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The Ithmaar group revealed that the value of its exposure to the crisis of Abraaj Holding is estimated at 1% of its investments for more than $ 15 million
The company announced yesterday a participation of 5 % in the infrastructure fund (IGCF LP) and 24.5% stake in IGCF General Partner Limited, which is the general partner of IGCF LP. The problem of Abraaj Capital has begun to emerge since the beginning of 2018, but no one has paid attention to it, especially since it was related to a part of it. Business activity related to the health fund, which raised about $ 1 billion. This seems to have been accompanied by doubts and questions from some partners and was already the beginning of the end of the largest private equity management company in the Middle East.
Turbulence was aggravated by real tricks following its dispute with four of its investors, including the Bill and Melinda Gates Foundation and the International Finance Corporation, over the misuse of their funds in a health care fund $ 1 billion
Court in the Cayman Islands earlier this month to restructure its debts and activities. © Al Anba 2018
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