Two more senior executives leave Dubai’s Abraaj – report

Two senior executives have resigned from their roles at Abraaj, the Middle East’s largest private equity house, according to a report in the Wall Street Journal.

The resignations come even as Abraaj is facing allegations of misusing investor money, with an investigation underway.

Bisher Barazi, the chief financial officer of the firm’s private-equity unit, and Matthew McGuire, the unit’s chief operating officer, have both resigned, WSJ reported.

Both the men only took on the roles in February, when Abraaj underwent a management reorganisation which saw founder and CEO Arif Naqvi step down from heading the asset management fund.

The reorganisation came after a reported dispute between Abraaj and four of its investors over the use of their money in a $1bn healthcare fund. The firm is facing an investigation by the investors – including the Bill & Melinda Gates Foundation and International Finance Corp, a member of the World Bank Group.

Read: ‘Potential irregularities’ found in Dubai-based Abraaj’s funds – report

Also read: Dubai’s Abraaj said to be in violation of debt conditions

Meanwhile, certain investors have also called for Naqvi to further scale back his involvement in the group, according to reports.

Naqvi, who set up Dubai-based Abraaj in 2002, is currently focussing on managing the parent company, Abraaj Holdings.

Read: Founder of Dubai’s Abraaj faces investor revolt

Two to three potential buyers are also in talks to bid for Abraaj Investment, including Los Angeles-based Colony Northstar, Reuters reported earlier this month.

Read: Dubai’s Abraaj in talks to sell fund management unit to Colony Northstar