Following an investigation that commenced in January 2018, the Dubai Financial Services Authority has put down a marker in respect of "misconduct and deceit" as it releases findings in Abraaj inquiry and imposes a record fine of $315 million (Dh1.15 billion) against Abraaj Investment Management and Abraaj Capital.
Collapsed Abraaj Fined Record $315 Million by Dubai Watchdog ... The authority sanctioned Abraaj Capital Ltd. and Abraaj Investment Management Ltd. for “serious wrongdoing” and “misusing investors’ monies,” it said on Tuesday. The company’s conduct had "damaged the reputation and integrity" of Dubai’s financial center, it said. The fine “sets the tone and provides a benchmark for how the DFSA will penalize delinquent institutions going forward,” said Tarek Fadlallah, CEO of the Middle East unit of Nomura Asset Management in Dubai.