CMA to probe AIX Financial Consultations over missing payouts

The UAE Capital Market Authority said it will conduct a thorough review of AIX Financial Consultations, a company embroiled in a scandal involving delayed and missing payouts of around $10 million. AIX Investment Group, an international investment advisory firm based in Dubai, reportedly suspended payments to thousands of its investors which it initially promised to offer annual returns of up to 30 per cent, according to the Financial Times. The CMA said it will communicate any relevant updates through official channels and advised the public and market participants to rely solely on these authorised sources for verified information. AIX Financial Consultation is regulated by CMA and specialises in wealth management, retirement planning, and portfolio diversification, while AIX International Properties is registered with DET and licensed by Dubai Real Estate Regulatory Authority for conducting the activity of leasing and management of other people's property. Last month, AIX Secure SPV, an international firm based in the Cayman Islands and linked to the Dubai-based AIX Investment Group, released a statement detailing the geopolitical circumstances which affected its valuations.