The Dubai Financial Services Authority (DFSA) has fined Arif Naqvi, founder of the Abraaj Group, and Waqar Siddiqui, the group’s former Chief Operating Officer (COO), due to what it described as a “gross failure” on their part in relation to the Abraaj Group. According to the details, DFSA, the financial regulatory agency of the special economic zone in Dubai, imposed a fine of $135.56 million (497.86 million dirhams) on Naqvi and a fine of $1.15 million (4.22 million dirhams) on Siddiqui. The authority also prevented and restricted them from practicing any job in or from the Dubai International Financial Centre (DIFC). The DFSA said in a statement that both Naqvi and Siddiqui had objected to the findings of the DFSA and had referred the decision issued against them to the Legal Authority for Financial Markets so that the case would be presented by all parties before it. Therefore, the decisions made by the authority are temporary, and reflect its beliefs about the observed behaviours. FMS Stolen From Eznis Airways Boeing 737 at Lagos EPI Balochistan delegation met DC Gwadar Jameel Baloch The Legal Authority for Financial Markets will decide the appropriate action to be taken by the DFSA, if any, … Continue reading DFSA fines Abraaj founder Arif Naqvi nearly half a billion dirhams