Abraaj’s Arif Naqvi Handed $136 Million Fine Over Firm’s Collapse - Bloomberg
Arif Naqvi, the founder of defunct Abraaj Group, has been fined $135.6 million and banned from Dubai’s financial center for his role in the private equity firm’s 2019 collapse.
The Dubai Financial Services Authority also imposed a $1.15 million fine on Abraaj’s former Chief Operating Officer Waqar Siddique. Naqvi and Siddique disputed DFSA’s findings and have referred the decision notices to the Financial Markets Tribunal.
Naqvi “personally proposed, orchestrated, authorized, and executed actions that directly or indirectly misled and deceived the investors,” the regulator said.
Naqvi founded Dubai-based Abraaj in 2002 and built it to become one of the world’s most influential emerging-market investors. He was the face and personality of the group and was knowingly involved in misleading investors over the misuse of their funds through Cayman-registered Abraaj Investment Limited, DFSA said.
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