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The Dubai Financial Services Authority (DFSA) fined $ 315 million to two entities owned by the Abraaj direct investment company, the first major fine imposed on the company that collapsed the year last.
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The Dubai Financial Services Authority (DFSA) said Tuesday in a statement that it had fined Abraaj Investment Management about $ 300 million and Abraaj Capital's $ 15.3 million, which is regulated by the Financial Services Authority.
The fines were imposed for "serious irregularities committed by two Abraj Group companies involving unauthorized activities at the Dubai International Financial Center and misuse of investor funds," she said.
Abraaj, which filed a provisional settlement in June 2018 in the Cayman Islands, was the largest direct investment fund in the Middle East and North Africa until its collapse last year after a Investors dispute over the use of funds in a $ 1 billion health care fund.
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