Dubai regulator upholds $135.6 million fine on Abraaj founder and former CEO | Reuters
Dubai’s financial regulator said on Tuesday it upheld a $135.6 million fine on collapsed private equity firm Abraaj Group's founder and former CEO Arif Naqvi "for his serious failings" in respect of the company.
Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors raised concerns about the management of its $1 billion healthcare fund.
The Dubai Financial Services Authority (DFSA), the emirate’s financial regulator, on January 27 imposed a ruling which banned Naqvi from the emirate's financial centre and included a $135 million fine.
Naqvi disputed the findings and presented his case for review by the Financial Markets Tribunal (FMT), an independent appeal tribunal.
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