Home Topics Abraaj Holdings
Topic: Abraaj Holdings
The Grand Court has ordered Abraaj Holdings founder Arif Naqvi to pay his own costs for a recent hearing in Cayman regarding his troubled company’s ongoing attempts to restructure.
Grand Court Justice Robin McMillan granted a two-month extension on Monday of the provisional liquidation of the Cayman-registered Abraaj Holdings, giving the troubled company more time to avoid being wound up at the behest of a major creditor.
The fate of the Cayman-registered Abraaj Holdings could be decided on Aug. 17, when a determination is scheduled over whether the troubled company will be liquidated and wound up, or will continue undergoing court-supervised restructuring.
The Grand Court has appointed provisional liquidators to Abraaj Holdings, a Middle Eastern private equity firm facing allegations that it has misused hundreds of millions of dollars, including funds from the Bill & Melinda Gates Foundation and the World Bank’s International Finance Corporation.
The Cayman-registered Abraaj Holdings is facing two petitions in Grand Court, one to have the court to restructure its debt and the other to liquidate the company.