Former Abraaj CFO fined US$1.7m for deception

clock • 3 min read

The Dubai Financial Services Authority (DFSA) has today published a decision notice against Mr Ashish Bhrugu Dave (Mr Dave), a former Chief Financial Officer (CFO) of the Abraaj Group, imposing a penalty of US$1.7m (AED 6.24m).  The notice also prohibits and restricts Dave from performing any function in connection with the provision of financial services in or from the DIFC in the future. Dave was the Abraaj Group CFO from September 2008 to September 2013 and then again from February 2017 to March 2018.  During both periods, he was authorised by the DFSA to perform licensed functions a...

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