{"id":632990,"date":"2018-02-25T04:06:51","date_gmt":"2018-02-25T04:06:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund\/"},"modified":"2018-02-25T04:06:51","modified_gmt":"2018-02-25T04:06:51","slug":"abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund\/","title":{"rendered":"Abraaj undergoes management restructuring, corporate reorganization following allegations of \u201cmisuse\u201d of health fund"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Abraaj undergoes restructuring following allegations of \u201cmisuse\u201d of health fund:<\/strong> Emerging markets private equity giant Abraaj Group announced on Friday that it is undergoing a management restructuring and corporate reorganization that will see Omar Lodhi and Selcuk Yorgancioglu promoted to co-CEOs alongside the firm\u2019s founder Arif Naqvi, effective immediately. The reorganization will see the spinoff of Abraaj Investment Management Limited (AIML) from Abraaj Holdings, which will be independently managed. \u201cThe fund management business will continue to oversee the operations of all of Abraaj\u2019s funds globally on behalf of leading institutional investors and manage a portfolio of investee businesses across Asia, Africa, Middle East, Turkey and Latin America,\u201d <a href=\"https:\/\/www.abraaj.com\/insights\/news\/press-releases\/Abraaj-Re-organizes-Structure-and-Appoints-Co-CEOs-for-its-Fund-Management-Business\">a company statement said<\/a>.<\/p>\n<p><strong>\u201cAIML has commissioned a comprehensive review of its corporate structure with areas of focus to include governance and control functions<\/strong>. Independent specialist consultants have been retained to carry out this review,\u201d the statement says. This change follows reports <a href=\"https:\/\/www.wsj.com\/articles\/abraaj-investors-hire-auditor-to-trace-money-1517598630\">first printed in the Wall Street Journal<\/a> that a number of top investors in the firm\u2019s Abraaj Growth Markets Health Fund had sought an independent review of an alleged delay in deploying capital called by the fund. The firm <a href=\"https:\/\/s3.amazonaws.com\/abraaj-website-media\/wp-content\/uploads\/2018\/02\/04145401\/Statement-from-The-Abraaj-Group.pdf\">shot back at the reports (pdf)<\/a>, calling them inaccurate and explaining the delay.<\/p>\n<p><strong>\u201cThe key now is to fix the plumbing and the backbone, and that is what we are really focused on doing right now\u201d<\/strong> for the fund management business, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-23\/abraaj-s-naqvi-cedes-control-of-funds-division-in-restructuring\">Naqvi said in an interview with Bloomberg<\/a> on Friday. \u201cThis has got to be the right time to create the transitionary moment when we create an entity that is fit for purpose going forward,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abraaj undergoes restructuring following allegations of \u201cmisuse\u201d of health fund: Emerging markets private equity giant Abraaj Group announced on Friday that it is undergoing a management restructuring and corporate reorganization that will see Omar Lodhi and Selcuk Yorgancioglu promoted to co-CEOs alongside the firm\u2019s founder Arif Naqvi, effective immediately. The reorganization will see the spinoff [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-632990","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4119b4c1-b747-4b85-9049-db94692e159e","order":"0","is_powered_by":true,"section_story_id":"2d4745ab-f03d-49c8-aa16-005505c5db35","story_type":"1","photo_url":"","photo_position":"above","related_issue":[632966],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Abraaj undergoes management restructuring, corporate reorganization following allegations of \u201cmisuse\u201d of health fund - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abraaj undergoes management restructuring, corporate reorganization following allegations of \u201cmisuse\u201d of health fund\" \/>\n<meta property=\"og:description\" content=\"Abraaj undergoes restructuring following allegations of \u201cmisuse\u201d of health fund: Emerging markets private equity giant Abraaj Group announced on Friday that it is undergoing a management restructuring and corporate reorganization that will see Omar Lodhi and Selcuk Yorgancioglu promoted to co-CEOs alongside the firm\u2019s founder Arif Naqvi, effective immediately. The reorganization will see the spinoff [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-25T04:06:51+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Abraaj