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DFSA Action Concerning Chairman and SEO Referred to Financial Markets Tribunal

03 Oct 2019

Dr Mubashir Sheikh, the former Chairman and Senior Executive Officer of MAS ClearSight Ltd (In Liquidation) (MAS), has referred a decision by the Dubai Financial Services Authority (DFSA) concerning him to the Financial Markets Tribunal (FMT) for review.

On 18 July 2019, the DFSA decided to take enforcement action against Dr Sheikh for breaches of DFSA legislation.  In its Decision Notice, the DFSA found that Dr Sheikh:

  • demonstrated a lack of integrity by acting dishonestly and deceptively;
  • provided false, misleading or deceptive information to the DFSA; and
  • caused MAS to breach the DFSA’s prudential rules.

Given the seriousness of the findings and aggravating factors, the DFSA decided to take action against Dr Sheikh, including a direction that he should pay restitution to MAS.  The DFSA also imposed a fine, and restricted and prohibited Dr Sheikh from performing certain functions in or from the DIFC.  A copy of the DFSA’s Decision Notice can be found on the DFSA website under Regulatory Actions.

Dr Sheikh disputes the DFSA’s findings and he has referred the action taken against him to the FMT for review.  The DFSA’s decision to take action against Dr Sheikh is therefore provisional, as it may be confirmed, varied or overturned as a result of the FMT’s review.  The DFSA does not intend to make any further public comment until the FMT’s review is complete.  Information about pending FMT matters, including details of any public hearings, can be found on the FMT section of the DFSA website.