DFSA action against Abraaj founder and former COO referred to tribunal

Mark Battersby
clock • 5 min read

The Dubai Financial Services Authority (DFSA) said on 27 January that Arif Masood Naqvi (Naqvi) and Waqar Siddique (Siddique) had been referred to the Financial Markets Tribunal for serious failings in respect of the Abraaj Group. In its decision notice, the DFSA explained that it had imposed a financial penalty of $135,566,183 (AED 497,866,807) on Naqvi and $1,150,000 (AED 4,223,375) on Siddique. Naqvi and Siddique are also prohibited and restricted from performing any function in or from the DIFC. The regulator said Naqvi and Siddique dispute the DFSA's findings and have referred th...

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