Tuesday 19, June 2018 by Kudakwashe

Court appoints PwC and Deloitte as joint liquidators for Abraaj

 

Abraaj had filed a petition in the Cayman Islands last week, asking the court to appoint provisional liquidators

  

Abraaj Holdings said a court in the Cayman Islands ordered to appoint PricewaterhouseCoopers (PwC) as provisional liquidators of Abraaj Holdings and Deloitte as provisional liquidators of Abraaj Investment Management Ltd reported, Zawya.

The action which will put the company’s future under the control of court-appointed liquidators come as a bid to head off petitions by creditors to wind up the firm.

Abraaj Group, the Middle East’s largest buyout firm, has been facing various allegations concerning the misusage of money, which resulted in splitting the group’s investment management business and holding company.

The UAE-based private equity firm was accused of mishandling a $1 billion healthcare fund.

Audits discovered that Abraaj commingled investor funds with its own money in the healthcare fund.

  

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