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ARTICLE · 19 JUNE 2019

New Twist In Abraaj Group Case Will Affect Cayman Liquidation

Bedell Cristin
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Abdul Wadood was arrested in New York and he has pleaded not guilty to the charges against him.

Cayman IslandsFinance and Banking
Laura Hatfield
Laura Hatfield
Kai McGriele
Kai McGriele
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Two indictments filed in the Southern District of New York Court have resulted in the arrests of the both the founder of Abraaj Investment Management ('AJM'), Arif Naqvi ('Naqvi'), and the former Managing Partner of the Abraaj Group, Mustapha Abdel-Wadood ('Abdel-Wadood'). Allegations include that Naqvi misappropriated US $230 million to cover cash shortfalls at AJM and its parent company, Abraaj Holdings Ltd. ('Abraaj Holdings'), a Cayman based separate entity to which Joint Provisional Liquidators were appointed in June 2018. Solomon Harris acts for interested parties and we will be keeping a close watching brief on developments in these New York criminal proceedings.

What is the Abraaj Group?

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