Sunday 15 July 2018

Liquidators probe Abraaj as complaints disrupt asset sales | Financial Times

Liquidators probe Abraaj as complaints disrupt asset sales | Financial Times:

Abraaj’s liquidators are investigating “serious allegations” against the troubled private equity company as investor concerns over claims of mismanagement disrupt the group’s efforts to sell assets.

PwC said several parties had raised issues such as “mismanagement, commingling of funds and misappropriation of assets”, according to its first report to the Cayman Court.

Dubai-based Abraaj has been reeling since claims early this year that it had mishandled investors’ money in its $1bn healthcare fund. A confidence crisis and mounting debt defaults forced the firm, founded by Arif Naqvi in 2002, into provisional liquidation last month in the Cayman Islands.

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