UAE Court Drops Charges over $48.2 Million Bounced Cheque Against Founder of Middle East Largest Private Equity Abraaj Group

UAE Court Drops Charges over $48.2 Million Bounced Cheque Against Founder of Middle East Largest Private Equity Abraaj Group

The UAE court has dropped charges over a $48.2 million bounced cheque against Arif Naqvi, founder of  Middle East largest private equity group, Abraaj Group.

” UAE Court Drops Charges over $48.2 Million Bounced Cheque Against Founder of Middle East Largest Private Equity Abraaj Group “

Hamid Jafar, a businessman and also founding shareholder of Abraaj Group, had requested the UAW court to drop the proceedings against Arif Naqvi, founder of Abraaj Group.  The $48.2 million bounced cheque is reported to be part of a settlement of $300 million loan from Hamid Jafar to Arif Naqvi.

In June 2018, Abraaj Group with $13.6 billion AUM has filed for restructuring in the Cayman Islands to facilitate the orderly restructuring of the firm.

The restructuring filing is to stop legal action by Kuwait’s pension fund, Kuwait Public Institution for Social Security (PIFSS) and other creditors who are seeking the liquidation and winding up of Abraaj for non-payment of debt.  Investors including Bill & Melinda Gates Foundation through accountants had also uncovered lapses in control in the usage of funds.  The appointment of provisional liquidators (PwC) imposes a moratorium (temporarily restriction) of all claims against Abraaj, allowing an orderly restructuring process.

The Abraaj Group is Middle East’s biggest private equity firm with $13.6 billion AUM, $8.1 billion in deployed capital in over 200 investments and had exited more than 100 investments totalling $6.8 billion (data as of 30th June 2017).  The firm specialises in private equity, private credit, impact investing and real estate and invest into growth markets across Africa, Asia, Latin America, the Middle East and Turkey.

The Abraaj Group was founded in 2002 by Pakistani Arif Naqvi in 2002 with $60 million.  He grew the firm into Middle East’s biggest private equity firm with $13.6 billion AUM in 2017, presence in over 20 country offices and 5 regional hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore.

Source: FTThe NationalWSJ , TWI

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Wife of Israel Prime Minister Charged for Misuse of $100,000 for Gourmet Meals

Wife of Israel Prime Minister Charged for Misuse of $100,000 for Gourmet Meals

The wife of Israel’s Prime Minister Benjamin Netanyahu, Sara Netanyahu was charged with misusing nearly $100,000 (NIS 359,000) of public funds to pay for restaurant meals delivered to the couple’s official residence.  Between 2010 to 2013, she had fraudulently obtained nearly $100,000 (NIS 359,000) from the state for food orders from gourmet restaurants.  Her trial is set to start on 19th Jul 2018.

” Wife of Israel Prime Minister Charged for Misuse of $100,000 for Gourmet Meals “

Under state regulations, cooks are available at the Prime Minister’s Residence.  The regulations prohibit food catering if a cook is employed at the home of the Prime Minister. If cooks are not employed, the PM’s family is permitted to order external meals at a cap of $57 (NIS 200) per person.  The prosecution also charged Ezra Seidoff, the ex-Prime Minister’s Office deputy director-general, for the same offence amounting to more than $100,000 (NIS 393,000) for food orders from gourmet restaurants.

Israel’s Prime Minister Benjamin Netanyahu since 2009, is serving his 4th term in office. He has been suspected of crimes involving fraud, breach of trust and bribes in cases “1000” and “2000” since January 2017.  In “Case 1000”, Netanyahu is alleged to have accepted gifts including champagne, cigars, jewellery and clothing worth hundreds of thousands of dollars from wealthy businessmen.  In return, he will offer his benefactors assistance in getting visa, permanent residency and tax status in Israel.  In “Case 2000”, he is alleged to have tried to strike a deal with the country’s second-largest newspaper, Yedioth Ahronoth to provide positive coverage to stay in power.

NIS: Israeli new shekel or acronym of New Israeli Sheqel

Source: The Guardian, The Jerusalem Post

 

Video:

Video:

Video:


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East’s biggest private equity firm Abraaj Group with $13.6 billion AUM has filed for restructuring in the Cayman Islands to facilitate the orderly restructuring of the firm.

” Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring ”

The restructuring filing is to stop legal action by Kuwait’s pension fund, Kuwait Public Institution for Social Security (PIFSS) and other creditors who are seeking the liquidation and winding up of Abraaj for non-payment of debt.  Investors including Bill & Melinda Gates Foundation through accountants had also uncovered lapses in control in the usage of funds.  The appointment of provisional liquidators (PwC) imposes a moratorium (temporarily restriction) of all claims against Abraaj, allowing an orderly restructuring process.

The Abraaj Group is Middle East’s biggest private equity firm with $13.6 billion AUM, $8.1 billion in deployed capital in over 200 investments and had exited more than 100 investments totalling $6.8 billion (data as of 30th June 2017).  The firm specialises in private equity, private credit, impact investing and real estate and invest into growth markets across Africa, Asia, Latin America, the Middle East and Turkey.

