Dubai regulator says Abraaj collapse may spur oversight changes | Reuters:
The Dubai Financial Services Authority (DFSA) could make changes to its oversight procedures following last year’s collapse of private equity group Abraaj, its chief executive said in a report published on Sunday.
Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors, including the Gates Foundation, over a $1 billion healthcare fund.
“The collapse of this firm will influence our thinking on corporate governance, on the allocation of responsibilities amongst the senior management of firms, and on the best way to assign responsibility for compliance within regulated firms,” DFSA Chief Executive Bryan Stirewalt said in the report.
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