Abraaj’s Naqvi Fined $136 Million Over Firm’s Collapse

Arif Naqvi, chief executive officer of Abraaj Capital Ltd., speaks during a Bloomberg Television interview at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 17, 2017. World leaders, influential executives, bankers and policy makers attend the 47th annual meeting of the World Economic Forum in Davos from Jan. 17 - 20. , Bloomberg

Adveith Nair, Bloomberg News

Jan 27, 2022

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(Bloomberg) -- Arif Naqvi, the founder of defunct Dubai-based private equity firm Abraaj Group, has been fined $135.6 million and banned from the city’s financial center for his role in the the private equity firm’s 2019 collapse.

The Dubai Financial Services Authority also imposed a $1.15 million fine on former Abraaj Chief Operating Officer Waqar Siddique. Naqvi and Siddique disputed DFSA’s findings and have referred the decision notices to the Financial Markets Tribunal.

The DFSA’s decisions may be confirmed, varied or overturned as a result of the tribunal’s review. 

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