GFH Capital, the Dubai-based investment bank and fully owned subsidiary of Gulf Finance House, has clarified that the arrest of its former deputy CEO David Haigh in Dubai is not related to its sale of stake in Leeds United.

In a statement, GFH Capital confirmed that Haigh has been arrested in Dubai as a result of allegations of serious fraud and embezzlement.

Jinesh Patel, GFH Capital's CEO, said: "The issues that GFH has referred to the Dubai and UK authorities are unrelated to the purchase by Mr Massimo Cellino of a 75 per cent stake in Leeds United from GFH earlier this year."

The Dubai Police have issued a number of statements on the matter and their investigations are ongoing. It is not appropriate for GFH to comment in any detail on their inquiries at the moment, it said, without giving details.

"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. - TradeArabia News Service