Dubai Watchdog Fines Abraaj $315M For Deceiving Clients

Law360, London (July 30, 2019, 8:09 PM BST) -- The Dubai Financial Services Authority slapped a $315 million fine on two Abraaj Group companies Tuesday — the largest penalty it’s ever imposed — saying the defunct private equity firm misused investors’ money and then tried to cover it up.

The bulk of the fines, $299.3 million, was imposed on Abraaj Investment Management Ltd., a Cayman Islands company now in provisional liquidation amid a U.S. criminal probe that has led to charges against six executives and a U.K. extradition battle.

Abraaj’s management "rode roughshod over their compliance function and the misconduct and deceit were pervasive and persistent,” Bryan Stirewalt, the DFSA’s...

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