Dubai’s watchdog sanctions Shuaa Capital


By Simeon Kerr in Dubai

Published: September 24 2008 23:19 | Last updated: September 24 2008 23:19

Dubai’s financial regulator on Wednesday sanctioned investment bank Shuaa Capital for alleged share manipulation, the regulator’s highest-profile enforcement since the Dubai International Financial Centre opened for business four years ago.

The Dubai Financial Services Authority, which oversees regulated companies operating in the DIFC, said it had fined Shuaa Capital’s DIFC arm $950,000 and criticised it for obstructing its six-month investigation.

“It did so by standing in the market during the closing minutes of trading with bid prices well above those at which DP World shares had been trading in the ordinary course of business.”

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