Skip to Content

Abraaj founder fined staggering $135M by Dubai regulator

TED / YouTube

By AYA BATRAWY
Associated Press

DUBAI, United Arab Emirates (AP) — A regulatory body in Dubai is seeking to fine the Pakistani-born founder of Abraaj Group a staggering penalty of $135.5 million. The now defunct Mideast private-equity firm’s founder and CEO, currently in Britain, is accused of fraud and misleading investors, including in the U.S. where prosecutors want him extradited to face trial. Although the fine is only provisional, it is the latest twist in a saga that has spanned multiple continents and touched some of the world’s wealthiest people. Abraaj managed $14 billion for investors at its peak before its collapse in 2018. The regulator said Thursday it is also fining a former Abraaj chief operating officer for $1.15 million. 

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

News Channel 3 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content