Abraaj Group, founded by Arif Naqvi, expects to reach a deal with its secured creditors. Jakob Polacsek / World Economic Forum
Abraaj Group, founded by Arif Naqvi, expects to reach a deal with its secured creditors. Jakob Polacsek / World Economic Forum

Abraaj hires investment bank Houlihan Lokey to assist talks with Investors



Abraaj Group, roiled by allegations of misused money, hired investment bank Houlihan Lokey for assistance in negotiations with investors in its $1 billion health fund.

The Dubai company held talks last week with some of the investors who had raised concerns that the money wasn’t being used for its stated purpose, according to people with knowledge of the matter. The outcome of the meeting was not immediately clear, the people said, asking not to be identified as the matter is private.

A representative for Abraaj, which is focused on emerging markets, declined to comment.

Houlihan Lokey is helping Abraaj “with issues pertaining to the Abraaj Growth Markets Health Fund,” the bank’s managing director Jeff Hammer said in response to queries. “We believe Houlihan Lokey’s expertise in helping investment managers and investors bridge differences and align interests will facilitate a mutually beneficial solution for all stakeholders.”

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The Los Angeles-based advisory firm’s mandate could be widened at a later date, one of the people said.

Abraaj, which in February conducted an internal review and concluded that money in its health fund had been properly accounted for, has nevertheless been forced to return capital in a new global fund and halt fresh investments temporarily. The firm is reorganising its structure - with founder Arif Naqvi ceding control of the fund management business - and plans to introduce new internal controls.

It cut about 15 per cent of its total workforce last month and is seeking to sell a stake in the funds division to raise cash amid heightened regulatory scrutiny and the departure of key executives.

The Bill & Melinda Gates Foundation, the World Bank's International Finance Corporation unit, CDC Group and Proparco Group had hired a forensic accountant to examine what happened to some of their money in the health fund, the Wall Street Journal reported February 2, citing people familiar with the matter.

Abraaj said a discrepancy between the amount of money requested from the investors and what was invested was because of delays in some projects, according to the newspaper.

UAE currency: the story behind the money in your pockets
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Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

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TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Uefa Nations League A Group 4

England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')

Man of the match: Harry Kane (England)

Ain Issa camp:
  • Established in 2016
  • Houses 13,309 people, 2,092 families, 62 per cent children
  • Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
  • Most from Deir Ezzor and Raqqa
  • 950 foreigners linked to ISIS and their families
  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region