KPMG Lower Gulf to appeal the verdict in supreme court after a Dubai court ruled in favour of group of investors who lost money with Abraaj
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Latest in Abraaj
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Arif Naqvi loses UK extradition battle, faces US jail
A London judge overruled Naqvi’s call for appeal
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DFSA fines KPMG $1.5 million over Abraaj failings
Both KPMG LLP and Navalkar have withdrawn their decisions for review by the Financial Markets Tribunal (FMT)
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Dubai regulator hits ex-Abraaj finance chief with record fine
The fine is the latest move by the Dubai Financial Services Authority over the Abraaj affair and the people behind a fraud that rattled reputations in the DIFC
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Former Abraaj CFO fined $1.7m for ‘deception, unauthorised activity and compliance breaches’
Ashish Bhrugu Dave was the Abraaj Group CFO from September 2008 to September 2013 and then again from February 2017 to March 2018
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Video: White collar crimes in the UAE
With the Abraaj case grabbing headlines across the globe, on this week’s episode of AB Live, Hadiel Hussien, Associate at BSA speaks about white-collar crimes in the region – from controversial cases of corruption and embezzlement, to cyber-crimes and clarity on the issue of bounced cheque.
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Abraaj founder sentenced to prison in absentia by UAE court
Sources say Arif Naqvi has been sentenced to three years in prison for a case involving low-cost carrier Air Arabia
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Has Abraaj’s downfall killed the private equity market in the Middle East?
Virtually no money has been raised by private equity firms based in the GCC since the collapse of Abraaj
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Abraaj probe focusing on senior execs, says Dubai regulator
Dubai Financial Services Authority says investigation into the collapsed Abraaj Group is focusing on senior management
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Actis acquires management rights to two Abraaj funds
The move is meant to bolster Actis’ position in the MENA region
Abraaj
Liquidators closer to selling off some of Abraaj Group’s funds
London-based Actis last week got the 75% of investor support required to take over the $1.6bn Abraaj Private Equity Fund IV and the $990m Africa Fund III
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Middle East has ‘moved on’ from Abraaj, says ADFG
Abraaj collapse created challenges for VCs raising funds from international investors, according to Global Ventures’ Noor Sweid
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Video: Five questions with Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) has said that their investigation into the controversial Abraaj case will be a deterrent for all UAE companies indulging in unlawful activities
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Former senior Abraaj exec pleads guilty, will cooperate in probe
Mustafa Abdel-Wadood, a former managing partner at Abraaj, admits he lied to investors across the globe in an attempt to hide losses
Abraaj
Abraaj founder Arif Naqvi to face extradition hearing in February
The Abraaj Group founder and former MD Sev Vettivetpillai will remain on conditional bail until then
Abraaj
Ex-UBS banker said to lead bid for Abraaj funds
Sources say boutique investment firm founded byYassine Bouhara is bidding to buy funds managed by the collapsed Abraaj Group
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Three more former Abraaj execs charged in US fraud probe
Ashish Dave, Rafique Lakhani and Waqar Siddique are charged with multiple counts including fraud and conspiracy