Deals
Abraaj’s Abdel-Wadood Pleads Guilty, Will Cooperate in Probe
- Abdel-Wadood blames former CEO for disregarding investors
- Abraaj’s failure in 2018 was biggest for a private equity firm
Abraaj Capital Founder Arif Naqvi speaks at the Milken Institute Asia Summit in Singapore.
Photographer: Vivek Prakash/BloombergThis article is for subscribers only.
A former executive at Abraaj Group pleaded guilty to conspiracy charges and agreed to cooperate with a U.S. probe of a scheme that helped lead to the world’s biggest private-equity insolvency in 2018.
Mustafa Abdel-Wadood, a former managing partner at the Dubai-based firm, appeared in federal court in Manhattan on Friday to admit he lied to investors across the globe in an attempt to hide losses at Abraaj and raise more money. He’s one of six former Abraaj executives facing racketeering and securities-fraud charges following an investigation by New York prosecutors.