Dubai's DFSA enforcement action against private equity Al Masah upheld | ZAWYA MENA Edition
The Financial Markets Tribunal (FMT), a specialist independent tribunal, has affirmed a decision by the Dubai Financial Services Authority (DFSA) to take enforcement action against two firms and three individuals for unauthorised financial services activities and making misleading and deceptive statements.
The firms are Al Masah Capital Limited, a Cayman Islands registered company now in liquidation and Al Masah Capital Management Limited, a DFSA Authorised firm, also now in liquidation. The three individuals are Shailesh Dash, Nrupaditya Singhdeo and Don Lim Jung Chiat, DFSA said in a statement.
The FMT imposed financial penalties on all five:
$3,000,000 (AED 11,010,000) on Al Masah Capital (AMC);
$1,500,000 (AED 5,505,000) on Al Masah Capital Management Limited (AMCML);
$225,000 (AED 825,750) on Dash;
$175,000 (AED 642,250) on Singhdeo
$150,000 (AED 550,500) on Lim.
In May, DFSA announced that it has imposed $4.5 million in fines against the two entities at the Dubai International Financial Centre (DIFC) for breaches of the authority’s legislation between August 2010 and June 2016. According to the DFSA, Al Masah Capital Limited, carried on unauthorized financial services in the DIFC, such as managing a collective investment fund and arranging deals in investments.
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