Baker Tilly MKM Chartered Accountants: Enforceable Undertaking (Dubai)
Enforceable Undertaking in Dubai Financial Services Authority v. Baker Tilly MKM Chartered Accountants.
Christian Thurner: $183K Fine & Disqualification (Dubai)
Decision Notice by the Dubai Financial Services Authority imposing a fine of $183,603 and a corporate disqualification on Christian Franz Thurner, who is a citizen of Austria, for regulatory breaches, including lying on a license application to conceal a prior criminal conviction "outside the UAE" for fraud and other offenses, for which "Mr Thurner was sentenced to 15 months imprisonment".
OCS International Finance Ltd.: $721K Fine (Dubai)
Decision Notice by the Dubai Financial Services Authority imposing a fine of $720,905 on OCS International Finance Ltd. for regulatory breaches, including lying on a license application form to conceal that its owner, Christian Franz Thurner, who is a citizen of Austria, had a prior criminal conviction “outside the UAE” for fraud and other offenses, for which “Mr Thurner was sentenced to 15 months imprisonment”.
Peter Georgiou: $980K Fine & Disqualification (Dubai)
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".
Daniyar Japarkulov: $140K Fine & Disqualification (Dubai)
Decision Notice by the Dubai Financial Services Authority imposing a fine of $140,000 and corporate disqualification on Daniyar Japarkulov for regulatory breaches.
Symphony Services Ltd.: $210K Fine & License Revocation (Dubai)
Decision Notice by the Dubai Financial Services Authority imposed a fine of $210,000 on, and revoking the license of, Symphony Services Limited for regulatory breaches.
Sarwa Digital Wealth Ltd.: $191K Fine (Dubai)
Decision Notice imposing a fine of USD191,100 on Sarwa Digital Wealth Limited for regulatory breaches.
FFA Private Bank (Dubai) Ltd.: $373K Fine (Dubai)
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)
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.
Stuart Coles: Amended $44.8K Fine & Disqualification (Dubai)
Amended Decision Notice by the Dubai Financial Services Authority imposing a fine of $44,800 and industry ban on Stuart Coles, a citizen of the United Kingdom.
Trevor Conway: Disqualification (Dubai)
Decision Notice by the Dubai Financial Services Authority disqualifying Trevor Conway on the basis that "he is not fit and proper".
Adenium Energy Capital Ltd.: $1.2M Fine
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
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
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
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.
Stuart Coles: $240K Fine & Disqualification (Dubai)
Decision Notice by the Dubai Financial Services Authority imposing a fine of $240,000 and industry ban on Stuart Coles, a citizen of the United Kingdom.
Novus Fintech Ltd.: Public Censure
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
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
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
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".
Equitativa (Dubai) Ltd.: $210K Fine & Enforceable Undertaking
Decision Notice by the Dubai Financial Services Authority imposing a fine of US$210,000 on fund manager Equitativa (Dubai) Limited for regulatory breaches and an Enforceable Undertaking by the company.
Coworth Investments Ltd. et al: Dubai FSA’s ‘Regulatory Clarification’
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
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
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.
AAF MENA Ltd.: $5K Fine
Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it has imposed a fine of $5,000 on AAF MENA Ltd. for regulatory breaches.
FFA Private Bank (Dubai) Ltd.: Amended Decision Notice
Amended Decision Notice by the Dubai Financial Services Authority imposing prohibitions on FFA Private Bank (Dubai) Limited, of Dubai, in the United Arab Emirates, for regulatory breaches.
Emirates Advocates LLP: $10K Fine
Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it was imposed a fine of $10,000 on Emirates Advocates LLP for regulatory breaches.
Crowe Mak LLP: $5K Fine
Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it has imposed a fine of $5,000 on Crowe Mak LLP for regulatory breaches.
World Credit Solutions Ltd.: $5K Fine
Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it has imposed a fine of $5,000 on World Credit Solutions Ltd., which claims on its website at www.worldcredit.solutions to offer "regulatory compliance services", for regulatory breaches, including a failure to "be open and cooperative in all its dealings with the Regulator". Editor's Note: Research by OffshoreAlert in the National Economic Register of the United Arab Emirates showed that World Credit Solutions Ltd. was incorporated on April 19th, 2018 and operated as a "management consultancy" and "compliance consultancy". No information about the company's officers, directors, or shareholders was available on the NER or on the firm's website and the ownership of its domain name is concealed using a privacy service.
Elmar Capital SPV Ltd.: $10K Fine
Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it was imposed a fine of $10,000 on Elmar Capital SPV Limited for regulatory breaches. Editor's Note: Research by OffshoreAlert in the National Economic Register of the United Arab Emirates showed that Elmar Capital SPV Limited was incorporated on December 19th, 2018. No details of individual participants are publicly available from the register or from Elmar Capital SPV's website at www.elmarcapital.ae, where the company offers 'investment programs', but the site's domain name is registered to Ammar Salem, with an email address of ammar.s.bak@gmail.com.
Ashish Bhandari: $165K Fine
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
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
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
Decision Notice by the Dubai Financial Services Authority regarding Enness Limited - DIFC Representative Office.
Morgan Gatsby Ltd.: Fine
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.
AT Capital Markets Ltd.: Fine
Final Notice by the Abu Dhabi Financial Services Regulatory Authority regarding a financial penalty against AT Capital Markets Limited.
Man Chung Tsui: Fine
Final Notice by the Abu Dhabi Financial Services Regulatory Authority regarding a financial penalty of Man Chung Tsui, of AT Capital Markets Limited.
Julian Rifat: Restrictions
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
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
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
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
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
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.
Rasan Capital Ltd.: License Suspension
Decision Notice by the Dubai Financial Services Authority regarding the suspension of the license of Rasan Capital Limited.
Alexander Guy: Fine
Final Notice of the Abu Dhabi Global Market Financial Services Regulatory Authority regarding a financial penalty against Alexander David Guy, a citizen of the United Kingdom and "Senior Executive Officer and a Licensed Director of Eshara Capital Limited".
Eshara Capital Ltd.: Fine
Final Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority regarding a financial penalty against Eshara Capital Limited.
Christopher Steer: Decision Notice
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
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".
Arnab Mukherjee: Decision Notice
Decision Notice by the Dubai Financial Services Authority regarding Arnab Mukherjee.
Morgan Gatsby Ltd.: License Suspension
Decision Notice regarding Morgan Gatsby Limited by the Dubai Financial Services Authority.