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.”
____________
Read more:
[ Abraaj's Naqvi relinquishes control of funds business in major organisational shakeup ]
[ Abraaj denies misappropriating healthcare funds ]
____________
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.
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
The bio:
Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.
Favourite food: My mum’s Chinese cooking.
Favourite film: Robocop, followed by The Terminator.
Hobbies: Off-roading, scuba diving, playing squash and going to the gym.
COMPANY PROFILE
Company: Vault
Started: June 2023
Co-founders: Bilal Abou-Diab and Sami Abdul Hadi
Based: Abu Dhabi
Licensed by: Abu Dhabi Global Market
Industry: Investment and wealth advisory
Funding: $1 million
Investors: Outliers VC and angel investors
Number of employees: 14
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
2019 ASIAN CUP FINAL
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
Switching sides
Mahika Gaur is the latest Dubai-raised athlete to attain top honours with another country.
Velimir Stjepanovic (Serbia, swimming)
Born in Abu Dhabi and raised in Dubai, he finished sixth in the final of the 2012 Olympic Games in London in the 200m butterfly final.
Jonny Macdonald (Scotland, rugby union)
Brought up in Abu Dhabi and represented the region in international rugby. When the Arabian Gulf team was broken up into its constituent nations, he opted to play for Scotland instead, and went to the Hong Kong Sevens.
Sophie Shams (England, rugby union)
The daughter of an English mother and Emirati father, Shams excelled at rugby in Dubai, then after attending university in the UK played for England at sevens.