U.A.E. Financial Markets Following Veil Lift on Debt

Photographer: Christopher Pike/Bloomberg

Al Masah Capital Ltd., once among the Persian Gulf’s most active private equity companies, is being liquidated after being fined for allegedly misleading investors about fees, according to court filings in the Cayman Islands.

The company’s collapse comes after Dubai’s financial watchdog in May penalized Al Masah, its founder Shailesh Dash, and two other executives on accusations that they also provided unauthorized services. The individuals were banned from working in the emirate’s financial center.

The company, Dash and the two others dispute the watchdog’s findings and are appealing the charges in front of a local tribunal, according to the regulator. The voluntary liquidation was filed after an extraordinary general meeting called by two of Al Masah’s shareholders.

“Following the issuance of that fine, each of the employees of the company either left the company or resigned,” according to the Cayman court documents, which didn’t specify which staff had left. This left Al Masah “effectively incapacitated,” the filings show.

Read more: Dubai Watchdog Fines Al Masah Capital, Bans Firm’s Founder Dash

Joint liquidators were appointed for Al Masah, which includes the Cayman-registered entity and its main Dubai operating subsidiary in August, according to the court notice. Cayman-based R&H Restructuring (Cayman) Ltd. confirmed its appointment alongside that of Sajjad Haider Chartered Accountants LLP.

Founded in 2010, Al Masah had 53 employees with offices in Abu Dhabi and Singapore, according to information on its website before it was taken down in recent weeks. It said it had raised more than $1 billion across multiple asset classes with a focus on health care, education, food and logistics. It isn’t clear how much debt the two entities placed into liquidation owe.

Dash didn’t answer calls to his mobile phone or respond to emails. Representatives for Al Masah didn’t respond

THE CONVERSATION

Loading...

Load Error

Getty Images

Surprise medical billing is one of the most urgent topics in health care.

Too often after a hospital procedure or visit to an emergency room patients get hit with unexpected bills from out-of-network doctors they had no role in choosing. These include assistant surgeons, emergency room doctors and anesthesiologists.

Most research and media coverage focuses on how burdensome these bills are for the patients who receive them. As health economists and policy analysts, we think there is a broader impact of surprise billing that deserves to share the spotlight.

Evidence from our recent study suggests that everyone with commercial health insurance is paying higher premiums today because lawmakers allow the practice of surprise billing to persist. Fixing surprise billing won’t just help the patients being billed; it offers the potential to lower health insurance premiums for everyone.

Patients can typically choose their doctors before they get treated. For example, they might pick a primary care doctor or the hospital and surgeon for a planned procedure based on reputation and whether those providers are in their insurance network. Picking a doctor who is in their insurance provider’s network typically comes with lower costs for the patient.

When the system works well, a patient ends up with a provider they like at a price negotiated by their insurer.

But patients don’t always have the opportunity to make this informed choice. In an emergency, a patient accepts the ambulance that arrives on the scene and the physicians who treat them in the emergency room. For elective procedures, even though the patient chooses the hospital and lead surgeon, they do not choose the radiologists, pathologists and anesthesiologists who are integral to their care.

About one in five commercially insured patients treated at an in-network emergency room is seen