The Abraaj Group was founded in 2002 by Pakistani Arif Naqvi in 2002 with $60 million.  He grew the firm into Middle East’s biggest private equity firm with $13.6 billion AUM in 2017, presence in over 20 country offices and 5 regional hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore.

 

 

Source: Abraaj, Reuters, Bloomberg

 

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Billionaire and Chelsea Owner Roman Abramovich Becomes Israel Citizen after Visa Delays in UK

Billionaire and Chelsea Owner Roman Abramovich Becomes Israel Citizen after Visa Delays in UK

Russian billionaire and Chelsea football club owner Roman Abramovich has become an Israel citizen after facing delays in renewing his visa in the United Kingdom.  Facing difficulties in renewing his visa, he decided to move to Tel Aviv in Israel 15 years after having first invested in English Premier League football club, Chelsea in 2003.

” Billionaire and Chelsea Owner Roman Abramovich Becomes Israel Citizen after Visa Delays in UK “

Roman Abramovich’s family is Jewish and are from Lithuania.  He is one of Russia’s richest man and now Israel’s richest man, with a personal fortune exceeding $10 billion.  A business tycoon, he is best known outside Russia as the owner for Chelsea .  He was also the governor of Chukotka in Russia from 2000 to 2008.  Since 2009, he has donated more than $2 billions to build schools, hospitals and infrastructure in Chukotka.

The Israel’s interior ministry has confirmed the citizenship on a local television.  Israel’s Law of Return passed on 5th July 1950, grants Jews the right to live and gain Israeli citizenship.  According to Al Jazeera, a major news network that is owned by the government of Qatar, any Jew can immediately received a Passport.

Source: Al Jazeera, The Guardian, Telegraph

 

Video:

Video:

Video:

Video:

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly to present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Turkish Tycoon’s Daughter & Friends Died in Private Jet Crash

Turkish Tycoon’s Daughter & Friends Died in Private Jet Crash

Turkish tycoon Huseyin Basaran’s eldest daughter,  Mina Basaran has died with 7 of her friends in a private jet crash in Iran.  The private jet, a Bombardier Challenger 604, had made a distress call of a technical failure, and disappeared from radar shortly, 70 minutes after departure.

” Turkish Tycoon’s daughter died in Private Jet Crash “

The plane with 11 people on board, was returning from her bachelorette party from Sharjah, United Arab Emirates en-route to Istanbul, Turkey.  According to Turkey’s Hurriyet newspaper, she is to marry Murat Gezer on the 14th April 2018 at the Ciragan Sarayi Hotel in Istanbul.

Huseyin Basaran is the 3rd generation of Basaran Investment Holding, with diversified investments in yachting, construction, tourism, aviation, cement, energy and food.

Sources: CNN, SCMP, Aljazeera

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

11 Saudi Arabia Princes Arrested for Protesting Against Royal Orders

11 Saudi Arabia Princes Arrested for Protesting Against Royal Orders

Saudi Arabia has arrested 11 princes for objecting a new royal decree where the state will stop paying their utility bills.  The 11 princes had been held at al-Ha’er prison.  The princes went to Qasr al-Hokm palace to cancel the new decree for halting the payment of water and electricity bill for royal family members and to seek compensation for a death sentence against one of their royal cousin, Prince Turki bin Saud al-Kabeer.

” 11 Saudi Arabia Princes Arrested for Protesting Against Royal Orders “

Saudi Arabia is the world’s largest oil exporter, and in recent times, have been reforming the economy.  The social & economic rebounds have been led by Crown Prince Mohammad bin Salman.  He has introduced reforms including reducing subsidies, new taxes and lifting the ban on women driving.

Source:  Bloomberg, Reuters, CNN

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Saudi Prince al-Waleed Bin Talal Arrested on Orders from Anti-Corruption Committee

Saudi Prince al-Waleed Bin Talal Arrested on Orders from Anti-Corruption Committee

Saudi Prince al-Waleed Bin Talal has been arrested along ten princes and dozens of former ministers in a new anti-corruption probe, headed by Crown Prince Mohammed bin Salman in Saudi Arabia.  Saudi Prince al-Waleed Bin Talal is a member of the Saudi royal family, billionaire and is a prominent investor in many US companies, including Citigroup.

“Saudi Prince al-Waleed Bin Talal has been arrested on Orders from the New Anti-Corruption Committee”

Saudi Arabia’s King Salman removed a host of prominent officials in this crackdown. The anti-corruption sweep is taking place against a backdrop of reform in Saudi Arabia and the upcoming initial public offering for state-owned oil giant Saudi Aramco.

Source: CNBC, Forbes, Business Insider

 

Video:

 

Video:

Video:

 

 

Video:

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Public Investment Fund of Saudi Arabia Commits $20 billion to Blackstone Private Equity

Public Investment Fund of Saudi Arabia Commits $20 billion to Blackstone Private Equity

Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, has committed to pledge $20 billion to American private equity firm, Blackstone. The $20 billion will be invested into a $40 billion fund.

