Abraaj Creditor Seeks Embattled Dubai PE Firm's Liquidation

Kuwait’s Public Institution for Social Security is seeking the liquidation of Abraaj Holdings as creditors step up pressure on the Dubai-based buyout firm that’s facing allegations of misused funds, Bloomberg News reported. The fund filed a petition in the Cayman Islands for the liquidation and winding up of Abraaj Holdings after the firm defaulted on a $100 million loan that was due on June 3, the Public Institution for Social Security said in a statement. The fund holds a stake in Abraaj Holdings and had provided $731.8 million in loans and investments by 2013, it said. Since then, it has got back $346.2 million. “We have a legal, fiduciary, and an ethical responsibility to see this case through till the end and return these funds, and secure the best possible outcome for our subscribers and pensioners,” PIFSS Director General Hamad Mishari Al Humaidhi said in the statement. Read more.