Sunday 01, July 2018 by Bloomberg

Ex-Abraaj executive files case against the Dubai private equity firm

 

A former managing director of Abraaj Group has filed a court case against the company in the DIFC

A former managing director of Abraaj Group, the buyout firm that’s undergoing a court-supervised restructuring, has filed a court case against the company in the Dubai International Financial Centre.

Sivendran Vettivetpillai, who was also the global head of impact investing at Abraaj, filed a case with a claim of $2.92 million, a filing at DIFC Courts show.

Vettivetpillai is currently the chief executive officer of LGT Impact, according to his LinkedIn page. A spokeswoman for Abraaj couldn’t immediately be reached for comments.

Last week, Colony Capital Inc. agreed to buy some of Abraaj’s funds and oversee others as the Dubai-based private-equity firm undergoes a court-supervised restructuring. The company has faced a liquidity crisis since it emerged in February that some of its investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of money in its healthcare fund.

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