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Dubai Financial Services Authority penalizes former CFO for misleading statements

This move follows the DFSA’s Decision Notice, which showed Ishak’s involvement in deceptive statements and financial reporting irregularities linked to Emirates REIT.

This move follows the DFSA’s Decision Notice, which showed Ishak’s involvement in deceptive statements and financial reporting irregularities linked to Emirates REIT. 

Introduction

The Dubai Financial Services Authority (DFSA) has taken decisive action against Remi Ishak, the former Chief Financial Officer (CFO) of Equitativa (Dubai) Limited and Emirates REIT (CEIC) PLC. 

This action comes in response to misleading statements and financial reporting irregularities associated with Emirates REIT.

Penalty Imposed

In a significant move, the DFSA has imposed a penalty of $33,220 (AED122,000) on Remi Ishak for his role in the financial discrepancies.

Background on the Case

The DFSA’s Decision Notice revealed Ishak’s involvement in misleading statements and financial reporting irregularities connected to Emirates REIT, a Public Fund and NASDAQ Dubai Listed Fund.

Regulatory Accountability

This action underscores the DFSA’s commitment to maintaining financial transparency and accountability in the Dubai financial sector. Such penalties serve as a deterrent against malpractice and wrongdoing.

Ensuring Integrity in Financial Reporting

The DFSA’s efforts are aimed at preserving the integrity of financial reporting, instilling investor confidence, and ensuring that financial institutions adhere to the highest standards of ethical conduct.

This penalty serves as a reminder that regulatory authorities are vigilant in upholding financial integrity and will take action against any individuals or entities found engaging in misleading or irregular financial practices.

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