Dubai: Abraaj Holdings’ Chairman Sean Cleary has resigned from the embattled private equity group.
The group is undergoing a court-supervised restructuring after allegations of misuse of funds.
“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 said in a statement.
A court in the Cayman Islands this month appointed PwC as provisional liquidator of Abraaj Holdings and Deloitte as provisional liquidators of Abraaj Investment Management Ltd.
“Sean is fully supportive of the appointment of the Joint Provisional Liquidators and the effective restructuring process. We thank him for his significant contribution to the Group,” said Abraaj statement.
Last week, New York based Colony Capital Inc agreed to buy some of Abraaj funds and oversee others as the Dubai-based private-equity firm undergoes a court-supervised restructuring.
Earlier this week the co-chief executives of Abraaj Investment Management Ltd (AIML) Omar Lodhi and Selcuk Yorgancioglu stepped down from the board as the company began liquidation and a part sale of its fund management business to Colony Capital. They will continue to remain as co-chief executives of the company.
