{"id":597591,"date":"2019-07-31T04:07:07","date_gmt":"2019-07-31T04:07:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/dubai-financial-regulator-fines-abraaj-usd-314-6-mn-for-serious-wrongdoing\/"},"modified":"2019-07-31T04:07:07","modified_gmt":"2019-07-31T04:07:07","slug":"dubai-financial-regulator-fines-abraaj-usd-314-6-mn-for-serious-wrongdoing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/dubai-financial-regulator-fines-abraaj-usd-314-6-mn-for-serious-wrongdoing\/","title":{"rendered":"Dubai financial regulator fines Abraaj USD 314.6 mn for \u201cserious wrongdoing\u201d"},"content":{"rendered":"

<\/a> Dubai financial regulator hands record USD 314.6 mn fine to Abraaj for \u201cserious wrongdoing\u201d:<\/b> Former private equity giant Abraaj has been fined a record USD 314.6 mn by Dubai\u2019s financial regulator, the Wall Street Journal reports<\/a>. The Dubai Financial Services Authority (DFSA) said that Abraaj used funds from investors to pay expenses and send money to executives, then provided misleading financial information to conceal this activity. It also reportedly borrowed money just before financial reporting dates to inflate its bank balances, changed reporting periods to conceal shortfalls, withheld information, and lied about delays in cash distributions. \u201cSerious wrongdoing by two Abraaj group companies included carrying out unauthorized activities in the DIFC and misusing investors\u2019 monies,\u201d DFSA CEO Bryan Stirewalt said in a statement.<\/p>\n

Meanwhile, six Abraaj executives face criminal indictment by US prosecutors:<\/b> Founder Arif Naqvi is one of six former Abraaj executives to have been criminally indicted by US prosecutors just before this fine was imposed. Naqvi is currently on USD 19 mn conditional bail<\/a>, effectively under house arrest in his London home. An extradition trial will determine whether he will be sent to the US. He maintains his innocence, and has called the charges leveled against him \u201cludicrous.\u201d Former Abraaj managing partner Mustafa Abdel-Wadood pleaded guilty<\/a> to charges of racketeering and securities-fraud at a New York court earlier this month. He claims he lied to investors at Naqvi\u2019s behest, and has agreed to cooperate with authorities. Abraaj was widely seen as a standard-bearer for EM private equity before its collapse last year<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai financial regulator hands record USD 314.6 mn fine to Abraaj for \u201cserious wrongdoing\u201d: Former private equity giant Abraaj has been fined a record USD 314.6 mn by Dubai\u2019s financial regulator, the Wall Street Journal reports. The Dubai Financial Services Authority (DFSA) said that Abraaj used funds from investors to pay expenses and send money […]<\/p>\n","protected":false},"author":1,"featured_media":597592,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[4991,9347,11193,72,11143,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abraaj","tag-arif-naqvi","tag-dubai-international-financial-centre","tag-enterpriseam","tag-mustafa-abdel-wadood","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c78ffae4-030d-4a57-bbdc-9a6dfdf8b93e","is_powered_by":true,"section_story_id":"051ee201-d892-42fd-a518-452bb74a2a4e","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/2063.jpg","photo_position":"above","related_issue":[597577],"teaser":"","voice_url":""},"yoast_head":"\nDubai financial regulator fines Abraaj USD 314.6 mn for \u201cserious wrongdoing\u201d - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/dubai-financial-regulator-fines-abraaj-usd-314-6-mn-for-serious-wrongdoing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai financial regulator fines Abraaj USD 314.6 mn for \u201cserious wrongdoing\u201d\" \/>\n<meta property=\"og:description\" content=\"Dubai financial regulator hands record USD 314.6 mn fine to Abraaj for \u201cserious wrongdoing\u201d: Former private equity giant Abraaj has been fined a record USD 314.6 mn by Dubai\u2019s financial regulator, the Wall Street Journal reports. 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A document written by Abraaj\u2019s liquidators shows that the firm was removed from managing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595735,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/05\/does-abraajs-collapse-signal-the-end-of-regional-private-equity\/","url_meta":{"origin":597591,"position":1},"title":"Does Abraaj\u2019s collapse signal the end of regional private equity?","author":"enterpriseam admin","date":"5 August 2019","format":false,"excerpt":"Does Abraaj\u2019s collapse signal the end of regional private equity? The \u201cspectacular\u201d collapse of Abraaj, seen for years as the standard-bearer for EM private equity, has left a \u201cnuclear wasteland\u201d in its wake, destroying investor confidence in the market and tarnishing Dubai\u2019s reputation, Matthew Martin and Nicholas Parasie argue in\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2063.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631782,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/27\/abraaj-considers-selling-fund-management-unit-amidst-misuse-allegations\/","url_meta":{"origin":597591,"position":2},"title":"Abraaj considers selling fund management unit amidst \u201cmisuse\u201d allegations","author":"enterpriseam admin","date":"27 March 2018","format":false,"excerpt":"Abraaj considers selling stake in fund management spin-off as regulator swirls: Dubai-based emerging markets PE giant Abraaj Group is considering the sale of a stake in its recently-spun off fund management business Abraaj Investment Management Limited (AIML), people with knowledge of the matter tell Bloomberg. Abraaj has reportedly already begun\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597722,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/02\/egyptian-md-abdel-wadood-granted-bail-in-abraaj-case\/","url_meta":{"origin":597591,"position":3},"title":"Egyptian MD Abdel Wadood granted bail in Abraaj case","author":"enterpriseam admin","date":"2 May 2019","format":false,"excerpt":"Former Abraaj exec Abdel Wadood granted bail in New York: Former Abraaj managing partner Mustafa Abdel-Wadood has been released on bail, the Wall Street Journal reported. Abdel-Wadood will be under house arrest in a Manhattan studio apartment under the USD 10 mn bail package secured by four cosigners. He could\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598650,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/30\/abraaj-founder-arif-naqvi-freed-from-prison-after-paying-usd-19-mn-conditional-bail\/","url_meta":{"origin":597591,"position":4},"title":"Abraaj founder Arif Naqvi freed from prison after paying USD 19 mn conditional bail","author":"enterpriseam admin","date":"30 May 2019","format":false,"excerpt":"Abraaj founder Arif Naqvi freed from prison after paying USD 19 mn conditional bail: Private equity firm Abraaj founder Arif Naqvi was released from prison in the UK on Tuesday evening, after his record GBP 15 mn (USD 19 mn) bail payment was paid, Bloomberg reports. Naqvi will now effectively\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597777,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/abraaj-founder-arif-naqvi-released-on-record-gbp-15-mn-bail\/","url_meta":{"origin":597591,"position":5},"title":"Abraaj founder Arif Naqvi released on record GBP 15 mn bail","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"Abraaj founder Arif Naqvi released on record GBP 15 mn bail: Abraaj founder Arif Naqvi was granted conditional bail by a London court on Friday for a record GBP 15 mn (USD 20 mn), Bloomberg reports. Naqvi is likely to face a hearing in the UK on 24 May to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597591"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597591\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597577"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597592"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597591"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597591"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}