“Public Investment Fund of Saudi Arabia commits $20 billion to U.S. private equity firm Blackstone”

Blackstone expects to invest more than $100 billion, through debt & equity into infrastructure projects, principally in the United States.  The new fund is a strategic partnership between Blackstone and PIF.  The discussion first began in May 2016.

Source: The New Arab, Reuters, CNN Money

 

Video:

https://youtu.be/CyLAzRHv2yk

 

Video:

 

 

About Public Investment Fund

The Public Investment Fund is the sovereign wealth fund of Saudi Arabia.  It was originally established in 1971 to invest in commercial projects.  In addition to making select investments in a range of companies and assets domestically and internationally, the Fund has contributed to the establishment of numerous Saudi Arabian companies, supporting innovation, diversification and non-oil sector development in the Kingdom.

Visit: Public Investment Fund

 

About Blackstone

Our investments are designed to preserve and grow our limited partners’ capital, provide financial security for millions of retirees, sovereign wealth funds, and other institutional and individual investors, and contribute to overall economic growth.

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. The firm was founded in 1985 by Stephen A. Schwarzman, our Chairman and Chief Executive Officer, and Peter G. Peterson, who retired as Senior Chairman in 2008.

Thirty years later, we are a firm of nearly 2,300 employees in 25 offices worldwide. Our portfolio companies employ more than 480,000 people across the globe.

Visit: Blackstone

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Largest Oil Producer Saudi Aramco $100 Billion IPO Timed in Year 2019

Largest Oil Producer Saudi Aramco $100 Billion IPO Timed in Year 2019

Saudi Aramco $100 billion IPO could be in the year 2019, according to a Bloomberg report.  The IPO could raise $100 billion via both the Saudi stock exchange in Riyadh and the Tadawul, and one or more stock exchange with New York and London as main contenders.

” Saudi Aramco $100 billion IPO timed in year 2019 “

Saudi Aramco is the world’s largest oil producer with proven conventional crude oil and condensate reserves of 260.8 billion barrels.  The average daily crude production is 10.5 million barrels per day (bpd), and have an estimated natural gas reserves of 298.7 trillion standard cubic feet (scf).  The company is headquartered in Dhahran, Saudi Arabia and employs more than 65,000 workers worldwide.

Source: Bloomberg

Video:

 

About Saudi Aramco

Saudi Aramco is the state-owned oil company of the Kingdom of Saudi Arabia and a fully integrated, global petroleum and chemicals enterprise.  Over the past 80 years we have become a world leader in hydrocarbons exploration, production, refining, distribution and marketing.  Saudi Aramco’s oil and gas production infrastructure leads the industry in scale of production, operational reliability, and technical advances. Our plants and the people who run them make us the world’s largest crude oil exporter, producing roughly one in every eight barrels of the world’s oil supply.

We manage proven conventional crude oil and condensate reserves of 260.8 billion barrels. Our average daily crude production is 10.5 million barrels per day (bpd), and we have stewardship of natural gas reserves of 298.7 trillion standard cubic feet (scf).  Headquartered in Dhahran, Saudi Arabia, with offices and operations throughout the Kingdom, we employ more than 65,000 workers worldwide.  Our subsidiaries and affiliates are located across the globe in Saudi Arabia, China, Egypt, Japan, India, the Netherlands, the Republic of Korea, Singapore, the United Kingdom and the United States.

 

Visit: Saudi Aramco

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Billionaire to Spend $30 Million on Son’s Wedding

Billionaire to Spend $30 Million on Son’s Wedding

UAE billionaire Rizwan Sajan will spend $30 million on his son’s wedding which is held over four days on cruise in the Mediterranean. The billionaire is the founder of Danube Group and has a net value of $2 billion.

“UAE billionaire Rizwan Sajan will spend $30 million on his son’s wedding which is held over four days on cruise in the Mediterranean.”

~ Wealth-x

The 1,100 guest-list includes rich and famous personalities from India and the UAE. According to the wedding itinerary, guests will board the Costa cruise at Barcelona and travel on a four-day European excursion across Marseilles, Cannes and Savona.

Related Reports: Arabian Business, Wealth-x

 

Video:

 

About Danube Group

Established in the year 1993, Danube Group was founded and cultivated under the leadership of Rizwan Sajan, who is the known to be the Founder and Chairman of the Group. Starting off as a small trading firm, the company is moving from strength-to-strength, expanding its foothold in the region, and has established itself as the No. 1 building Materials Company along with other branches under its vast umbrella. In 2015, the company recorded a turnover of AED 5.14 billion and has been growing ever since. Moreover, Rizwan Sajan was ranked 12th among the ‘Top 100 Indian leaders in the UAE’ List by Forbes Middle East.

Visit: Danube Group

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency