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Abraaj Group sees top-level reshuffle - Newspaper - DAWN.COM

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height: 1px; overflow:hidden; position: absolute; white-space: nowrap; width: 1px;">Facebook Count</span><span data-fb-count-url="https%3A%2F%2Fwww.dawn.com%2Fnews%2F1391380"><span class="count"></span></span></a> </div> <div class="social social--icon social--black social--flat social--twitter float-left mr-1 my-2 "> <a onclick="return !window.open(this.href, 'Tweet', 'width=640, height=300')" href="https://web.archive.org/web/20180224062035/https://twitter.com/share?text=Abraaj%20Group%20sees%20top-level%20reshuffle&amp;url=https%3A%2F%2Fwww.dawn.com%2Fnews%2F1391380&amp;counturl=https%3A%2F%2Fwww.dawn.com%2Fnews%2F1391380" target="_blank"><span style="clip: rect(1px, 1px, 1px, 1px); height: 1px; overflow:hidden; position: absolute; white-space: nowrap; width: 1px;">Twitter Share</span></a> </div> <div class="social hidden-xs-down social--print social--icon social--black social--flat float-left mr-1 my-2"> <a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/print/1391380">&nbsp;&nbsp;&nbsp;</a> </div> <div class="social social--email social--icon social--black social--flat float-left mr-1 my-2"> <a onclick="$('.mailer [name^=id]').val(1391380);$('.mailer').modal().open()" href="javascript:void(0)"></a> </div> <div class="mailer themodal themodal--centered" style="width:400px;height:260px;background:#fff"> <h3>Email</h3> <br/> <form accept-charset="utf-8" class="form-vertical emailer" onsubmit="javascript:$.post(this.action, $(this).serialize());$(this).html('Mail sent, thank you!');return false;" method="POST" action="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/email/1391380"><input class="form-control" type="hidden" name="jscheck" value=""><div class="form-group"><label for="sender" class="control-label">Your Name</label><input class="form-control" id="sender-2" type="text" name="sender"></div><div class="form-group"><label for="to" class="control-label">Recipient Email</label><input class="form-control" id="to-2" type="text" name="to"></div><input class="form-control" type="hidden" name="id" value=""><input class="btn mt-2" type="submit" value="Email"><input class="form-control" type="hidden" name="_token" value=""></form> </div> <div class="social social--comment social--icon social--black social--flat social--label text--700 float-left mr-1 my-2"> <a href="#comments">0</a> </div></div> </div> <!-- ******** /template/header ******** --> <!-- ******** template/main ******** --> <div class="template__main clearfix modifier--open px-1 modifier--widedefault modifier--quote-center-narrow"> <!-- box/social --> <!-- box/content --> <div class="story__content pt-1 mt-1"><div style="display: none"></div><p class="">LONDON: Arif Naqvi, the founder of Dubai-based emerging markets private equity fund, Abraaj Group, has handed the running of the fund to two co-chief executives and halted investments during a review of the structure of the business.</p><p class="">The reorganisation comes weeks after a reported dispute between Abraaj and four of its investors over the use of their money in a healthcare fund.</p><p class="">Naqvi, a Pakistan-born investor, founded Abraaj in 2002 and expanded it into a major emerging and frontier market powerhouse with $13.6 billion in assets.</p><p class="">Abraaj said Naqvi has passed the reins of the fund management entity to the co-chief executives in order to expand the business further.</p><p class="">Abraaj said earlier this month it had appointed KPMG in Janu­ary to look into the finances of its healthcare fund and within days it said the auditor had completed findings and verified all payments in line with agreed procedures.</p><p class="">The four investors, which included the Bill &amp; Melinda Gates Foundation and World Bank’s arm IFC, had separately hired forensic accountants Ankura Consulting to investigate how funds were used in the Abraaj Healthcare Fund, a source close to one of the firms told Reuters. </p><p class="">Ankura did not respond to a Reuters request for comment.</p><p class="">The Gates Foundation and IFC did not immediately respond on Friday to a Reuters’ request to comment on the management changes at Abraaj. They previously declined to comment on the dispute.</p><p class="">Abraaj, which did not refer to the dispute in its statement on Friday, said Omar Lodhi and Selcuk Yorgancioglu were appointed as co-chief executive officers of the fund management business, Abraaj Investment Management Ltd (AIML). It also said they would take over with immediate effect from Naqvi.