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Abraaj Posts $188m Loss After Using Investor Funds, Says Pwc | Cpi Financial News | Banking And Financial News,islamic Business And Finance, Commercial Banking
Posted on: July 15, 2018, 7:06 a.m.
Abraaj Holdings had an “unusual” business model reliant on short-term borrowing, and key financial statements are missing or non-existent, according to one of the firms tasked with salvaging the Dubai-based private-equity firm’s assets. In a report seen by Bloomberg News, PricewaterhouseCoopers said it has “been unable to obtain standalone annual financial statements or management accounts for the company.” It noted “multiple layers of leverage” as the company borrowed to offset a "long-running liquidity shortfall between the investment management fees and ... Full investment news articleRelevent to this post: Abraaj Capital Cerberus Capital Management,