Abraaj fund unit that managed $14 billion gets $1 bid: Report
Dubai-based Abraaj Group's fund unit, which managed $14 billion at its peak, received a bid from private equity firm Actis for $1, as per reports. Abraaj's court-appointed liquidators are seeking to settle over $1 billion in debts through asset sales. Founded by Arif Naqvi, Abraaj reportedly borrowed money from its own funds to meet operating expenses ahead of its collapse.