DUBAI REGULATOR $135 MILLION FINE ON PAKISTANI FOUNDER OF ABRAAJ GROUP ARIF NAQVI

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.

https://www.gulftoday.ae/business/2022/01/27/dubai-body-slaps-over-$135-million-fine-on-pakistani-founder-of-abraaj-group-arif-naqvi

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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