Who is Mustafa Abdel Wadood?
Mr Abdel-Wadood was one of the most senior figures at the Abraaj Group for more than a decade, from July 2006 to February 2018, where he held various roles including the roles of Managing Partner, Global Head of Private Equity, and Board Member.
What happened Abrajj capital?
Abraaj, with $14 billion under management, was forced into liquidation after investor concerns over its heath-care fund. Abraaj backers included the Bill & Melinda Gates Foundation and the World Bank’s International Finance Corp.
Who is the founder of Abraaj Group Dubai based equity fund )?
Arif Masood Naqvi
Arif Masood Naqvi (born 13 July 1960 in Karachi, Pakistan) is a Pakistani businessman, who was the founder and chief executive of the Dubai-based private equity firm, The Abraaj Group and Aman Foundation….Arif Naqvi.
| Arif Masood Naqvi | |
|---|---|
| Occupation | Business |
What is Abraaj scandal?
Abraaj, which managed some $14 billion at its peak, collapsed into insolvency in 2018 after being accused of misusing investor funds. The firm’s founder and chief executive officer Arif Naqvi is alleged to have stolen more than $250 million by U.S. prosecutors. He denies any wrongdoing.
Who audited Abraaj?
KPMG
KPMG was Abraaj’s auditor for six years, while Abraaj’s Chief Financial Officer Ashish Dave worked as a partner at KPMG between his two stints as CFO. He was recently hit with a $1.7 million fine by the Dubai Financial Services Authority for his involvement in the scandal.
How do private equity firms get paid?
Key Takeaways Private equity firms make money by charging management and performance fees from investors in a fund. Among the advantages of private equity are easy access to alternate forms of capital for entrepreneurs and company founders and less stress of quarterly performance.
What is the largest private fund in the world?
Largest private-equity firms by PE capital raised
| Rank | Firm | Five-year fundraising total (m) |
|---|---|---|
| 1 | The Blackstone Group | $82,851 |
| 2 | The Carlyle Group | $63,802 |
| 3 | KKR & Co. | $47,977 |
| 4 | CVC Capital Partners | $47,413 |
Who is Mustafa Abdel-Wadood?
The former managing partner of scandal-hit investment firm Abraaj has been fined $1.92m by the Dubai Financial Services Authority (DFSA) for his involvement in fraud. The DFSA published a notice on Wednesday imposing the penalty on Mustafa Abdel-Wadood.
Who is Abraaj boss Abdul-Wadood?
Christopher Calabia, CEO of the DFSA, said: “Abdel-Wadood was one of the most senior and influential persons at the Abraaj Group. His position within the group and his reputation with investors allowed the Abraaj Group to mask its true financial position and the extent of its misuse of investor funds.
Why has the DFSA taken enforcement action against Abdel-Wadood?
“The DFSA has taken enforcement action against Abdel-Wadood for his involvement in breaches of DIFC legislation by Abraaj Investment Management Limited (AIML), a Cayman entity not authorised by the DFSA.
What did Mohamed Abdel-Wadood do wrong?
“In particular, Abdel-Wadood was involved in the misuse of investor funds, the withholding of sale proceeds and reports from investors, providing false explanations to investors, and the cover of a $200m shortfall in a fund at its financial reporting date,” it added.