Dubai – Mubasher: Investors in a fund of the embattled Dubai-based private equity company, The Abraaj Group, have hired advisory firm Alvarez and Marsal Holdings to help in the recovery of over $99 million.
Alvarez may also represent the fund’s investors if elected to the liquidators’ committee for Abraaj Investment Management, informed sources told Bloomberg.
Abraaj Group is now a under court-supervised liquidation after facing a backlash of money misusage allegations.
Several companies, particularly those listed in the UAE, have disclosed their exposure to Abraaj as per a circular issued by the Securities and Commodities Authority (SCA). Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and the Commercial Bank of Dubai (CBD).