A coincidence !
I came across this in The Economist this monthAbraaj, a private-equity firm, files for provisional liquidation
The firm dipped into investor funds for its own corporate purposes........................A review from Deloitte, an auditor, concluded that it had covered its own expenses expenses with investors money from the health care fund and another.The money was replaced in the helth care fund but the other fund was left short of $95 million.
Abraaj Capital was the biggest private equity firm in the Middle East. They visited me in 2006 introduced by a European Investment Bank. I remember this meeting and kept the book (picture below) they gave me because the picture of the new fund was from Lisbon!
I asked them about the picture and they said its probably some bridge in the middle east. Not a big mistake but this bridge looks like the Vasco da Gama bridge in Lisbon. Even the painting blue & white is exactly the same. I didn't invest but i thought they were a bit careless.
To dip your hand in the investor funds is not careless it's criminal....
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