The UAE Capital Market Authority (CMA) has begun a review of AIX Financial Consultations after it received information about the firm's activities, Khaleej Times reported. The case concerns delayed and missing payouts of around $10 million.
Citing the Financial Times, the paper said Dubai-based AIX Investment Group had suspended payments to thousands of investors after promising annual returns of up to 30 per cent. AIX Financial Consultation, which the CMA regulates, works in wealth management, retirement planning and portfolio diversification. A linked Cayman Islands vehicle, AIX Secure SPV, earlier blamed geopolitical uncertainty and market volatility for affecting part of its product range.
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Khaleej Times — Business ↗This is an original summary of the linked report, selected by our GCC market monitor. Facts are attributed to the publication.