September 21, 2019

New twist in Abraaj group case will affect Cayman Islands liquidation

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From Solomon Harris Two indictments filed in the Southern District of New York Court have resulted in the arrests of the both the founder of Abraaj Investment Management (‘AJM’), Arif Naqvi (‘Naqvi’), and the former Managing Partner of the Abraaj Group, Mustapha Abdel-Wadood (‘Abdel-Wadood’). Allegations include that Naqvi misappropriated US $230 million to cover cash […]

Cayman Islands: What now for Abraaj Group?

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By Sarah Townsend From The National The private equity firm has yet to sell parts of its business, as its provisional liquidation continues One week after the Abraaj Group founder Arif Naqvi reached an out-of-court settlement with a creditor in a criminal bounced cheque case – reducing the risk of complicating thecompany’s ongoing restructure – […]

Dubai regulator probes Abraaj Capital as investigation continues

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By: Christopher Copper-Ind From International Investment Dubai regulator probes Abraaj Capital as investigation continues Dubai’s financial services regulator has moved to bar Abraaj Capital from taking on new business or moving money to Abraaj Investment Management (AIML), its related entity, while an investigation into the group is ongoing. The move represents the first time the […]

Abraaj posts $188 million loss after using investor funds

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From Bloomberg News (Bloomberg) — Abraaj Holdings had an “unusual” business model reliant on short-term borrowing, and key financial statements are missing or nonexistent, according to one of the firms tasked with salvaging the Dubai-based private-equity firm’s assets. In a report seen by Bloomberg News, PricewaterhouseCoopers said it has “been unable to obtain standalone annual […]

Abraaj restructuring request approved by Cayman Islands court

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By Sarah Townsend From The National Abraaj Group said on Tuesday a Cayman Islands court approved a request by the embattled buyout firm for a provisional liquidation of the business, enabling a court-supervised restructuring and protection of stakeholders’ rights. The Grand Court of the Cayman Islands appointed Simon Conway of PwC Corporate Finance and Recovery […]