Stocks

Dubai financial services authority says investigation into Abraaj is ongoing

Reuters

DUBAI, April 15 () - Dubai's financial services authority (DSFA) said on Monday its investigation into collapsed Dubai private equity firm Abraaj Capital Ltd and relevant companies and persons was ongoing.

The Dubai regulator added that it was aware of the arrest of two former executives of the Abraaj group, former chief executive, Arif Naqvi, and managing partner, Mustafa Abdel-Wadood, on U.S. fraud charges.

"The DFSA is a regulatory body which oversees the conduct of firms under its jurisdiction in the Dubai International Financial Centre (DIFC). Where appropriate, it has the power to impose administrative sanctions, but does not have a criminal jurisdiction, therefore it does not lay charges or make arrests," the statement said.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Politics

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More