Deals
Abraaj Creditor Seeks Embattled Dubai PE Firm's Liquidation
- Public Institution for Social Security files petition
- Dubai-based Abraaj is facing allegations of misused funds
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Kuwait’s Public Institution for Social Security is seeking the liquidation of Abraaj Holdings as creditors step up pressure on the Dubai-based buyout firm that’s facing allegations of misused funds.
The fund filed a petition in the Cayman Islands for the liquidation and winding up of Abraaj Holdings after the firm defaulted on a $100 million loan that was due on June 3, the Public Institution for Social Security said in a statement. The fund holds a stake in Abraaj Holdings and had provided $731.8 million in loans and investments by 2013, it said. Since then, it has got back $346.2 million.