On 27 January, Gulf Today reported on a fine for the Pakistan-born founder of Abraaj Group, the now defunct Middle East private-equity firm accused of fraud. The Dubai Financial Services Authority said CEO Arif Naqvi had received the financial penalty “for serious failings”, and the regulator also said it was fining former Abraaj senior manager and one-time COO Waqar Siddique $1.15 million. Abraaj Group operated out of Dubai’s financial free zone known as Dubai International Finance Centre.
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