Dubai's Financial Services Authority (DFSA) confirmed today it has issued fines to local wealth management firm Al-Masah Capital, and barred three directors from working in Dubai International Financial Centre (DIFC).
DFSA named the three individuals as Shailesh Dash, Nrupaditya Singhdeo and Don Lim Jung Chiat, and charged them with issuing "misleading or deceptive statements as to fees in documents relating to funds under management."
A combined penalty of more than $3m was issued by the financial sector regulator to Al-Masah Capital (registered in the Cayman Islands) and Al Masah Capital Management.
Both firms and their directors have disputed the regulator's findings, and the DFSA has said it will present their cases to the UAE's Financial Markets Tribunal (FMT), in DIFC.
In a statement the FMT said it will work to "determine what, if any, is the appropriate action for the DFSA to take, and will remit the matter to the DFSA with such directions as the FMT considers appropriate to give effect to its determination."
A spokesman for Al-Masah Capital Management said: "So far these are allegations by the DFSA contained in a decision noted but are currently sub judice before a tribunal. It would be inappropriate to comment on the outcome of the proceedings before the tribunal. However, we're confident, not only that the outcome will be fair, but also continue to have faith in the regulatory system in the DIFC and the UAE generally."
We're confident, not only that the outcome will be fair, but also continue to have faith in the regulatory system in the DIFC and the UAE generally."