Dubai - Mubasher: The Abraaj Group’s founder Arif Naqvi has denied media reports published in the Wall Street Journal on allegations of corruption.
Earlier this week, the WSJ reported that Naqvi offered a $20 million to a Pakistani businessman for cooperation in the sale of Abraaj's stake in the partly owned by the Pakistani government K-Electric.
Naqvi has dissented from all the allegations, claiming they are “are entirely false”, the UAE-based news platform Arabian Business reported.
“They are premised on isolated extracts from illegally obtained documents that have been taken entirely out of context,” he said in a statement.
“It appears that unidentified individuals who are unfairly biased against me and Abraaj are seeking to undermine the sale of K-Electric, damage mine and Abraaj’s reputation and thereby prejudice the creditors of the Abraaj Group,” he added.
Naqvi also revealed that he never “contemplated, directed, authorised or paid any bribes” during the K-Electric sale process, which he believes “was and very much remains in the best interest of the country.”
Moreover, he said that he did not misused or misappropriated any Abraaj funds, according to the statement.
“There was nothing untoward about my requests for transfers or Abraaj Group funds to me or my family, or for my personal investments or obligations,” he stated.
He noted that he acted in accordance with the arrangements put in place by the embattled private equity fund to draw down funds from it, noting that all drawdowns were “properly recorded and accounted for.”
Monies from Abraaj’s healthcare fund for general corporate purposes were used only after having “sought and received independent legal advice as to whether it was permissible,” Naqvi indicated.
He further added that all un-invested funds were “accounted for and returned to investors in the healthcare fund with interest as of 31 December 2017”.
