NEW YORK: US prosecutors on Thursday unveiled legal prices in opposition to three extra former executives of collapsed Dubai non-public fairness agency Abraaj Capital Ltd, accusing them of collaborating in a large international scheme to defraud buyers.
Former managing companion Waqar Siddique, former vice chairman Rafique Lakhani and former chief monetary officer Ashish Dave have all been charged with fraud and conspiracy, in line with an indictment unsealed in Manhattan federal court docket. Three different former Abraaj executives, together with founder Arif Naqvi, have been charged earlier this 12 months.
It was not clear whether or not any of the newly named defendants had been arrested or retained legal professionals, and none may instantly be reached for remark. James Margolin, a spokesman for the US Legal professional’s workplace in Manhattan which is prosecuting the case, declined to remark.
Abraaj had been the most important buyout fund within the Center East and North Africa till it collapsed in the course of 2018 after buyers, together with the Invoice and Melinda Gates Basis, raised considerations concerning the administration of its $1 billion healthcare fund.
US prosecutors have stated that from about 2014 till Abraaj’s collapse, Abraaj executives lied concerning the efficiency of Abraaj’s funds, inflating their worth by greater than $500 million.
Prosecutors have stated “at the very least a whole lot of millions” of investor funds have been misappropriated, both to disguise liquidity shortfalls or for the non-public good thing about executives.
Naqvi and former Abraaj managing companion Sev Vettivetpillai have been arrested within the UK in April and have been freed on bail whereas US authorities search their extradition. Naqvi has denied the costs by way of a public relations agency. A lawyer for Vettivetpillai couldn’t instantly be reached for remark.
Former managing companion Mustafa Abdel-Wadood was arrested in New York in April and likewise launched on bail. He has pleaded not responsible.