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Regulator upholds $136 million fine on collapsed firm's founder

Posted On: Jan. 4, 2023 9:44 AM CST

Financial penalty

The Dubai Financial Services Authority has upheld a $135.6 million fine for collapsed private equity firm Abraaj Group Ltd.'s founder and former chief executive Arif Naqvi for his serious failings in running the company, Reuters reported. Abraaj collapsed in 2018 after investors raised concerns about the management of its $1 billion healthcare fund.