Tuesday, Dubai’s financial regulator upheld a $135.6 million (about Dh498 million) fine against the founder and former CEO of the defunct private equity firm Abraaj Group, Arif Naqvi, “for his serious failings” in relation to the company.
Abraaj, based in Dubai, was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 following investor concerns regarding the administration of its $1 billion healthcare fund.
The Dubai Financial Services Authority (DFSA), the emirate’s financial regulator, barred Naqvi from the emirate’s financial centre on January 27 and fined him $135 million.
Naqvi contested the results and petitioned the Financial Markets Panel (FMT), an independent appeals tribunal, to consider his case.
Naqvi could not be reached immediately for comment.
The DFSA stated at the time that the financial penalty would be suspended until the FMT’s ruling, while the prohibition on activities at the Dubai International Financial Centre (DIFC) would continue to be implemented.
Tuesday, the DFSA said that the tribunal delivered its judgement on December 12 upholding the DFSA’s conclusions and rejecting Mr. Naqvi’s FMT reference.
It was stated that the DFSA’s findings, as outlined in its decision notice, are conclusive.