UPDATE 2-Dubai regulator imposes its largest fine over Abraaj saga - Reuters:
The Dubai Financial Services Authority (DFSA) said on Tuesday it had fined two entities of private equity firm Abraaj $315 million, the largest financial penalties it had ever imposed.
In the first major fines on Abraaj, which collapsed last year, DFSA imposed a penalty of around $300 million on Abraaj Investment Management Ltd (AIML) and $15.3 million on Abraaj Capital Ltd, the regulator said in a statement.
The fines were imposed for “serious wrongdoing by two Abraaj group companies included carrying out unauthorised activities in the DIFC and misusing investors’ monies,” the regulator said.
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