Naqvi denies transfers to family

Arif Naqvi, founder of the embattled private equity firm Abraaj, denied a Wall Street Journal (WSJ) report that claimed Naqvi directed some of the company funds to his or family accounts.

The WSJ reported that about $600 million (Dh2.2 billion) was moved without the knowledge of most investors into bank accounts that forensic accountants call the Abraaj treasury, and about $200 million flowed from those accounts to Naqvi and people close to him. The WSJ report sourced this information to company documents and sources.

“The allegations against me are entirely false and vehemently denied. They are premised on isolated extracts from illegally obtained documents that have been taken entirely out of context,” Naqvi said in an emailed statement.

“I confirm that I have neither misused nor misappropriated any Abraaj funds. There was nothing untoward about my requests for transfers of Abraaj Group funds to me or my family, or for my personal investments or obligations,” he said.

The report also said that Naqvi tried offer a $20 million payment to businessman Navaid Malik to sell the private equity firm’s stake in Pakistan-based KElectric Ltd through the assistance of then prime minister Nawaz Sharif and his brother.