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Former Abraaj executive pleads guilty to U.S. charges
Source: Reuters
WEALTH JUNE 28, 2019 / 2:10 PM / UPDATED 7 HOURS AGO
Former Abraaj executive pleads guilty to U.S. charges
Brendan Pierson
3 MIN READ
NEW YORK (Reuters) - A former executive of collapsed Dubai private equity firm Abraaj Capital Ltd on Friday pleaded guilty to U.S. fraud and conspiracy charges, admitting that he lied to investors about the firm’s financial health and track record.
Former Abraaj Managing Partner Mustafa Abdel-Wadood, 49, entered his plea before Magistrate Judge Gabriel Gorenstein in Manhattan. He has agreed to cooperate with U.S. prosecutors in a criminal fraud case targeting five other former Abraaj executives.
In a prepared statement read in court, Abdel-Wadood said he deceived investors at the direction of Abraaj founder Arif Naqvi, who is fighting extradition to the United States in London.
-snip-
Abraaj had been the largest buyout fund in the Middle East and North Africa until it collapsed in mid-2018 after investors, including the Bill & Melinda Gates Foundation, raised concerns about the management of its $1 billion healthcare fund.
-snip-
Former Abraaj executive pleads guilty to U.S. charges
Brendan Pierson
3 MIN READ
NEW YORK (Reuters) - A former executive of collapsed Dubai private equity firm Abraaj Capital Ltd on Friday pleaded guilty to U.S. fraud and conspiracy charges, admitting that he lied to investors about the firm’s financial health and track record.
Former Abraaj Managing Partner Mustafa Abdel-Wadood, 49, entered his plea before Magistrate Judge Gabriel Gorenstein in Manhattan. He has agreed to cooperate with U.S. prosecutors in a criminal fraud case targeting five other former Abraaj executives.
In a prepared statement read in court, Abdel-Wadood said he deceived investors at the direction of Abraaj founder Arif Naqvi, who is fighting extradition to the United States in London.
-snip-
Abraaj had been the largest buyout fund in the Middle East and North Africa until it collapsed in mid-2018 after investors, including the Bill & Melinda Gates Foundation, raised concerns about the management of its $1 billion healthcare fund.
-snip-
Read more: https://www.reuters.com/article/us-abraaj-usa-crime/former-abraaj-executive-pleads-guilty-to-u-s-charges-idUSKCN1TT2OM
