Arif Naqvi, founder of the collapsed emerging markets giant Abraaj Group, has been fined $135.6 million for his role in the ordeal, according to a statement late last week from the Dubai Financial Services Authority. The regulator also imposed a $1.15 million fine on former chief operating officer Waqar Siddique. The pair have disputed the DFSA’s findings and referred the decision notices to the Financial Markets Tribunal.
Naqvi built Abraaj into one of the most prominent emerging markets firms in the world and was one of the loudest proponents of impact investing. But it all collapsed when investors complained that their money had gone missing. Last year New Private Markets caught up with Simon Clark, a veteran journalist and co-author of The Key Man, a book that details Abraaj’s downfall. Listen to the edited conversation in this podcast.