DFSA IMPOSES SIX YEAR BAN ON FINANCIAL ADVISER AFTER HE HAD ALREADY LEFT THE UAE

The Dubai Financial Services Authority (DFSA) has banned Jaime Corona from performing any functions in connection with the provision of financial services in the Dubai International Finance Centre (DIFC) for the next six years.

The ban was imposed after Mr Corona provided two Dubai-based clients with falsified portfolio account statements which indicated that the value of their portfolios was significantly greater than their actual value.  This misleading conduct only came to the DFSA's attention after Mr Corona had left the UAE.  The DFSA's Chief Executive, Mr Ian Johnston, noted that "people who act unethically cannot avoid the DFSA's scrutiny by leaving the jurisdiction or failing to communicate with the regulator. The DFSA may impose sanctions on those who contravene its laws regardless of their location." A copy of the Notice of Restriction can be found here.

FORMER MIZIN EXECUTIVE CLEARED OF FINANCIAL IRREGULARITIES

The Dubai Court of Appeal has held that a former executive of Mizin (the real estate development arm of Tatweer) and an engineer, were not guilty of bribery or of committing any other financial irregularities.  It had been alleged that the former executive had accepted bribes worth AED 1.9m from the engineer to grant him favours in booking and buying land and special units which belonged to Mizin's projects. 

The Court however found that the financial dealings were legitimate and that there was no breach of Mizin's policies.  It is unknown whether Mizin will appeal the decision before the Dubai Court of Cassation.