Dubai – Mubasher: Abraaj Holdings’ chairman Sean Cleary has resigned amid a massive shockwave hit the ailing UAE private equity firm.
“Following the appointment of the joint provisional liquidators, Sean determined that his role as an independent non-executive director would serve no further legal or fiduciary purpose in the interests of creditors or other stakeholders,” Abraaj told Bloomberg in an emailed statement.
The top official supports both the liquidation and the restructuring plans, the company added.
Arif Naqvi, the founder of The Abraaj Group, is facing criminal charges in the UAE for issuing a bounced cheque.
Earlier in June, Abraaj filed for liquidation, as a response to a group of liquidation petitions after the company was hit by money misuse allegations.
Cayman Islands court has approved a request submitted by Abraaj Group for a provisional liquidation of its business, allowing for a court-supervised restructuring and the protection of stakeholders’ rights.
Abraaj Group 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.
