Former Abraaj executive pleads guilty to U.S. charges | ZAWYA MENA Edition:
A former executive of collapsed Dubai private equity firm Abraaj Capital Ltd on Friday pleaded guilty to U.S. fraud and conspiracy charges, admitting that he lied to investors about the firm's financial health and track record.
Former Abraaj Managing Partner Mustafa Abdel-Wadood, 49, entered his plea before Magistrate Judge Gabriel Gorenstein in Manhattan. He has agreed to cooperate with U.S. prosecutors in a criminal fraud case targeting five other former Abraaj executives.
In a prepared statement read in court, Abdel-Wadood said he deceived investors at the direction of Abraaj founder Arif Naqvi, who is fighting extradition to the United States in London.
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