Abraaj Group Denies It Misused Healthcare Funds

by Forbes Middle East Forbes Middle East - Business News

Dubai-based private equity investor Abraaj Group has denied reports that it misused funds intended for healthcare projects in South Asia and Sub-Saharan Africa.

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Recently, The Wall Street Journal reported investors in the Abraaj Growth Markets Health Fund (AGHF) hired forensic accountants to investigate what happened to some of their money, citing people familiar with the situation.
Several investors, including the World Bank and the Bill and Melinda Gates Foundation, reportedly wanted to know why funds worth more than $200 million that they and others had provided were not spent and are concerned Abraaj may have used the money for its own purposes, according to The New York Times.