Dubai – Mubasher: Abraaj is planning to file for liquidation, as a response to a group of liquidation petitions after the company was hit by money misuse allegations.

Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.

Abraaj’s filing for liquidation may take place before 29 June due to legal necessity, as the company seeks to implement a $1 billion debt restructuring plan, informed sources told the Financial Times.  

“Cayman court is scheduled to hear a petition from a Kuwaiti pension fund, requesting the appointment of FTI Consulting as liquidator of Abraaj Holdings for non-payment of a $100 million debt,” the British newspaper revealed.

Moreover, Auctus Fund called for the liquidation of Abraaj Investment Management to pay a total outstanding debt of $100 million.