Business

Court appoints liquidators

the court also heard an application that sought appointment of David Soden and Stuart Sybersma

Press Release June 20, 2018

Subject to the final order of the court, this ensures that rights of all stakeholders can be protected while the company and liquidators promote restructuring of the company’s obligations, a statement said PHOTO: EXPRESS

DUBAI: Abraaj Holdings Limited has announced that a court in Cayman Islands on Monday appointed Simon Conway of PricewaterhouseCoopers (PwC) Corporate Finance and Recovery Limited and Michael Jervis and Mohammed Farzadi of PwC as joint provisional liquidators of Abraaj Holdings.

“Subject to the final order of the court, this ensures that rights of all stakeholders can be protected while the company and liquidators promote restructuring of the company’s obligations,” said a statement.

Due to delay in K-Electric deal, Abraaj Group now faces liquidation case

Simultaneously, the court also heard an application of Abraaj Investment Management Limited that sought appointment of David Soden and Stuart Sybersma of Deloitte as joint provisional liquidators of the fund management business. The court also approved this application.

Abraaj founder, Arif Naqvi, hands over control of fund

“The decisions made by the court enable Abraaj Holdings and Abraaj Investment Management to pursue court-supervised restructuring plans … for the benefit of their respective creditors,” it said.

Published in The Express Tribune, June 20^th, 2018.

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