Abraaj’s Arif Naqvi fined more than $135m by DFSA – The National
- Date: 27-Jan-2022
- Source: The National
- Sector:Financial Markets
- Country:UAE
Abraaj’s Arif Naqvi fined more than $135m by DFSA – The National
The Dubai Financial Services Authority has fined Arif Naqvi, founder of the defunct Abraaj Group, more than $135 million and banned him from conducting business in the Dubai International Financial Centre “for serious failings” in respect to the company.
The regulator also levied a $1.15m fine against Waqar Siddique, a former managing director at the private equity company, and also prohibited him from operating in the DIFC.
“Mr Naqvi and Mr Siddique dispute the DFSA’s findings and have referred the Decision Notices to the Financial Markets Tribunal (FMT), where the parties will present their respective cases. The DFSA’s decisions are therefore provisional and reflect the DFSA’s belief as to what occurred and how it considers their conduct should be characterised,” the DFSA said on Thursday.
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