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Dubai financial regulator bans Abraaj Capital from new business amid probe

The Dubai Financial Services Authority on Aug. 16 said it has banned Abraaj Capital Ltd. from accepting new business or transferring money to Abraaj Investment Management Ltd. amid a continuing probe into the group.

The regulator's investigation is the latest setback for Abraaj Group Ltd., as both Abraaj Holdings and Abraaj Investment Management filed for provisional liquidation in the Cayman Islands on June 14 following allegations of mismanagement of a $1 billion healthcare fund.

Abraaj Capital, a subsidiary of Abraaj Investment Management, is the only Abraaj entity regulated by the Dubai Financial Services Authority. The regulator made no mention of the fines that could be imposed on the Dubai-based private equity company.