Dubai tribunal upholds largest fine ever imposed on an individual by the DFSA

Mark Battersby
clock • 2 min read

Dubai's Financial Markets Tribunal has upheld the DFSA's actions against Abraaj's founder, Arif Naqvi, including a $135m fine, confirmed in a statement today (3 January).  As publicised in the Dubai Financial Services Authority's (DFSA) media release on 27 January 2022, the DFSA on the same day published its Decision Notice against Arif Naqvi, Abraaj's founder and former CEO, for his serious failings in respect of the Abraaj Group.  Naqvi was fined $135,566,183 (AED 497,866,807) and also prohibited and restricted from performing any function in or from the Dubai International Financia...

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