Wednesday, 3 November 2021

Former managing partner of Abraaj fined $1.9mln by #Dubai regulator | ZAWYA MENA Edition

Former managing partner of Abraaj fined $1.9mln by Dubai regulator | ZAWYA MENA Edition

A former managing partner of the scandal-tainted private equity firm Abraaj has been fined $1,927,498 by the Dubai Financial Services Authority (DFSA) for his involvement in a $200 million shortfall cover at the firm.

Mustafa Abdel-Wadood has also been prohibited from performing any function in connection with the provision of financial services in or from the Dubai International Financial Centre (DIFC).

According to DFSA, Abdel-Wadood had been involved in the cover of a $200 million shortfall, by carrying out acts including the misuse of investor funds, the withholding of sale proceeds and reports from investors and providing false explanations to investors.

A statement from the authority said Abdel-Wadood was one of the most senior figures at the Abraaj Group from July 2006 to February 2018, prior to when the Dubai-based company collapsed and filed for provisional liquidation in the Cayman Islands in June of that year.

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