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AP National Business

Dubai regulator issues massive fine on Abraaj founder

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Published 12:46 AM

By AYA BATRAWY
Associated Press

DUBAI, United Arab Emirates (AP) — A regulatory body in Dubai is fining 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. 

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