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Egyptian Stock Exchange – 6 Companies Compete to Manage $ 1 Billion in Al-Khobar Towers Source: Al-Bourse and Al-Akhbar – Al-Akhbar Newspaper with 6 Companies Compete to Manage $ 1 Billion in Fund Al-Abraj
Deloitte, who has been named the Abraj Group's reserve group, is working with health fund investors to evaluate the claims of these six companies to find a way to separate the fund from the rest of the group.
The Bill Gates Foundation and his wife Melinda and the IFC International Finance Corporation of the World Bank faced a conflict that lasted several months and ended the Fund's operations.
Alex Partners, brought in as a consultant, initially offered to act as acting manager of the fund after Abraj offered to give up management because of the crisis, but this offer was delayed when Abraaj Investment Management was temporarily liquidated
However, Abraaj Group denied having mismanaged investment management and reiterated in a new statement that it was deploying all its efforts and cooperating with its investors for that the health fund continues to operate without interruption or interruption.
Who invested 44% His investments include investments in 25 hospitals, 17 clinics and 32 diagnostic centers covering some 1.9 patients.
The crisis, which began last October but is underway, A few months later – on the non-investment of the towers part of the billion dollars allocated to the health fund in hospitals and clinics and invested this part in other areas contrary to what has been agreed.
But Abraj says that he turned to this investment. Countries of Africa Due to Regulatory and Regulatory Conditions [4] The Deloitte report released on June 4 confirmed that there was no evidence of fraud, fraud or deception in the transactions, but indicated that there was a lack of governance
The collapse of Abraaj, once one of the pioneers of emerging market investment, is occurred just five months after a review to investigate allegations of mismanagement of funds in his health care fund to the point where Colony Capital Agreed last month Z buys funds from towers and oversees other companies where the company portfolio and investment management units in the towers are subject to restructuring under the supervision of the Court in the Cayman Islands.
Arif Naqvi, the founder of the towers and another director of Mohammad Rafiq Lakahani's towers, faces a criminal case in the UAE for issuing a check with insufficient credit as collateral for a loan. about $ 200 million in tours and 100 million in Naqvi by the Jaafar family. Mulla, CEO of Baker McKenzie and legal representative of the founder of Abraaj, knows that underpayment checks are a criminal offense under United Arab Emirates law. 19450005
Group Tours Agreement 39; direct investment to sell its stake in Middlebad University to the secretariat of the Holding Company for $ 100 million and signed a preliminary agreement but has not yet concluded the case.
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