UAE authorities issue arrest warrant against Abraaj founder | Reuters:
Authorities in the United Arab Emirates have issued arrest warrants for the founder of private equity firm Abraaj and another executive for issuing a check without sufficient funds, according to a prosecution document seen by Reuters.
The warrants are the latest setback for the Middle East and Africa’s biggest private equity fund, which has been locked in a dispute with four investors over the use of their money in a $1 billion healthcare fund. Abraaj has denied misusing funds.
The row has shaken investor confidence in the Dubai-based firm, halted its fund raising activities and sparked debt repayment problems, forcing Abraaj to file for provisional liquidation in the Cayman Islands.
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