
• Zubin Muriya, Executive Director – Head Compliance and Risk Qatar., Julius Baer (QFC) LLC
• Christopher Brennan, Partner, Dentons

View Photos from the Event

Please take a moment to browse through a selection of photographs below taken from the Summit.