The Dubai Financial Services Authority (DFSA) implemented two enforcement actions in 2008 involving financial penalties of about a million dollars and the suspension of one firm.
In its annual report released yesterday, the regulator of the Dubai International Financial Centre said it initiated proceedings in the DIFC Court against Shuaa Capital International and Shuaa Capital to enforce compliance in an accusation involving the manipulation of DP World's stock price on Nasdaq Dubai on March 31.
The DFSA determined that Shuaa Capital intentionally set about to raise the closing price of DP World shares so that it could mark up the book value of its proprietary portfolio in those shares for accounting purposes. The DFSA also determined that Shuaa Capital obstructed the regulator's investigation.
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