Dubai’s DFSA enforcement action against private equity Al Masah upheld

Dubai’s DFSA enforcement action against private equity Al Masah upheld

The Financial Markets Tribunal (FMT), a specialist independent tribunal, has affirmed a decision by the Dubai Financial Services Authority (DFSA) to take enforcement action against two firms and three individuals for unauthorised financial services activities and making misleading and deceptive statements.The firms are Al Masah Capital Limited, a Cayman Islands registered company now in liquidation and Al Masah Capital Management Limited, a DFSA Authorised firm, also now in liquidation. The three individuals are Shailesh Dash, Nrupaditya Singhdeo and Don Lim Jung Chiat, DFSA said in a statement.$3,000,000 (AED 11,010,000) on Al Masah Capital (AMC);$1,500,000 (AED 5,505,000) on Al Masah Capital Management Limited (AMCML);$225,000 (AED 825,750) on Dash;$175,000 (AED 642,250) on Singhdeo$150,000 (AED 550,500) on Lim.In May, DFSA announced that it has imposed $4.5 million in fines against the two entities