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Air Arabia appoints legal representative to protect investments in Abraaj

Air Arabia appoints legal representative to protect investments in Abraaj
Abraaj has been facing a slew of problems
Air Arabia
AIRARABIA
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Dubai – Mubasher: Dubai-listed  Air Arabia announced that it has an overall exposure of $336 million to the UAE-based private equity firm Abraaj.

The Emirati carrier has appointed a legal representative to protect its investments in the troubled company, according to a statement to Reuters.

The embattled private equity company has been facing a slew of problems due to money misusage allegations.

Earlier in June, the group was accused of mishandling a $1 billion healthcare fund and audits discovered that the company commingled investor funds with its own money in the healthcare fund.