Dubai-based Abraaj, which manages about $13.6 billion, is reorganising the business
Abraaj has been hit by the departure of two more top executives.
Ashish Dave, chief financial officer, has already departed, and Arabian Business understands that managing partner and global head of Private Equity, Mustafa Abdel-Wadood, will also be leaving his post although will keep a limited involvement with the group.
“I resigned six months ago to spend time with my family and pursue other opportunities,” Dave told Reuters on Sunday.
In a media statement, the company said that Abdel-Wadood and Ahmed Badreldin, head of MENA private equity, are still in their positions with the company.
“Ahmed (Badreldin) remains a partner and head of the MENA region,” a spokesperson said in an emailed statement, adding that Abdel-Wadood will also continue in his full-time role as member of the Global Investment Committee and as managing partner of Abraaj Investment Management Ltd.
However, Arabian Business understands that Abdel-Wadood will be leaving his position, but will remain on the committee.
The news comes just weeks after Abraaj founder Arif Naqvi ceded control of the fund management business in a sweeping restructuring of the Middle East’s largest private equity firm following reports of misused funds.
Omar Lodhi and Selcuk Yorgancioglu were promoted to co-chief executive officers of Abraaj Investment Management, which oversees funds globally for institutional investors.
Naqvi remains CEO of Abraaj Holdings and retains a non-executive role on the fund division’s investment committee.
Dubai-based Abraaj, which manages about $13.6 billion, is reorganising the business following allegations in recent weeks that money in its healthcare fund had been misused.
The Bill & Melinda Gates Foundation, the World Bank’s International Finance Corp unit, CDC Group and Proparco Group had hired a forensic accountant to examine what happened to some of their money in the health fund.
The firm last month said a review by KPMG found no wrongdoing, and that all payments and receipts had been properly accounted for and unused capital had been returned to investors.