Abraaj executives arrested for fraud

Businessman_arrestedArif Naqvi, the founder of Dubai-based private equity firm Abraaj, has been arrested on charges of defrauding investors, along with managing partner Mustafa Abdel Wadood. Naqvi was arrested in London while Abdel-Wadood was detained in New York. Both men have denied any wrongdoing and Naqvi is also fighting efforts to be extradited to the US. According to US authorities, the two are responsible for misappropriating hundreds of millions of dollars from Abraaj funds for their own personal benefit and to cover undisclosed capital shortfalls, crimes that led Abraaj to provide investors with inflated valuations of their funds. The indictment also alleges that Abraaj “promoted and sustained the fraud schemes through lies and omissions to financial regulators”. It is the latest sorry chapter in the downfall of what was once the biggest buyout firm in the Middle East but is now undergoing provisional liquidation in the courts of the Cayman Islands. Dubai’s financial regulator, the Dubai Financial Services Authority, has said that it is cooperating with the Securities and Exchange Commission and “other relevant local and overseas authorities on this matter”. ©2019 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Jan 04, 2019

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...


ROUNDTABLE: Hooked to the global caravan

Jan 04, 2019

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.