Dubai body slaps over $135 million fine on Pakistani founder of Abraaj Group Arif Naqvi

Dubai body slaps over $135 million fine on Pakistani founder of Abraaj Group Arif Naqvi

A regulatory body in Dubai said on Thursday it is fining the Pakistan-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. The DFSA said the fine reflects the seriousness of Naqvi's alleged misdoings and is based on his earnings from the Abraaj Group. Although the fine is only provisional, it is the latest twist in a saga that has spanned multiple continents and touched some of the world’s wealthiest people. Abraaj managed $14 billion for investors at its peak before its collapse in 2018. Naqvi and Siddique dispute the regulator’s decision and have referred the notices to the Financial Markets Tribunal, where the parties will present their cases. The DFSA’s decisions are therefore provisional. Two men attempted unsuccessfully through the tribunal to prevent the notices of fines from being published and to hold the tribunal hearings in private. Naqvi has asserted his innocence as he fights extradition from the UK