undergoes management restructuring, corporate reorganization following allegations of \u201cmisuse\u201d of health fund\",\"datePublished\":\"2018-02-25T04:06:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund\/\"},\"wordCount\":281,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/abraaj-undergoes-management-restructuring-corporate-reorganization-following-allegations-of-misuse-of-health-fund\/\",\"name\":\"Abraaj undergoes management restructuring, corporate reorganization following allegations of \u201cmisuse\u201d of health fund - 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Abraaj investors are asking founder Arif Naqvi to \u201cscale back his involvement\u201d in the private equity firm \u201camid a row over misuse of funds,\u201d sources close to the matter tell Reuters. Some investors reportedly refuse to have Naqvi involved at\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631782,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/27\/abraaj-considers-selling-fund-management-unit-amidst-misuse-allegations\/","url_meta":{"origin":632990,"position":1},"title":"Abraaj considers selling fund management unit amidst \u201cmisuse\u201d allegations","author":"enterpriseam admin","date":"27 March 2018","format":false,"excerpt":"Abraaj considers selling stake in fund management spin-off as regulator swirls: Dubai-based emerging markets PE giant Abraaj Group is considering the sale of a stake in its recently-spun off fund management business Abraaj Investment Management Limited (AIML), people with knowledge of the matter tell Bloomberg. Abraaj has reportedly already begun\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631219,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/13\/is-abraaj-going-through-a-wave-of-defections\/","url_meta":{"origin":632990,"position":2},"title":"Is Abraaj going through a wave of defections?","author":"enterpriseam admin","date":"13 March 2018","format":false,"excerpt":"Is Abraaj going through a wave of defections? Ashish Dave, CFO of emerging markets focused PE giant Abraaj, has left the company. \u201cI resigned six months ago to spend time with my family and pursue other opportunities,\u201d he told Reuters on Sunday. A new CFO, appointed from within the company,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594966,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/12\/actis-takes-over-two-more-abraaj-buyout-funds-in-africa-and-southeast-asia\/","url_meta":{"origin":632990,"position":3},"title":"Actis takes over two more Abraaj buyout funds in Africa and Southeast Asia","author":"enterpriseam admin","date":"12 September 2019","format":false,"excerpt":"Actis takes over two more Abraaj buyout funds: Actis has reached an agreement to take over the management of two more buyout funds raised by defunct private equity giant Abraaj, according to the Wall Street Journal. A document written by Abraaj\u2019s liquidators shows that the firm was removed from managing\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595042,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/15\/correction-actis-takeover-of-abraaj-africa-fund-ii-has-no-connection-with-cleopatra\/","url_meta":{"origin":632990,"position":4},"title":"CORRECTION- Actis takeover of Abraaj Africa Fund II has no connection with Cleopatra","author":"enterpriseam admin","date":"15 September 2019","format":false,"excerpt":"CORRECTION- Actis takeover of Abraaj Africa Fund II has no connection with Cleopatra: Private equity firm Actis\u2019 takeover of Abraaj Africa Fund II and Abraaj South East Asia Fund II last week will not impact the shareholder structure of Cleopatra Hospitals Group, as neither fund holds a stake in the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596771,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/actis-gets-approval-to-take-over-management-of-chgs-majority-shareholder\/","url_meta":{"origin":632990,"position":5},"title":"Actis gets approval to take over management of CHG\u2019s majority shareholder","author":"enterpriseam admin","date":"8 July 2019","format":false,"excerpt":"M&A WATCH- Actis gets regulatory approval to manage Cleopatra Hospital\u2019s majority shareholder: EM private equity fund Actis received approval from the Financial Regulatory Authority (FRA) to take over the management of Creed Healthcare Holdco from now-defunct EM private equity giant Abraaj, Al Mal reported, citing unnamed sources. 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