Dubai tribunal upholds regulator’s action against Abraaj founder Arif Naqvi – The National

Dubai tribunal upholds regulator’s action against Abraaj founder Arif Naqvi – The National

An independent appeals tribunal has upheld action taken by the Dubai Financial Services Authority against Arif Naqvi, the founder of defunct private equity company Abraaj Group, which was the largest fine ever imposed on an individual by the regulator.

The DFSA fined Mr Naqvi more than $135 million in January 2022 and banned him from conducting business in the Dubai International Financial Centre over “serious failings” in respect to the company and its misconduct.

Mr Naqvi had referred the DFSA’s findings for review by the Financial Markets Tribunal (FMT), which rejected his appeal on December 12, rendering DFSA’s findings from August 2021 as final, the regulator said on Tuesday.