Collapsed Abraaj Fined Record $315 Million by Dubai Watchdog

Dubai’s financial regulator fined Abraaj Group, the world’s biggest private equity insolvency to date, a record $315 million for deceiving investors and misappropriating their funds, Bloomberg News reported. The fines ordered by the Dubai Financial Services Authority come as Abraaj, once one of the world’s most influential emerging-market investors, faces legal action in the U.S. The authority’s chief executive officer, Bryan Stirewalt, said the firm’s management "rode roughshod over their compliance function and the misconduct and deceit were pervasive and persistent.” The penalty is a sign that the regulator is seeking to safeguard Dubai’s position as a business hub and reassure investors over its failure to take action sooner. Read more