DFSA Hands Out Chunky Fine and Life Ban for PE Firm and Founder
Published On May 13, 2020
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Al Masah Capital Ltd, a private equity firm based in Dubai, was fined by the Dubai Financial Services Authority (DFSA) and its founder, Shailesh Dash, has been banned from working in the emirate’s financial center for allegedly deceiving investors about its fees. Al Masah Capital picked up a penalty of more than $5m.
Nrupaditya Singhdeo, the CFO, and Don Lim Jung Chiat, were also named in the charge. It wasn’t clear whether the three individuals are still employed by Al Masah Capital. The firm and three individuals are disputing the DFSA’s findings at a tribunal. The DFSA alleges a number of breaches between 2010 and 2016, such as carrying out unauthorized services and making misleading statements about fees to clients.