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The Independent UK
The Independent UK
National
Via AP news wire

Dubai regulator issues massive fine on Abraaj founder

Dubai United States
Copyright 2022 The Associated Press. All rights reserved.

A regulatory body in Dubai said Thursday it is fining the Pakistani-born founder of Abraaj Group, the now defunct Mideast private-equity firm accused of fraud, a staggering penalty of $135.5 million.

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.

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