Abraaj woes put Gulf’s corporate governance under spotlight | Financial Times

Abraaj woes put Gulf’s corporate governance under spotlight | Financial Times:

When the pressure intensified on Abraaj over allegations that it had mishandled investors’ funds, Arif Naqvi, the private equity group’s founder, handed over the reins of the company’s fund business to “drive the necessary operational and governance changes”.

The Dubai-based buyout house said the move would “ensure that the firm continues to perform at the highest levels”.

But six months on, Abraaj is being broken apart as a court-appointed liquidator oversees a restructuring and Mr Naqvi’s fall from grace has renewed scrutiny on the standards of corporate governance in the oil-rich Gulf.