DUBAI REGULATOR HITS ABRAAJ GROUP FOUNDER WITH DH497M FINE

The Dubai regulator DFSA has imposed a Dh497.86 million fine on Arif Naqvi, who was the head of the private equity firm Abraaj Capital. The DFSA also imposed penalties of Dh4.22 million on Waqar Siddique, also with Abraaj, for serious failings related to the operations of the group.Both are also prohibited and restricted from performing any function in or from the DIFC. The imposition of the penalties have been “disputed” by Naqvi and Siddique, and these have been referred by DFSA (Dubai Financial Services Regulator) to the Financial Markets Tribunal. There, 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,” said the regulator in a statement.