Advertisement
| 19 June, 2018

Air Arabia appoints team to observe investments in Abraaj

Abraaj has been facing many ebbs

Abraaj's founder Arif Naqvi is a board director of the Middle East low-cost carrier, according to Air Arabia's website.

Abraaj's founder Arif Naqvi is a board director of the Middle East low-cost carrier, according to Air Arabia's website.

Air Arabia

Dubai – Mubasher: Air Arabia is set to adopt a raft of measures to ensure the safety of its investments at Abraaj Group after the latter filed for a restructuring, which will be supervised by a court.

The Emirati carrier has picked a team that is engaged with relevant stakeholders and creditors to ensure the security of its investments, according to an official statement.

Abraaj has been facing many ebbs on the back of money misusage allegations.

Earlier in June, the 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.

Advertisement

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2018 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.