Here’s What the Founder of Embattled Abraaj Is Telling His Employees and Friends - Bloomberg

Here’s What the Founder of Embattled Abraaj Is Telling His Employees and Friends - Bloomberg:

"Abraaj, the Dubai-based private equity firm founded by Pakistani financier Arif Naqvi, filed for a court-supervised restructuring earlier this month after investors accused the company of mismanaging their money and creditors pressed for liquidation.

The downfall of what was once one of the most influential private equity firms in the Gulf has sent shock waves through the region’s investment professionals, who are worried that money will become harder to raise and deals more difficult to complete as Abraaj struggles for survival.

In messages sent last week to employees and “friends of Abraaj” announcing that the company was filing for provisional liquidation in the Cayman Islands, Naqvi apologized “unreservedly” for the events that led to the collapse of the buyout firm but denied any intentional wrongdoing."



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