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.
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