June 14, 2018 / 11:39 AM / 6 months ago

Abraaj files for provisional liquidation in Cayman Islands

DUBAI, June 14 (Reuters) - Abraaj, the Middle East’s biggest private equity firm, has filed a petition in the Cayman Islands, asking the court to appoint PwC as provisional liquidators for the embattled company. “The appointment of provisional liquidators imposes a moratorium on the enforcement of all unsecured claims against the company, allowing time for a proposal to be put to creditors for the orderly restructuring of the company,” it said in a statement.

The move is to thwart separate legal action by the Kuwait Public Institution for Social Security (PIFSS) and another creditor, who are seeking the liquidation and winding up of Abraaj for non-payment of debt.

Dubai-based Abraaj has been trying to stem the fallout from a row with four of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), over how it used their money in a $1 billion healthcare fund.

Abraaj has denied it misused the funds. (Reporting by Saeed Azhar; editing by Jason Neely)

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