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Naqvi dismisses intentional wrongdoing at Abraaj

Naqvi dismisses intentional wrongdoing at Abraaj

Dubai – Mubasher: Abraaj Group, the Dubai-based private equity firm, has been facing a backlash following money misusage allegations.

Earlier in June, the buyout firm filed for liquidation, as a response to a group of liquidation petitions.

The company 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.

In his message to employees, the company’s CEO and Founder, Arif Naqvi, apologised for the accusations and their consequences, noting that this was not “intentional wrongdoing”.   

“The recent events have caused us all undeniable pain and turbulence for which I apologise unreservedly.”

The CEO then referred to the company’s community services and philanthropic activities, mentioning Abraaj’s role in helping Afghan kids needing heart surgery.

Naqvi added that he kept his message as brief as possible to avoid leaks.

"To all of you, I am eternally grateful and wish you every success in reaching the goals you may have set for yourselves. You are, one and all, amazing human beings. Thank you. God bless you all.”