Investigations by the Dubai Financial Services Authority revealed multiple violations of the authority’s rules by OCS International Finance Limited, mismanagement of $46 million (more than AED 168.8 million) of customer funds, in addition to the company’s misleading of the authority and a bank.
A statement issued by the authority yesterday stated that, as a result, a financial fine was imposed on the company after applying a 30% discount, i.e. $720.9 thousand (about 2.64 million dirhams), and a fine of $186 thousand (682.6 thousand dirhams) was imposed on its CEO.
In addition to the financial fine, its CEO was banned from holding any executive position or working as an employee with any licensed company, designated non-financial business and professions body, reporting entity or local fund, and he was also restricted from practicing any function related to the provision of financial services in or From the Dubai International Financial Centre.
The CEO of the Dubai Financial Services Authority, Ian Johnston, stressed that maintaining the integrity of the financial services industry in the DIFC is imperative to maintaining investor confidence, and therefore, all companies and individuals operating in the center must adhere to the highest standards of integrity and good conduct, especially when… Handling client funds.
He said, “The implementation measures taken by us are a clear message that the authority does not allow or tolerate misleading or obstructive behavior, and will take decisive measures to ensure the protection of investors.”
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