Abraaj's Naqvi Cedes Control of Funds Division in Reshuffle - Bloomberg:
"Abraaj Group’s founder Arif Naqvi will cede control of the fund management business in a sweeping restructuring of the Middle East’s largest private equity firm following reports of misused funds.
Omar Lodhi and Selcuk Yorgancioglu were promoted to co-chief executive officers of Abraaj Investment Management Ltd., which will oversee funds globally for institutional investors, according to a statement Friday. The firm has also halted making new commitments for its capital until the reorganization is complete, it said.
Abraaj, which manages about $13.6 billion, is reorganizing the business following allegations in recent weeks that money in its health-care fund had been misused. The firm this month said a review by KPMG found no wrongdoing, and that all payments and receipts had been properly accounted for and unused capital had been returned to investors. The Dubai-based firm said Friday it has hired independent consultants to review its corporate governance and controls."
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