Abu Dhabi - Mubasher: Abu Dhabi Financial Group (ADFG) has reportedly submitted a revised bid to acquire the management rights for the Middle East funds of Abraaj.
Abraaj has 10 Middle East funds with some 200 investors from across the globe, according to Reuters.
Abraaj’s court-appointed restructuring team seeks to settle over $1 billion in debts through asset sales, but the process has proven to be complicated, according to Bloomberg.
The ailing private equity firm Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.
