Dubai Financial Services Authority

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Peter Georgiou: $980K Fine & Disqualification (Dubai)

August 19, 2024
Decision Notice by the Dubai Financial Services Authority imposing a fine of $980,020 and disqualification on Peter Georgiou for regulatory breaches while employed as a "Relationship Manager" with Mirabaud (Middle East) Limited, specifically that he "engaged in conduct that was misleading, deceptive or was likely to mislead or deceive in connection with a Financial Service".

FFA Private Bank (Dubai) Ltd.: $373K Fine (Dubai)

October 12, 2023
Decision Notice by the Dubai Financial Services Authority Dubai Financial Services Authority imposing a fine of $373,842 on FFA Private Bank (Dubai) Limited, described as a wholly-owned subsidiary of Lebanon-based Capital Bank, a.k.a. I&C Bank, for regulatory breaches.

Remi Ishak: $33K Fine (Dubai)

August 9, 2023
Decision Notice by the Dubai Financial Services Authority imposing a fine of $33,220 on Remi Ishak for regulatory breaches while serving as a "Finance Officer" of Equitativa (Dubai) Limited.

Adenium Energy Capital Ltd.: $1.2M Fine

March 17, 2022
Decision Notice by the Dubai Financial Services Authority imposing a fine of $1.2 million on Adenium Energy Capital Ltd. (in Official Liquidation), described as a Cayman Islands company that "secured and developed solar energy Projects in a number of countries, including Jordan, Japan, Egypt and Italy", for regulatory breaches, including "carrying on unauthorised financial services", "making unauthorised financial promotions", and "offering fund units" without authorization.

Youssef Chaker: $73.9K Fine

March 16, 2022
Decision Notice imposing. fine of $73,920 on Youssef Fouad Chaker for regulatory breaches involving entities in the British Virgin Islands, Cayman Islands, and United Arab Emirates.

Wassef El Sawaf: $131K Fine

March 16, 2022
Decision Notice by the Dubai Financial Services Authority imposing a fine of $131,600 on Wassef El Sawaf for regulatory breaches involving entities in the British Virgin Islands, Cayman Islands, and United Arab Emirates.

Adenium Energy Capital Advisors Ltd.: $96K Fine

March 16, 2022
Decision Notice by the Dubai Financial Services Authority imposing a fine of $96,484 on Adenium Energy Capital Advisors Limited (in Official Liquidation), of Dubai, in the United Arab Emirates, for regulatory breaches.

Novus Fintech Ltd.: Public Censure

March 15, 2022
Decision Notice b the Dubai Financial Services Authority that it has imposed a Public Censure on Novus Fintech Ltd., whose "sole owner and director" was identified as Stuart Coles, a citizen of the United Kingdom.

Coworth Investments Ltd.: Public Censure

March 15, 2022
Decision Notice by the Dubai Financial Services Authority imposing a Public Censure on Coworth Investments Ltd., whose "sole owner and director" was identified as Stuart Coles, a citizen of the United Kingdom.

Coworth Fintech Ltd.: Public Censure

March 15, 2022
Decision Notice by the Dubai Financial Services Authority that it has imposed a Public Censure on Coworth Fintech Ltd., whose "sole owner and director" was identified as Stuart Coles, a citizen of the United Kingdom.

Paymentology Ltd.: Public Censure

February 7, 2022
Decision Notice by the Dubai Financial Services Authority to publicly censure Paymentology Ltd., described as a British "payment technology solutions provider", for "disseminating misleading or deceptive information", specifically "by incorrectly claiming that it was licensed by the DFSA and had an office in the DIFC".

Coworth Investments Ltd. et al: Dubai FSA’s ‘Regulatory Clarification’

November 16, 2021
Dubai Financial Service Authority's "Clarification regarding the regulatory status" of Coworth Investments Ltd., Coworth Fintech Ltd., and Novus Fintech Ltd. Editor's Note: As previously reported by OffshoreAlert, Coworth and Novus are part of a group controlled by British fraudster Richard Fagan.

Mustafa Abdel-Wadood: $1.9M Fine & Ban

October 7, 2021
Decision Notice by the Dubai Financial Services Authority that it has imposed a fine of $1,927,495 and a prohibition on Mustafa Ahmed Talaat Abdel-Wadood, a former senior manager of the Abraaj Group who "pleaded guilty" to criminal charges at federal court in New York.

Ashish Dave: $1.7M Fine & Industry Ban

June 8, 2021
Decision Notice by the Dubai Financial Services Authority that it has imposed a fine of $1.7 million and financial industry ban on Ashish Bhrugu Dave regarding his conduct as Chief Financial Officer of the Abraaj Group.

