Financial tribunal delivers verdict against Al Masah; issues statement regarding Shailesh Dash

Financial tribunal delivers verdict against Al Masah; issues statement regarding Shailesh Dash

The stiff penalties imposed by the Dubai Financial Services Authority (DFSA) against Al Masah Capital has been upheld by the Financial Markets Tribunal (FMT), it announced on Wednesday.

Following an eight-day hearing earlier this year, the FMT issued its decision on October 27.

However, the tribunal said in its judgement in paragraph 111 that Al Masah's founder Shailesh Dash "came over as an extremely intelligent and forceful individual“¦ and is no doubt essentially a truthful person“.

It also added that Dash exhibited "a formidable mastery of the arguments in this case.“

The case essentially revolved around placement fees and the extent of disclosure to investors on transactions during a six-year period.

It involved complicated structures in which investors bought shares in companies that then bought shares in further businesses.

According to observers, the compliance officer