The Dubai Financial Services Authority (DFSA) has taken enforcement action against two firms in the Adenium group of companies (the Adenium Group), and two associated individuals for a number of breaches of DFSA legislation including unauthorised financial services activities.
The firms are Adenium Energy Capital Ltd (Adenium Cayman), a Cayman Islands registered company now in liquidation, and Adenium Energy Capital Advisors Limited (AECAL), a DFSA Authorised Firm also now in liquidation. Adenium Cayman and AECAL belong to the Adenium Group, which invested in and managed solar energy projects in a number of countries.
The two individuals are Mr Wassef El Sawaf, the former Chief Executive Officer of Adenium Cayman and the former Senior Executive Officer of AECAL, and Mr Youssef Fouad Chaker, the former Chief Legal Officer of Adenium Cayman and a former Licensed Director of AECAL.
The DFSA imposed the following financial penalties:
The DFSA found that:
The DFSA further found that Mr El Sawaf and Mr Chaker:
F. Christopher Calabia, Chief Executive of the DFSA, said: “The DFSA will not tolerate DIFC based corporate groups that have only one entity regulated by the DFSA, but create the impression that all of the group’s financial services are regulated by the DFSA and onboard clients with another group entity that is not subject to DFSA regulation.”
Copies of the Decision Notices setting out full details of this matter can be found in the Regulatory Actions section of the DFSA website.
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