Ashish Bhandari: $165K Fine

September 17, 2020
Amended Decision Notice by the Dubai Financial Services Authority imposing a fine of $165,000 and financial services industry restrictions on Ashish Bhandari for regulatory breaches involving "an offshore entity in the British Virgin Islands" while he was employed by ABN AMRO Bank NV.

La Tresorerie Ltd.: Fine

April 9, 2020
Decision Notice by the Dubai Financial Services Authority regarding a $612,790 fine imposed on La Tresorerie Limited for various regulatory breaches, including unlicensed activity and fraud. Editor's Note: Research by OffshoreAlert showed that, in records kept by the Dubai International Financial Centre, La Tresorerie Limited was incorporated in Dubai on January 19th, 2014, its directors are Adam Omar Shanti, Abdul wahab Al-halabi, and Krishna Moorthy Subramanian, and its sole shareholder is La Tresorerie Management Limited. Former directors are Sylvain Vieujot, and Gilles Rollet, and Josep Tomas Mestres Biescas.

Ajay Arora: Fine & Industry Ban

March 10, 2020
Decision Notice by the Dubai Financial Services Authority announcing a fine and financial services industry ban regarding Ajay Arora, described as "Senior Executive Officer of Morgan Gatsby Limited", for breaches of Regulatory Law, including the promotion of the Essel Africa Natural Resource Fund, described as an "unregulated fund" domiciled in Luxembourg.

Enness Limited: Regulatory Fine

February 24, 2020
Decision Notice by the Dubai Financial Services Authority regarding Enness Limited - DIFC Representative Office.

Morgan Gatsby Ltd.: Fine

January 6, 2020
Decision Notice by the Dubai Financial Services Authority announcing a fine against Morgan Gatsby Limited regarding the promotion of Essel Africa Natural Resource Fund, of Luxembourg, and other matters. Editor's Note: Research by OffshoreAlert showed that, according to the website of the Dubai International Financial Centre, Morgan Gatsby Limited went into liquidation on February 5th, 2019, that its directors are Gagan Jawahar Goyal, Shahzaad Siraj Dalal, and Ajay Rajinder Arora, and former directors include Pankaj Prem Gupta, Mazin Mohammad Mohyelddin Alkhatib, Farhan Abdulrahim Mohammed Faraidooni, Ahmad Abdulla Juma Binbyat, and George Zaki George Mushahwar.

Julian Rifat: Restrictions

November 24, 2019
Decision Notice by the Dubai Financial Services Authority regarding Julian Rifat, who "was convicted in the United Kingdom of committing a number of criminal offences".

Al Masah Capital Ltd.: $3M Fine

September 25, 2019
Decision Notice by the Dubai Financial Services Authority that it has imposed a fine of $3 million against Al Masah Capital Limited, of the Cayman Islands, for regulatory breaches.

Don Lim Jung Chiat: Disqualification

September 25, 2019
Decision Notice by the Dubai Financial Services Authority that it has imposed a prohibition on Don Lim Jung Chiat for regulatory breaches involving Al Masah Capital Management Limited, o the Cayman Islands.

Abraaj Capital Ltd.: Fine

July 29, 2019
Decision Notice by the Dubai Financial Services Authority regarding a fine imposed on Abraaj Capital Limited (in Provisional Liquidation), of Dubai.

Abraaj Investment Management Ltd.: Fine

July 29, 2019
Decision Notice by the Dubai Financial Services Authority regarding a fine imposed on Abraaj Investment Management Limited (in Provisional Liquidation), of the Cayman Islands.

Mubashir Ahmed Sheikh: Disqualification

July 18, 2019
Decision Notice by the Dubai Financial Services Authority imposing penalties for dishonesty on Dr. Mubashir Ahmed Sheikh regarding MAS ClearSight Ltd., of which Sheikh was chairman, director and acting Senior Executive Officer. Editor's Note: Mubashir Ahmed Sheikh currently operates CS Global Capital SA, of Switzerland, which is "a multi-line Investment Banking, Private Equity and Real Estate Advisory Business", according to its website at http://csglobalcapital.com.

Christopher Steer: Decision Notice

April 1, 2019
Decision Notice by the Dubai Financial Services Authority that Christopher Steer, of GFI Group Inc., "is not fit and proper person to hold any Licensed Function in connection with the provision of Financial Services in or from the DIFC".

David Barnett: Decision Notice

April 1, 2019
Decision Notice by the Dubai Financial Services Authority that David Barnett, of GFI Group Inc., "is not fit and proper person to perform any functions in connection with the provision of Financial Services in or from the DIFC".

Andrew Grimes: News Release

May 28, 2018
News Release by the Dubai International Financial Services Authority entitled 'DFSA obtains DIFC Courts Judgement to Enforce a Fine'.