Following allegations that its healthcare funds had been misused, Abraaj has restructured its business to reflect good governance and accountability.
During the restructuring in February, Omar Lodhi and Selcuk Yorgancioglu were promoted to Co-Chief Executive Officers of the Fund Management Business, Abraaj Investment Management Limited (AIML).
Since then, Reuters has reported that Ashish Dave, Chief Financial Officer has left the Dubai-based private equity company. Arabian Business has also reported that Mustafa Abdel-Wadood, Managing Partner and Global Head of Private Equity, will also be leaving his post while keeping a limited involvement with the group.
Based on industry reports, it is understood that the group may be witnessing more senior departures as the company battles with these allegations. KPMG was recently hired to conduct a forensic accounting review of the $1 billion healthcare fund and revealed that it was not mishandled.
With approximately $13.6 billion in assets under management, Abraaj Group is one of the largest private equity funds in the Middle East and a leading investment firm in emerging and frontier markets.