Explainer: What now for Abraaj Group? - The National:
One week after the Abraaj Group founder Arif Naqvi reached an out-of-court settlement with a creditor in a criminal bounced cheque case – reducing the risk of complicating the company’s ongoing restructure – we provide an update on the latest developments.
At what stage is the provisional liquidation?
A judge in the Cayman Islands approved a court-supervised restructure of the private equity firm on June 19, so the process has been under way for more than two months.
Ever since four investors in Abraaj’s $1 billion Growth Markets Health Fund – including the Bill & Melinda Gates Foundation, the World Bank’s International Finance Corporation, the UK’s CDC Group and Proparco Group of France – alleged mismanagement of funds in February and hired Ankura Consulting to find out where their money had gone, Abraaj’s reputation has unravelled.
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