A fine of 6.24 million dirhams for the former CFO of Abraaj
The Dubai Financial Services Authority today published a notice of its decision against the former Abraaj Group Chief Financial Officer, Ashish Dev, in which it fined him $1.7 million (more than 6.24 million dirhams) and restricted him from engaging in any activity related to the provision of financial services in or from the Dubai International Financial Centre.
In a statement, the authority clarified that Dave served as the chief financial officer of the Abraaj Group from September 2008 to September 2013, and then again from February 2017 to March 2018.
He was authorized by the DFSA during both terms to perform the duties of the Financial Officer of Abraaj Capital Limited (ACLD), a company authorized by the Authority.
On June 8, 2021, the Authority decided to take action against Dave for his knowingly engaging in wrongdoing in connection with the infringement of Abraaj Investment Management Limited (AIML), an entity registered in the Cayman Islands and not authorized by the DFSA or Abraaj Capital Limited, DIFC Legislation and DFSA Rules.
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