Dubai, Abraaj s home city. This picture shows the Burj Khalifa next to the Dusit hotel and residences on Sheikh Zayed road in Dubai November 19, 2012. REUTERS/Jumana El Heloueh
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Dubai's financial regulator fined Abraaj Group, the world's biggest private equity insolvency to date, a record $315 million for deceiving investors and misappropriating their funds.Abraaj, which once managed about $14 billion, was forced into liquidation last year after being accused of mismanaging investor funds. Abraaj backers included the Bill & Melinda Gates Foundation and the World Bank's International Finance Corp. Abraaj's liquidators in the past year have been trying to sell the company's funds. The DFSA's investigation into Abraaj started in January 2018 . The compliance department at Abraaj Group raised concerns about the company conducting unauthorized activities as early as 2009, but senior management at Abraaj Capital ignored the warnings
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