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Investors in Abraaj’s fund hire advisor to recover over $99m

Investors in Abraaj’s fund hire advisor to recover over $99m
Abraaj Group is now under court-supervised liquidation
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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.

Other parties including Grant Thornton, Mashreq bank, Noor Bank, and Air Arabia could join the committee as well, they added.

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).