Cairo - Mubasher: Commercial International Bank (CIB) has announced that it has granted two medium-term loans to two of the UAE Abraaj Capital’s units that have regular cash inflows.
The Egypt-listed bank stated that it has no stakes in the troubled Emirati private equity company and that it has only small stakes in two private equity funds as a limited partner, according to a bourse statement released on Wednesday.
The liquidation of Abraaj does not affect the bank in any way, CIB 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.
