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Abraaj unit granted 2-month extension for provisional liquidation

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Abraaj unit granted 2-month extension for provisional liquidation

Abraaj Group Ltd.'s Cayman Islands-registered unit, Abraaj Holdings, was granted a two-month extension of its provisional liquidation, Cayman Compass reported Sept. 3.

In a court appearance on Sept. 3, the liquidators' counsel stated that Abraaj has received dozens of bids for its asset management platform, which would provide access to over a dozen developing countries where Abraaj has a presence, according to the report. Abraaj expects to accept one or more bids by Sept. 14.

Abraaj filed for provisional liquidation in the Cayman Islands on June 14, ahead of a June 29 hearing for the liquidation petition filed by Kuwait's Public Institution for Social Security over a $100 million loan. Abraaj is also facing legal issues with Auctus Fund Ltd., another creditor.

Abraaj Group came under scrutiny earlier in 2018 after investors in a $1 billion healthcare fund questioned how their funds were being used.

Bloomberg News reported in late August that the troubled private equity firm's founder, Arif Naqvi, reached a settlement with businessman Hamid Jafar in a $217 million case relating to Naqvi's issuance of a check with insufficient funds. Naqvi and fellow executive Muhammad Rafique Lakhani were sentenced to three years in prison and ordered to pay court expenses, but a lawyer for Naqvi told the news outlet that charges based on bounced checks get extinguished once parties reach a settlement.