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22 Apr 2015, 12:04 pm

DFSA Takes Action Against Hany Lotfy Awwad Abdelwahab

The Dubai Financial Services Authority (DFSA) has imposed a fine of USD 45,000 (AED 165,150) and a restriction, on Mr Hany Lotfy Awwad Abdelwahab (Mr Abdelwahab) for providing the DFSA with false, misleading or deceptive information, and for obstructing the DFSA by failing to comply with DFSA investigative notices.

The restriction imposed by the DFSA prevents Mr Abdelwahab from performing any functions in connection with the provision of financial services in or from the Dubai International Financial Centre (DIFC), for a period of 3 years, starting on 16 March 2015.

On 27 March 2013, Mr Abdelwahab applied to become the Controller of a DFSA Authorised Firm.

As part of the application process Mr Abdelwahab provided false information to the DFSA. During the DFSA's investigation into the provision of the false information it served investigative notices on Mr Abdelwahab requiring him to produce information and documents and to attend an interview with the DFSA. Mr Abdelwahab failed to produce the information and documents and present himself for interview.

Mr Ian Johnston, Chief Executive of the DFSA said: "Those who apply to be licensed or approved by the DFSA, including as a controller of a firm, must provide the DFSA with correct and accurate information. Furthermore recipients of investigative notices must comply with their requirements. The DFSA will take appropriate action against anyone who provides it with false and misleading information or fails to comply with investigative notices when required."

Neither Mr Abdelwahab, nor any of his companies, are regulated by the DFSA.

A copy of the DFSA's Decision Notice can be found in the Public Register of the DFSA website under Regulatory Actions: Your-Resources/Public-Register#Regulatory-Actions


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