Swift turn of fortunes pushes Abraaj to edge:
"Last December, Abraaj’s asset management arm was valued at about $800m in a share sale. Today, with founder Arif Naqvi fighting to salvage his reputation after allegations of mishandling investor money, the best offer on the table is $125m. The scale and speed of the value destruction is impressive. Liquidity issues, aggravated by an 18-month delay in the sale of a Pakistani utility, have snowballed into a solvency crisis. His detractors accuse Mr Naqvi of hubris, deferring cost cuts until it was too late, and then failing to calm the rising storm. "
'via Blog this'
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