</p><p class="">“This is a reorganisation that has been planned for a while and an orderly transition and succession planning,” Selcuk said in a separate statement to Reuters.</p><p class="">Abraaj said in its statement it had commissioned a comprehensive review of its corporate structure with areas of focus to include governance and control functions. AIML will have an independent board of directors to which internal audit and compliance will directly report.</p><p class="">A senior banker, who asked not to be named, said the move was a sign of how corporate governance and fiduciary separation was paramount in the eyes of global regulators whether a firm was small or big. Naqvi will focus on managing Abraaj Holdings and will retain a non-executive role as a member of the global investment committee of AIML, it said.</p><p class="">Abraaj also said it had decided to pause investment activities temporarily, other than on transactions for which commitments are already final, until the re-organisation is complete.</p><p class="">Lodhi and Yorgancioglu have each been with the group for over 10 years and were partners for the groups Asia and Turkey businesses respectively.</p><p class="">“I have every faith that under their leadership, this dynamic firm will achieve even greater heights. The team has my full support and I look forward to contributing to the success of Abraaj going forward,” Naqvi said.</p><p class=""><em>Published in Dawn, February 24th, 2018</em></p> </div> </div> <!-- ******** /template/main ******** --> <!-- ******** template/footer ******** --> <div class="template__footer clearfix modifier--open px-1"> <div class="row no-gutters"> <div class="col-12 col-sm-10 col-sm-offset-1"> <div class="row no-gutters"> <div class="col-12 col-sm-11"> <div class="ml-0 ml-sm-6 px-0 px-sm-2"> <hr> <div class="row no-gutters"> <div class="col-12 col-sm-6"> </div> <div class="col-12 col-sm-6"> <div class="mt-2 mt-sm-0 clearfix social-container"> <!-- box/social --> <div class="social social--icon social--black social--flat social--facebook social--count float-left mr-1 "> <a onclick="return !window.open(this.href, 'Share on Facebook', 'width=640, height=536')" href="https://web.archive.org/web/20180224062035/https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.dawn.com%2Fnews%2F1391380&amp;display=popup&amp;ref=plugin" target="_blank"><span style="clip: rect(1px, 1px, 1px, 1px); height: 1px; overflow:hidden; position: absolute; white-space: nowrap; width: 1px;">Facebook Count</span><span data-fb-count-url="https%3A%2F%2Fwww.dawn.com%2Fnews%2F1391380"><span class="count"></span></span></a> </div> <div class="social social--icon social--black social--flat social--twitter float-left mr-1 "> <a onclick="return !window.open(this.href, 'Tweet', 'width=640, height=300')" href="https://web.archive.org/web/20180224062035/https://twitter.com/share?text=Abraaj%20Group%20sees%20top-level%20reshuffle&amp;url=https%3A%2F%2Fwww.dawn.com%2Fnews%2F1391380&amp;counturl=https%3A%2F%2Fwww.dawn.com%2Fnews%2F1391380" target="_blank"><span style="clip: rect(1px, 1px, 1px, 1px); height: 1px; overflow:hidden; position: absolute; white-space: nowrap; width: 1px;">Twitter Share</span></a> </div> <div class="social hidden-xs-down social--print social--icon social--black social--flat float-left mr-1"> <a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/print/1391380">&nbsp;&nbsp;&nbsp;</a> </div> <div class="social social--email social--icon social--black social--flat float-left mr-1"> <a onclick="$('.mailer [name^=id]').val(1391380);$('.mailer').modal().open()" href="javascript:void(0)"></a> </div> <div class="mailer themodal themodal--centered" style="width:400px;height:260px;background:#fff"> <h3>Email</h3> <br/> <form accept-charset="utf-8" class="form-vertical emailer" onsubmit="javascript:$.post(this.action, $(this).serialize());$(this).html('Mail sent, thank you!');return false;" method="POST" action="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/email/1391380"><input class="form-control" type="hidden" name="jscheck" value=""><div class="form-group"><label for="sender" class="control-label">Your Name</label><input class="form-control" id="sender" type="text" name="sender"></div><div class="form-group"><label for="to" class="control-label">Recipient Email</label><input class="form-control" id="to" type="text" name="to"></div><input class="form-control" type="hidden" name="id" value=""><input class="btn mt-2" type="submit" value="Email"><input class="form-control" type="hidden" name="_token" value=""></form> </div> <div class="social social--comment social--icon social--black social--flat social--label text--700 float-left mr-1"> <a href="#comments">0</a> </div> </div> </div> </div> <div class="row no-gutters"> <!