Abraaj founder fined staggering $135M by Dubai regulator
ABC News
A regulatory body in Dubai is fining the Pakistani-born founder of Abraaj Group a staggering penalty of $135.5 million
DUBAI, United Arab Emirates -- A regulatory body in Dubai said Thursday it is imposing a staggering fine of $135.5 million on the Pakistani-born founder of Abraaj Group, the now defunct Mideast private-equity firm accused of fraud.
The Dubai Financial Services Authority DFSA said CEO Arif Naqvi was slapped with the financial penalty “for serious failings.” The regulator also said it was fining former Abraaj senior manager and one-time Chief Operating Officer Waqar Siddique $1.15 million.
The DFSA said the fine reflects the seriousness of Naqvi's alleged misdoings and is based on his earnings from the Abraaj Group.
Although the fine is only provisional, it is the latest twist in a saga that has spanned multiple continents and touched some of the world’s wealthiest people. Abraaj managed $14 billion for investors at its peak before its collapse in 2018.
