DUBAI: Dubai’s financial services regulator said on Monday that it was in touch with the US Securities and Exchange Commission about the latest case involving collapsed private equity firm Abraaj.
The statement came after Abraaj founder Arif Naqvi and a former Abraaj executive were arrested last week on US charges that they defrauded investors, including the Bill & Melinda Gates Foundation.
“The DFSA can confirm it is communicating with the SEC, with whom it has a long-standing mutual assistance relationship, and other relevant local and overseas authorities on this matter,” the Dubai regulator said in its statement.
The Dubai Financial Services Authority (DFSA) has been investigating Abraaj Capital Ltd, an entity of the collapsed firm, over a range of matters, but has not specified what they are.
It said on Monday that the probe was ongoing.
The DFSA said it was aware of the two arrests on US charges last week.
Abraaj had been the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors, including the Gates Foundation, over a $1 billion healthcare fund.
Abraaj, filed for provisional liquidation in the Cayman Islands in June last year.
