World Bank debars former Abraaj executive over fraud
The World Bank has debarred a former Abraaj Group executive for two years over fraud related to a fund of the defunct private equity firm that was focused on investing in Turkey.
The Washington-based lender said Selcuk Yorgancioglu had been sanctioned over his ties to the Abraaj Turkey Fund I Project (ATFI).
As a result, Mr Yorgancioglu and any of the businesses he controls will not be eligible to participate in projects and operations financed by World Bank institutions during the two-year period.
The suspension is part of a settlement agreement that was negotiated with Mr Yorgancioglu, 55, “under which he admits responsibility for the underlying sanctionable practice and agrees to meet specified integrity compliance conditions for release from debarment”, the lender said.
It said the settlement demonstrated how the agreement and World Bank sanctions could be used to promote better business practices by people and companies engaged in private sector development projects.
Mr Yorgancioglu, who was appointed as co-chief executive in March 2018 for the restructuring process of Abraaj, declined to comment when reached by The National on Friday.
Sunday, 23 April 2023
#UAE-based Network International confirms takeover offer from Canada’s Brookfield
UAE-based Network International confirms takeover offer from Canada’s Brookfield
UAE-based payments provider Network International has received a $2.7 billion takeover proposal from Brookfield Asset Management, following an offer from CVC Capital and Francisco Partners on Monday.
The London listed firm stated that it has received a highly preliminary, non-binding proposal regarding a possible cash offer of 400 pence per Network share for the entire issued and to be issued share capital of Network.
Private equity firms CVC Capital and Francisco Partners on Monday offered 387 pence per share and have until May 11 to either make a firm offer for the company or walk away.
Last year, Canada-based Brookfield bought a 60% share in the First Abu Dhabi Bank's (FAB) payments processing business, Magnati.
"The Board of Network is currently evaluating the Brookfield Proposal with its financial advisers and a further statement will be made in due course. There can be no certainty that an offer will be made by Brookfield, nor as to the terms on which any offer might be made," Network International said in a statement.
Dubai-based lender Emirates NBD holds 6% in Network International. The payments provider operates in more than 50 countries, serves more than 150,000 merchants and 200 financial institutions, whilst managing 18 million payment credentials, according to its website.
UAE-based payments provider Network International has received a $2.7 billion takeover proposal from Brookfield Asset Management, following an offer from CVC Capital and Francisco Partners on Monday.
The London listed firm stated that it has received a highly preliminary, non-binding proposal regarding a possible cash offer of 400 pence per Network share for the entire issued and to be issued share capital of Network.
Private equity firms CVC Capital and Francisco Partners on Monday offered 387 pence per share and have until May 11 to either make a firm offer for the company or walk away.
Last year, Canada-based Brookfield bought a 60% share in the First Abu Dhabi Bank's (FAB) payments processing business, Magnati.
"The Board of Network is currently evaluating the Brookfield Proposal with its financial advisers and a further statement will be made in due course. There can be no certainty that an offer will be made by Brookfield, nor as to the terms on which any offer might be made," Network International said in a statement.
Dubai-based lender Emirates NBD holds 6% in Network International. The payments provider operates in more than 50 countries, serves more than 150,000 merchants and 200 financial institutions, whilst managing 18 million payment credentials, according to its website.
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