--- 250 300 --> <!-- - 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- - /article - - - --> </div> <div class="slideshow--row__item pr-0 pr-sm-2 mb-2 lap-and-up-border--right palm-border--bottom equalize float-left" data-id="2" style="float:left;width:24%;margin-right:1.3333333333333%;"> <!-- - - - article - - - --> <article class="box story mt-1 mb-1 mb-sm-2 mt-sm-0 pt-0 pb-1 pb-sm-2 pt-1 pt-sm-0 pr-0" data-id="1391385" data-layout="story"> <!-- box/image --> <figure class="media media--focus media--stretch col-sm-12 col-3 mr-sm-0 mr-2 float-sm-none px-0 "> <div class="media__item media__item--100 "><a title="" href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391385/securing-the-nation"><img src="https://web.archive.org/web/20180224062035im_/https://i.dawn.com/medium/2018/02/5a90bdb0ea5ec.jpg" alt="Securing the nation"/></a></div> </figure> <!-- box/title py:0 --> <h2 data-layout="story" data-id="1391385" class="story__title font--playfair-display py-0 "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391385/securing-the-nation" class="story__link">Securing the nation</a></h2> <!-- box/byline --><div class=" mt-1 "><span class="story__byline size-three text--black "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/authors/933/tariq-khosa">Tariq Khosa</a></span> </div></article> <!-- - - - /article - - - --> </div> <div class="slideshow--row__item pr-0 pr-sm-2 mb-2 lap-and-up-border--right palm-border--bottom equalize float-left" data-id="3" style="float:left;width:24%;"> <!-- - - - article - - - --> <article class="box story mt-1 mb-1 mb-sm-2 mt-sm-0 pt-0 pb-1 pb-sm-2 pt-1 pt-sm-0 pr-0" data-id="1391176" data-layout="story"> <!-- box/image --> <figure class="media media--focus media--stretch col-sm-12 col-3 mr-sm-0 mr-2 float-sm-none px-0 " data-focus-x="0%" data-focus-y="0%"> <div class="media__item media__item--100 "><a title="" href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391176/manifestos-and-education"><img src="https://web.archive.org/web/20180224062035im_/https://i.dawn.com/medium/2018/02/5a8f7b6a47fc9.jpg" alt="Manifestos and education"/></a></div> </figure> <!-- box/title py:0 --> <h2 data-layout="story" data-id="1391176" class="story__title font--playfair-display py-0 "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391176/manifestos-and-education" class="story__link">Manifestos and education</a></h2> <!-- box/byline --><div class=" mt-1 "><span class="story__byline size-three text--black "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/authors/568/faisal-bari">Faisal Bari</a></span> </div></article> <!-- - - - /article - - - --> </div> </div><div class="clear--both"> </div></div> </div> <div class="border--top border--thick border--black mx-sm-2 mx-0"> <h3 class="editorial-stories font--playfair-display my-2"><a class="editorial-stories" href="/web/20180224062035/https://www.dawn.com/opinion">Editorial</a></h3> <div class=" slideshow--list slideshow--editorial mt-2"> <div class="clear--both"> <div class="slideshow--row__item active pr-0 pr-sm-2 mb-2 lap-and-up-border--right palm-border--bottom equalize float-left" data-id="0" style="float:left;width:15.666666666667%;margin-right:1.2%;"> <!-- - - - article - - - --> <article class="box story mt-1 mb-1 mb-sm-2 mt-sm-0 pt-0 pb-1 pb-sm-2 pt-1 pt-sm-0 pr-0" data-id="1391384" data-layout="story"><!-- box/date --><span class="story__time size-two text--gray font--arial ">February 24, 2018</span> <!-- box/title xsmall --> <h2 data-layout="story" data-id="1391384" class="story__title size-four font--playfair-display "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391384/senate-poll-challenge" class="story__link">Senate poll challenge</a></h2> <!-- box/excerpt --> <div class="story__excerpt size-three font--georgia ">AN unusual problem has been solved in an unusual manner, giving rise to the usual speculation of partisanship and... </div> </article> <!-- - - - /article - - - --> </div> <div class="slideshow--row__item pr-0 pr-sm-2 mb-2 lap-and-up-border--right palm-border--bottom equalize float-left" data-id="1" style="float:left;width:15.666666666667%;margin-right:1.2%;"> <!-- - - - article - - - --> <article class="box story mt-1 mb-1 mb-sm-2 mt-sm-0 pt-0 pb-1 pb-sm-2 pt-1 pt-sm-0 pr-0" data-id="1391383" data-layout="story"><!-- box/date --><span class="story__time size-two text--gray font--arial ">February 24, 2018</span> <!-- box/title xsmall --> <h2 data-layout="story" data-id="1391383" class="story__title size-four font--playfair-display "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391383/back-to-load-shedding" class="story__link">Back to load-shedding</a></h2> <!