DFSA

Unnamed entity

Dr Sheikh, former SEO of MAS, was fined USD 400,000, prohibited from financial services, and ordered to pay USD 614,228 restitution for dishonestly withdrawing company funds, causing prudential breaches, and providing false information to the DFSA.

Date

2019-07-18

Entity type

—

Action type

Multiple

Fine (as written)

USD400,000

Fine (normalised AED)

1,468,000

Personal fine

Yes

Individual role

Senior Executive Officer (SEO)

Regulations breached

GEN Rule 4.4.1, Regulatory Law 2004 Article 66, PIB Rule 3.5.3(1), GEN Rule 4.2.4

Scraped at

2026-07-04T16:52:25.9021+00:00

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