Sunday 22, July 2018 by Kudakwashe

Ithmaar Holdings discloses exposure to embattled Abraaj Group

 

Bahraini financial investment company has stakes in various Abraaj-related funds directly and through its subsidiaries.

  

Ithmaar Holdings has disclosed its exposure to embattled Abraaj Group.

In a statement to Dubai Financial Market, Ithmaar said that one per cent in Abraaj Holdings an equivalence of $15 million indirectly through Abraaj Capital Investment Company, five per cent in the Infrastructure and Growth Capital Fund as well as 24.5 per cent in IGCF general partner limited.

Last month in a series of letters to ADX, almost 23 companies denied exposure in Abraaj, among them Abu Dhabi Commercial Bank, Invest Bank and RAK Properties as well as RAKBank, RAK Ceramics and Julphar Gulf.

In June UAE’s Securities and Commodities Authority (SCA) called for listed firms to disclose their exposure in Abraaj Group.

A dispute erupted between Abraaj with four investors including the Bill & Melinda Gates Foundation and the International Finance Corp over the alleged improper use of funds in Abraaj’s healthcare fund.

This triggered months of turmoil at the Middle East and North Africa's biggest buyout fund, which halted its fund-raising activities and shook up its management as it tackled ensuing debt repayment problems.

 

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