Former #Abraaj director ‘sought to hide cash crisis’ before company collapse - The National

Former Abraaj director ‘sought to hide cash crisis’ before company collapse - The National:

A former senior director at the now-defunct private equity giant Abraaj sought to hide the company’s parlous financial position while executives tried to tie up $6 billion for a new venture, according to US court documents.

Sivendran Vettivetpillai, 52, sent an email to Abraaj officials in January 2018 advocating the approach after $230 million was allegedly moved from a health fund to prop up other parts of the business, US prosecutors claim.

Abraaj was at that time seeking to raise billions of dollars for a new fund, the Abraaj Private Equity Fund VI (APEF VI) based on its pioneering reputation as an investor in emerging markets and a track record of “positive performance”.