Aamer Waheed

He is based in Dubai and previously practiced for over a decade with the forensic service arms of two of the Big 4 firms. Aamer has provided expert evidence in relation to damages quantification and is a qualified Chartered Accountant with a specialist Investigative and Forensic Accountant (IFA) designation from Canada.

Aamer’s selected professional experience includes the following:

Dispute Services

• Appointed as the accounting expert in an ICC arbitration matter on the quantification of damages resulting from the termination of a water treatment plant construction contract.
• Led an expert witness engagement for a GCCCAC arbitration to quantify the lost revenue arising from the under-utilization of a trucking fleet as a result of a dedicated services contract.
• Led an expert witness engagement for a JCAA arbitration to quantify the lost profits resulting from the termination of the distribution agreement by a manufacturer based in Japan.
• Led a loss quantification engagement to assess the damages resulting from UN / EU financial sanctions on a public sector entity’s treasury assets and equity investments.
• Led a series of expert witness engagements in separate arbitration centers (LCIA, DIFC-LCIA) to quantify the lost profits arising from the termination of a contract by a major service provider.
• Led a dispute advisory engagement in a matter heard before the Dubai Courts to quantify the losses arising from instances of territorial infringement by the manufacturer.

Forensic accounting and investigation

• Led a forensic investigation on behalf of a European tax authority with respect to the review of over USD 2 billion in potentially fraudulent tax refund claims by a series of individuals and corporate entities.
• Led a funds tracing investigation in the KSA for a major Public Sector entity and its subsidiary companies in relation to the onward tracing of over USD 6 billion by former employees.
• Led a forensic investigation of a government owned personal finance company concerning a number of allegations against the former management on the manipulation of internal and external financial reporting information and metrics.
• Led a forensic investigation into irregularities in related party transactions by an investment holding company on behalf of one of the shareholders.
• Led an investigation involving the potential underpayment of customs duties and developed a quantification model for presentation to the Ministry of Taxation.
• Supervised a team of 25 practitioners for an investigation resulting from an alleged Ponzi scheme by reconstructing c. 1,500 individual investor profiles.

Financial Crime

• Led the development of a bespoke anti-fraud framework in conformity with international best practices and regulatory standards at a major KSA financial institution.
• Remediation of the onboarding process for several clients at a private wealth management firm to ensure compliance with applicable DFSA anti-money laundering and KYC regulations.
• Development of a reporting framework relating to a number of regulatory mandated remediation projects, including the implementation of performance metrics, forecasting and data validation procedures at a Canadian financial institution.
• Directed an engagement to review the historical provisioning policy undertaken by the company to assess compliance with industry and accounting standards for a UAE based credit services provided.
• Directed the execution and validation of a remediation model for a regulatory matter pertaining to the sale of proprietary mutual fund securities for a Canadian wealth management firm.
• Led a compliance review on an African branch of a UAE based bank regarding the circumvention of foreign currency regulations and controls.
• Conducted a compliance review of rescheduled loans by leveraging analytical tools to identify patterns on the characteristics (tenure and rate) of certain loans at a large UAE financial institution.
• Led a forensic assignment of a remittance provider to determine the quantum of under-reported foreign remittance transactions to the Central Bank.