|03 July, 2018

10 EGX-listed firms deny ties to UAE-based Abraaj

Abraaj Group was accused of mishandling a $1bln healthcare fund

Cairo: A group of 10 companies listed on the Egyptian Exchange (EGX) have announced that they have no contracts with the UAE private equity company Abraaj Capital.

These companies included Sidi Kerir Petrochemicals, Egypt Free Shops, BPE Holding for Financial Investments, Development & Engineering Consultants, and Gulf Canadian Real Estate, according to a bourse statement.

This announcement followed a shockwave hit Abraaj after allegations related to money misusage.

Arif Naqvi, the founder of The Abraaj Group, is facing criminal charges in the UAE for issuing a bounced cheque.

Earlier in June, Abraaj filed for liquidation, as a response to a group of liquidation petitions after the company was hit by money misuse allegations.

Cayman Islands court has approved a request submitted by Abraaj Group for a provisional liquidation of its business, allowing for a court-supervised restructuring and the protection of stakeholders’ rights.

Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.

Source: Mubasher

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