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.”
A court in the Cayman Islands this month appointed provisional liquidators for the holdings and investment management units of Abraaj, which was once one of the developing world’s most influential buyout firms. The move came after investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of funds.
Last week, Colony Capital Inc agreed to buy some of Abraaj’s funds and oversee others as the Dubai-based private-equity firm undergoes a court-supervised restructuring. The Wall Street Journal reported Cleary’s resignation earlier.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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