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

  • Naqvi banned from DIFC for his role in collapse of Abraaj
  • COO fined $1.15 million for deceiving auditors, investors
Arif Naqvi

Arif Naqvi

Photographer: Simon Dawson/Bloomberg
Corrected

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

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