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Abraaj Chairman Cleary Steps Down as Buyout Firm Restructures

  • Role no longer has purpose after appointment of liquidators
  • Dubai-based firm undergoing court-supervised restructuring

Abraaj Holdings Chairman Sean Cleary has resigned as the private equity group undergoes a court-supervised restructuring after allegations of misused funds.

“Following the appointment of the joint provisional liquidators, Sean determined that his role as an independent non-executive director would serve no further legal or fiduciary purpose in the interests of creditors or other stakeholders,” Abraaj said in an emailed statement. “Sean is fully supportive of the appointment of the joint provisional liquidators and the effective restructuring process.”