Dubai’s financial regulator said on Tuesday it upheld a $135.6 million fine on collapsed private equity firm Abraaj Group's founder and former CEO Arif Naqvi 'for his serious failings' in respect of the company.
Arif Naqvi, Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the World Economic Forum in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich
Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors raised concerns about the management of its $1 billion healthcare fund.
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