-- box/excerpt --> <div class="story__excerpt size-three font--georgia ">ENDING load-shedding was Nawaz Sharif’s biggest campaign promise, and has been the backbone of his narrative since... </div> </article> <!-- - - - /article - - - --> </div> <div class="slideshow--row__item pr-0 pr-sm-2 mb-2 lap-and-up-border--right palm-border--bottom equalize float-left" data-id="2" style="float:left;width:15.666666666667%;margin-right:1.2%;"> <!-- - - - article - - - --> <article class="box story mt-1 mb-1 mb-sm-2 mt-sm-0 pt-0 pb-1 pb-sm-2 pt-1 pt-sm-0 pr-0" data-id="1391382" data-layout="story"><!-- box/date --><span class="story__time size-two text--gray font--arial ">February 24, 2018</span> <!-- box/title xsmall --> <h2 data-layout="story" data-id="1391382" class="story__title size-four font--playfair-display "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391382/dangerous-nexus" class="story__link">Dangerous nexus</a></h2> <!-- box/excerpt --> <div class="story__excerpt size-three font--georgia ">INEXTRICABLY linked, illicit economies and organised crime pose extreme threats to societies. In Karachi’s... </div> </article> <!-- - - - /article - - - --> </div> <div class="slideshow--row__item pr-0 pr-sm-2 mb-2 lap-and-up-border--right palm-border--bottom equalize float-left" data-id="3" style="float:left;width:15.666666666667%;margin-right:1.2%;"> <!-- - - - article - - - --> <article class="box story mt-1 mb-1 mb-sm-2 mt-sm-0 pt-0 pb-1 pb-sm-2 pt-1 pt-sm-0 pr-0" data-id="1391170" data-layout="story"><!-- box/date --><span class="story__time size-two text--gray font--arial "><span class="timestamp--label">Updated</span> February 23, 2018</span> <!-- box/title xsmall --> <h2 data-layout="story" data-id="1391170" class="story__title size-four font--playfair-display "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391170/regrettable-verdict" class="story__link">Regrettable verdict</a></h2> <!-- box/excerpt --> <div class="story__excerpt size-three font--georgia ">The highest court in the land should be accorded the highest respect. Without the judiciary, rule of law is impossible. </div> </article> <!-- - - - /article - - - --> </div> <div class="slideshow--row__item pr-0 pr-sm-2 mb-2 lap-and-up-border--right palm-border--bottom equalize float-left" data-id="4" style="float:left;width:15.666666666667%;margin-right:1.2%;"> <!-- - - - article - - - --> <article class="box story mt-1 mb-1 mb-sm-2 mt-sm-0 pt-0 pb-1 pb-sm-2 pt-1 pt-sm-0 pr-0" data-id="1391169" data-layout="story"><!-- box/date --><span class="story__time size-two text--gray font--arial "><span class="timestamp--label">Updated</span> February 23, 2018</span> <!-- box/title xsmall --> <h2 data-layout="story" data-id="1391169" class="story__title size-four font--playfair-display "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391169/no-place-for-newborns" class="story__link">No place for newborns</a></h2> <!-- box/excerpt --> <div class="story__excerpt size-three font--georgia ">As the primary stakeholders in this venture, women must be empowered to exercise their rights and demand quality care. </div> </article> <!-- - - - /article - - - --> </div> <div class="slideshow--row__item pr-0 pr-sm-2 mb-2 lap-and-up-border--right palm-border--bottom equalize float-left" data-id="5" style="float:left;width:15.666666666667%;"> <!-- - - - article - - - --> <article class="box story mt-1 mb-1 mb-sm-2 mt-sm-0 pt-0 pb-1 pb-sm-2 pt-1 pt-sm-0 pr-0" data-id="1391168" data-layout="story"><!-- box/date --><span class="story__time size-two text--gray font--arial "><span class="timestamp--label">Updated</span> February 23, 2018</span> <!-- box/title xsmall --> <h2 data-layout="story" data-id="1391168" class="story__title size-four font--playfair-display "><a href="https://web.archive.org/web/20180224062035/https://www.dawn.com/news/1391168/syrias-nightmare" class="story__link">Syria’s nightmare</a></h2> <!-- box/excerpt --> <div class="story__excerpt size-three font--georgia ">Is it only a matter of time before a new regional conflict in the Middle East materialises? </div> </article> <!-- - - - /article - - - --> </div> </div><div class="clear--both"> </div></div> </div> <div class="px-2"> <!--- 90 728 --> <!-- - - adsense: start - - --> <div class="ad py-4 d-block d-sm-none" aria-hidden="true"> <div class="ad__label " style="max-width:728px;">Advertisement</div> <div class="js-ad clearfix" style="max-width:728px;padding-bottom:12.362637362637%;text-align:center;margin:0 auto;overflow:hidden;"> <div class="radWrapper ad__wrapper"> <div id="div-gpt-ad-1455531878761-2" class="ad__wrapper__slot" style="width:728px;position:absolute"> <script>googletag.cmd.push(function() { googletag.display('div-gpt-ad-1455531878761-2'); 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