A former chairman of the board of directors will be fined 825.7 thousand dirhams for his involvement in misleading behavior
The Financial Markets Legal Authority announced its support for the implementation procedures issued by the Dubai Financial Services Authority against Dr. Mubasher Sheikh for his involvement in misleading and deceptive behaviors.
Dubai Financial Services stated, in a statement today, that after hearings that lasted for five days, the Financial Markets Legal Authority issued its decision on October 20 to endorse the decision issued by the Dubai Financial Services Authority, and to impose the following penalties:
Dr. Mubasher Sheikh is fined 225 thousand dollars (about 825.7 thousand dirhams).
- To compel him to pay compensation of no less than 644 thousand and 836 dollars (2.33 million dirhams) to the "Diamond ClearSight Limited" company, representing the amount of cash he withdrew in a misleading manner, in addition to the accumulated interest.
Banned from holding positions or taking over jobs in certain companies regulated by the Dubai Financial Services Authority.
Preventing him from practicing any job related to financial services in or from the Dubai International Financial Center.
It is noteworthy that Dr. Mubasher Sheikh is the former Chairman and former Chief Executive Officer and the real principal benefactor of "MAS ClearSight Limited", known for short as "MAS", which was regulated by the Dubai Financial Services Authority before it was placed under liquidation in November 2015.
Dubai - Emirates Today
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