July 30, 2019 / 8:09 AM / 4 months ago

Dubai regulator imposes $315 mln penalties on two Abraaj entities

DUBAI, July 30 (Reuters) - Dubai’s financial services regulator has imposed financial penalties of $315 million on two entities of private equity firm Abraaj, the first major fines on the company that collapsed last year.

The Dubai Financial Services Authority (DFSA) imposed a penalty of around $300 million on Abraaj Investment Management Ltd (AIML) and $15.3 million on Abraaj Capital Ltd, which was regulated by the DFSA, the regulator said in a statement on Tuesday.

The fines were imposed for “serious wrongdoing by two Abraaj group companies included carrying out unauthorised activities in the DIFC and misusing investors’ monies,” the regulator said.

Abraaj, which filed for provisional liquidation in June 2018 in the Cayman Islands, was the largest buyout fund in the Middle East and North Africa until it collapsed last year after a row with investors over the use of money in a $1 billion healthcare fund. (Reporting by Saeed Azhar, editing by Louise Heavens)

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