Former Chief Financial Officer Ashish Dave, former Managing Director Rafique Lakhani and former Managing Director Waqar Siddique were charged in an indictment unsealed last week.
Sunday 16, June 2019
(Bloomberg) --Three additional former executives of the Abraaj Group were charged in New York in a fraud investigation into the firm’s collapse last year that was the world’s biggest private-equity insolvency.
Abraaj, which was founded in 2002, was the Middle East’s biggest private equity fund and one of the world’s most influential emerging-market investors, with stakes in health care, clean energy as well as lending and real estate across Africa, Asia, Latin America and Turkey.
Arif Naqvi, the founder and ex-chief executive officer of Abraaj Group gave up control of the firm last year after it was disclosed that revenue hadn’t covered operating costs for years.
The equity firm which managed almost $14 billion, was forced into liquidation in June 2018 after a group of investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of money in its health-care fund.
Naqvi and Mustafa Abdel-Wadood, a former managing partner and Sivendran Vettivetpillai, a former managing director were also charged in April.