Abraaj Holdings chairman Sean Cleary has resigned according to an email statement written by the struggling private equity group.
The statement read: “We can confirm that Sean Cleary has resigned from his position as Chairman of Abraaj Holdings. Following the appointment of the Joint Provisional Liquidators, Sean determined that his role as an independent non-executive director would serve no further legal or fiduciary purpose in the interests of creditors or other stakeholders.”
Abraaj Holdings is undergoing a court-led restructuring amid allegations of misappropriation of funds.
“The filling will create a more controlled basis for moving forward, without impacting the day-to-day management of the funds and the underlying portfolio businesses. The process of court-supervised restructuring will take a few months. I will continue to support this orderly process and help ensure the best possible outcomes for all the stakeholders,” said Abraaj founder Arif Naqvi
New York-based Colony Capital Inc has consented to purchase some of Abraaj’s funds and manage others are the restructuring process continues.
“Sean is fully supportive of the appointment of the Joint Provisional A court in the Cayman Islands this month appointed provisional liquidators for the holdings and investment management units of Abraaj,” said the company in the statement.
Abraaj Holdings was the leading investor in the third world before its troubles began.