DFSA impose hefty fines on Cayman Islands and UAE linked firms over financial breaches 

Mark Battersby
clock • 2 min read

The Dubai Financial Services Authority (DFSA) has fined two companies and two individuals a total of more than AED5.7m for breach of legislation, including unauthorised financial services activities. In a statement on 22 March, it said the two firms were Adenium Energy Capital Ltd (Adenium Cayman), a Cayman Islands registered company now in liquidation, and Adenium Energy Capital Advisors Ltd (AECAL), a DFSA authorised firm also now in liquidation. The two individuals are Wassef El Sawaf, the former CEO of Adenium Cayman and the former Senior Executive Officer of AECAL, and Youssef Fo...

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