Abraaj Liquidator Is Seeking Ways to Fund Payments to Employees - Bloomberg

Abraaj Liquidator Is Seeking Ways to Fund Payments to Employees - Bloomberg:

Abraaj Group’s liquidator is seeking ways to make payments owed to staff at the buyout firm, while it has raised funds to cover immediate payroll costs amid the company’s restructuring.

Employees are concerned they won’t get a lump-sum payment due to workers under U.A.E. law instead of a pension, according to people familiar with the matter, who asked not to be identified because the information is private. About 90 employees such as back-office staff, secretaries and receptionists are owed money after working for the buyout firm, they said. The amount owed may total as much as $20 million, one of the people said.

PwC, which has been appointed as a provisional liquidator, has raised finance “principally in order to fund Abraaj payroll costs this week,” Mike Jervis, restructuring partner at the accounting firm, said in a statement. “We are in contact with the Deloitte team appointed to Abraaj Investment Management Ltd. to work out how other employee payments can be met.”