Dubai Financial Services Authority fined Abraaj a record $315m and slapped a fine on KPMG in 2021 for at least $600m over its role in the group’s insolvencyAbraaj Group founder Arif Naqvi. Picture: BLOOMBERG
Naqvi “personally proposed, orchestrated, authorised, and executed actions that directly or indirectly misled and deceived the investors”, the regulator said. as central to the cover-up of a $400m shortfall across two funds by temporarily borrowing money for the purpose of producing bank balance confirmations and financial statements to mislead auditors and investors. He also aersonally arranged to borrow $350m from an individual to make the Abraaj Group appear solvent.
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