Dubai: Abraaj Holdings Chairman Sean Cleary has resigned from the embattled private equity group.
The private equity group is undergoing a court-supervised restructuring after allegations of mismanagement.
“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 an emailed statement.
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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.
“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,” the company statement said.
