United Arab Emirates

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.

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 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.

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.

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.

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".

Andrew Grimes: News Release

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