Abraaj posts $188 million loss after using investor funds
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…
UPDATE 1-Co-CEOs of Abraaj investment management business resign from board
By Hadeel Al Sayegh and Davide Barbuscia From Reuters DUBAI/ISTANBUL, June 25 (Reuters) – The co-chief executives of Abraaj Investment Management Ltd (AIML) are stepping down from the board of the unit, days after the Dubai-based firm agreed to sell…
Creditor starts legal proceedings for Abraaj restructuring
By Davide Barbuscia From Reuters DUBAI (Reuters) – A creditor of Dubai-based Abraaj has started legal proceedings in the Cayman Islands seeking the restructuring of the private equity firm’s liabilities. Auctus is the second creditor, after Kuwait’s Public Institution for…
Kuwaiti creditor seeks Abraaj liquidation in Cayman Islands court
By Sarah Townsend From The National The move by Kuwait’s Public Institution for Social Security risks complicating ongoing restructuring negotiations One of the creditors of Abraaj Group, the buyout firm facing allegations of misusing investors’ funds, has filed a petition…
