
“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 20th, 2018.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