UAE-listed companies, including some of the country’s biggest banks, have been asked to declare their exposure to embattled private equity firm Abraaj, which has filed for provisional liquidation.
The Middle East’s biggest private equity firm, which at its peak had nearly $14 billion of assets under management, is working with liquidators to restructure its liabilities in the wake of allegations earlier this year that it misused investors’ money in a healthcare fund.
Abraaj founder Arif Naqvi was summoned to a court in Sharjah on Thursday 28 June to face criminal allegations of issuing a cheque to a lender without sufficient funds. He did not attend the hearing and the judge deferred the verdict until July 5.
