Colony's Cayman court showdown on Abraaj set for July 11: sources | Reuters:
A Cayman Islands court will decide on July 11 whether to approve Colony Capital’s deal to take control of four funds belonging to Middle East private equity firm Abraaj Group, three sources familiar with the matter said. Abraaj, which denies any wrongdoing, has been thrown into turmoil by a dispute with four investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), over the use of their money in a $1 billion healthcare fund. The row has shaken confidence in Abraaj, halted its fund raising and sparked debt repayment problems, forcing it to file for provisional liquidation in the Cayman Islands.
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