Private equity firm Al Masah Capital has been placed into voluntary liquidation in the Cayman Islands months after the company and several of its employees were fined by the Dubai Financial Services Authority for misleading investors about fees charged.
The company appointed Martin Trott of R&H Restructuring (Cayman) Ltd in the Cayman Islands and Shahab Haider of Sajjad Haider Chartered Accountants in Dubai International Financial Centre as joint voluntary liquidators of the company, according to a filing. The liquidation was initially reported by Bloomberg.
DIFC-based Al Masah Capital Management and its parent company Al Masah Cayman were founded in 2010 and in a court filing earlier this year it was said to have raised $1 billion from investors. The company's paid up capital according to the public register of the Dubai International Financial Centre is $3 million.
Al Masah Cayman managed four investment companies – Avivo Group, Al Najah, Gulf Pinaccle Logistics and Diamond Lifestyle. Al Masah Capital Management identified and evaluated potential investments for its parent and marketed shares in the investment companies in the DIFC.
The DFSA took action against both Cayman Islands-based Al Masah Capital and DIFC-based Al Masah Capital Management in September last year, finding that it had not informed investors of a placement fee equating to 10 per cent of all funds raised from investors.
The regulator fined Al Masah Capital $3m, Al Masah Capital Management $1.5m. The DFSA also fined and banned three of the company's key individuals from "performing any function in connection with provision of financial services in or from the DIFC".
Chief executive Shailesh Dash received a fine of $225,000, chief financial officer Nrupaditya Singhdeo was fined $150,000 and executive director Don Lim Jung Chiat was also fined $150,000.
Mr Dash, who is in Dubai and involved in other businesses, declined to comment on the record, when reached by The National. Rashid Aleem, senior manager at Meralis Chartered Accountants & Registered Auditors, listed on the DIFC website as the auditor of Al Masah Capital Management Limited, declined to comment.
The DFSA announced its actions in May this year, following the conclusion of a privacy application hearing on the ruling that had been requested by the companies and its officers. The companies also disputed the DFSA's findings and appealed to the regulator's Financial Markets Tribunal. The appeal is still ongoing.
The DFSA argued in the privacy hearing earlier this year that the role of managing the four investment companies previously owned by Al Masah Cayman had been passed on to Regulus Capital in 2016, a company founded Mr Dash.
The DFSA described the shift as "in effect, a 'phoenix' of Al Masah Cayman" with the same board and management team. Regulus Capital was not available to comment when contacted by The National.
In an interview with The National on Tuesday, the DFSA's chief executive, Bryan Stirewalt declined to comment on Al Masah Capital's liquidation, given that the appeal is still outstanding.
However, when asked about the actions the regulator has taken in cases such as this, Mr Stirewalt said "enforcement actions can bring strength to the financial sector to show that there are rules and we take those rules seriously".
"This should have a positive impact on Dubai’s standing as a financial centre. People should know that in a regulated environment, we take rules seriously," he said.
"We will treat breaches of those rules in a serious manner. And that may include penalties for those who caused the violations."
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Mohammed bin Zayed Majlis
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
CREW
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERajesh%20A%20Krishnan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ETabu%2C%20Kareena%20Kapoor%20Khan%2C%20Kriti%20Sanon%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
If%20you%20go
%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
STAGE 4 RESULTS
1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51
2 David Dekker (NED) Team Jumbo-Visma
3 Caleb Ewan (AUS) Lotto Soudal
4 Elia Viviani (ITA) Cofidis
5 Matteo Moschetti (ITA) Trek-Segafredo
General Classification
1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21
2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43
3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03
4 Chris Harper (AUS) Jumbo-Visma - 0:01:43
5 Neilson Powless (USA) EF Education-Nippo - 0:01:45
Terminal High Altitude Area Defense (THAAD)
What is THAAD?
It is considered to be the US' most superior missile defence system.
Production:
It was first created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
