The case is still under investigation, according to the authority
uae14 hours ago
A firm was fined by the Dubai Financial Services Authority for multiple breaches of its policies and violations against client funds.
The OCS International Finance Limited was found to have mismanaged Dh168,800 ($46 million) of client funds, and misleading the authority and a bank.
According to a press release issued by the authority, the company was fined Dh2,645,721 ($720,905) after applying a 30 per cent discount, and its Chief Executive Officer was fined Dh682,631 ($186,000).
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
In addition to the fine, the CEO is prohibited from holding any executive position or working as an employee of any licensed firm, designated non-financial business or profession and reporting entity or local fund.
It is also restricted from engaging in any function related to the provision of financial services in or from the Dubai International Financial Centre (DIFC).
Ian Johnston, Chief Executive of the DFSA, said: “Maintaining the integrity of the financial services industry in the DIFC is essential to maintaining investor confidence. All firms and individuals operating in the DIFC must adhere to the highest standards of integrity and good conduct, particularly when dealing with client funds."
"Our enforcement actions are a clear message that the DFSA will not tolerate misleading or obstructive behaviour and will take decisive action to ensure that investors are protected," he added.
ALSO READ:
The case is still under investigation, according to the authority
uae14 hours ago
Astrotourism, art venture, gami-vacation are some of the predicted travel trends next year
uae19 hours ago
Saeed Salem Al Heabsi has a room in his home in Abu Dhabi that resembles a museum, showcasing a collection of rare items
uae19 hours ago
The labour law ensures a fair balance between the rights and obligations of employers and employees; here's what it says about overtime work
uae19 hours ago
The entire world is looking forward to the Council playing its intended role in maintaining international peace and security, it said
uae1 day ago
The vessel was 10 nautical miles from Zirku Island
uae1 day ago
The MEED Project Awards, regarded as the gold standard in the MENA region since 2007, celebrate the best in engineering, innovation, and sustainability
uae1 day ago
Khalaf Ahmad Al Habtoor's donation to Al Jalila Foundation will also be used to renovate the nephrology unit at Dubai Hospital
uae1 day ago