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Where are the billions of lost investors?

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Where are the billions of lost investors? Empty Where are the billions of lost investors?

Post by claud39 on Tue Jul 02, 2019 11:44 am

Where are the billions of lost investors?




02/07/2019





Where are the billions of lost investors? 16012







Economy News Baghdad



A few years ago, the name of Abraaj Capital was fond of the imagination of fast-paced investors and expanding their economic activities in record time. The company was promoted as the largest in emerging markets and has the ability to attract fresh and fast investments from world markets Billions of dollars. 

And to convince big investors, such as billionaire Bill Gates, to invest the funds of his philanthropic firm Bill and Melinda Gates at Abraaj Capital, and have persuaded international institutional towers such as the International Finance Corporation (IFC) of the World Bank, the British CDC and French Proparco to inject hundreds of millions of dollars into A $ 1 billion health care fund.

Arab and international media have rated Dubai-based Abraaj Capital as the largest direct investment firm in the Middle East and North Africa and the largest acquisition fund in the region, with assets under management of about $ 14 billion. 

For 16 years, Abraaj has established 30 investment funds and has extended its activities to the Gulf, Africa, Asia, America and Latin America markets.

But in 2018, the UAE's investment giant, Abraaj Capital, collapsed following the discovery of massive corruption and fraud, particularly in the management of a health fund.
For example, the British group Actis offered to buy the Abraj Group for only $ 1, with Actis paying the debts and obligations owed to it by Actis, .

At the end of June, Abu Dhabi Financial Group offered to buy Abraaj Capital's investment management activities for only $ 50 million, but Abu Dhabi Group has confirmed that it will not meet any commitments or debts owed by Abraaj.

In parallel with these developments, the US Securities and Exchange Commission opened fire on the UAE company, which deceived it and provided false data to regulators in the United States.

In April, the US authorities arrested the chief executive and co-director of the direct investment company, where they were charged with criminal fraud for international investors, including the Bill and Melinda Gates Foundation, and to participate in a massive global scheme that began from 2014 until the collapse of the company, Investment and inflate their profits and assets. 

The office of the US Attorney General for Southern New York charged three executives at Abraaj, including the seizure of $ 250 million from the health care fund of which Bill Gates, one of its main investors,

The latest in the Abraaj Capital case is the admirable confessions of its chief executive, Mustafa Abdul Wadood, who pleaded guilty to fraud, lies, and extortion to an American court, and admitted fraud and fraud about the company's financial position.

Abdel-Wadood faces up to 125 years in prison if convicted in criminal charges against him, as well as Arif Naqvi, head of the group, but what about Arab and foreign investors who have lost billions of dollars in this fragile financial entity? 

Source: The New Arab





claud39
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