Dubai’s Embattled Abraaj Faces Lawsuit Over Turkish Dairy Maker - Bloomberg:
Abraaj Group Ltd. is being sued by one of the founders of a Turkish dairy maker that the embattled buyout firm is trying to sell, according to people familiar with the matter.
The legal action comes as liquidators of Dubai-based Abraaj seek to dispose of assets in developing nations around the world to help repay more than $1 billion in debt. The lawsuits relate to the purchase in 2014 by the private equity firm and the European Bank for Reconstruction and Development of a majority stake in Yorsan Gida Mamulleri AS, the Istanbul-based producer of yogurt, cheese, milk and the traditional Turkish drink, ayran.
Serafettin Yoruk, who kept 20 percent of Yorsan following the deal, has filed three cases against Abraaj, said five of the people, who asked not to be identified because deliberations are confidential. He alleges that his stake has been diluted to 3 percent through what he deems have been unfair capital increases, the people said. Abraaj won one of the cases, one person said.
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