The Dubai Financial Services Authority (DFSA), the regulator for the emirate's financial hub, is seeking to fine a local investment bank US$75,000 (Dh275,482) amid allegations about how it accounted for some artwork.
The watchdog claims Arqaam Capital broke the rules when it marked up eight paintings by the artist Farhad Moshiri, commissioned for $200,000 in 2007, to show a value of $2.45 million in its 2009 accounts.
Arqaam denies any wrongdoing in the affair, as does its auditor Ernst & Young, and is due to contest the allegations in a public hearing scheduled to start in Dubai today.
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