Dubai Financial Services Authority

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.

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.

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.

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'.