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...Dubai’s financial regulator has provisionally fined Arif Naqvi, the founder of failed private equity firm Abraaj, $135.6m for misleading investors about the use of their funds....
...US prosecutors have widened the criminal probe into the collapse of Abraaj, alleging that founder Arif Naqvi misappropriated $250m from what was one of the largest private equity firms in emerging markets...
...Mr Naqvi’s brother-in-law, Waqar Siddique, was a managing partner with a responsibility for risk management at the firm. Mr Siddique declined to comment....
...Part of their challenge is the sheer fear of the unknown,” said Arif Nizami, editor of The Nation, a mainstream Pakistani newspaper....
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