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Regulation

DFSA in contact with US SEC about Abraaj case

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Abraaj Group was the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors, including the Bill and Melinda Gates Foundation, over a $1 billion healthcare fund.

Tuesday 16, April 2019 BY KUDAKWASHE MUZORIWA

The Dubai Financial Service Authority (DFSA) said that it is in touch with the US Securities and Exchange Commission (SEC) about the latest case involving collapsed private equity firm Abraaj.

In a statement, the DFSA said that it is communicating with the SEC, with whom it has a long-standing mutual assistance relationship as well as other relevant local and overseas authorities on the Abraaj matter.

The statement follows reports that Arif Naqvi, the founder and ex-Chief Executive Officer of Abraaj, was arrested in the UK and is awaiting possible extradition to the US, while Mustafa Abdel-Wadood, a former Managing Partner, was apprehended in New York and remains in a federal lockup.

In August 2018, the DFSA stopped Abraaj Capital from taking on new business or moving money to Abraaj Investment Management as part of an investigation into the group.

The regulator added that its investigation into Abraaj Capital and other relevant companies and persons involved in the Abraaj Group is ongoing, reported Reuters.

 

TAGS : Abraaj Group, DFSA, Arif Naqvi, Mustafa Abdel-Wadood

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