Bahrain's Ithmaar Holding has declared its exposure to private equity firm Abraaj Group, adding to the list of financial institutions with direct or indirect financial ties to the embattled firm facing allegations of misusing investors' funds.
Ithmaar Holding, the financial institution listed in Bahrain, Kuwait and Dubai, has stakes in Abraaj Holding and various Abraaj-related funds, directly and through its subsidiaries, it said on Sunday in a statement to the Dubai Financial Market.
The Bahraini company has a 1 per cent stake in Abraaj Holdings worth $15 million (Dh55.2m) through Abraaj Capital Co-Investors, a 5 per cent stake in the Infrastructure and Growth Capital Fund (IGCF), and 24.5 per cent shareholding in IGCF General Partner, it said.
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Read more:
Dubai lenders Mashreq, CBD join FAB in declaring Abraaj exposure
Dubai Financial Services Authority to investigate Abraaj mismanagement claims
Abraaj founder Naqvi to skip hearing to avoid possible arrest
Abraaj founder Naqvi faces UAE court ruling over bounced cheque
Abraaj restructuring request approved by Cayman Islands court
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Abraaj, once the Middle East’s biggest private equity firm, is near collapse after accusations that it mismanaged millions of dollars of investors’ funds. Court-appointed liquidators, who are seeking to settle more than $1 billion in debts, are weighing offers for Abraaj’s assets. Ithmaar Holding joins a growing list of companies that declared exposure to Abraaj over the last two weeks including First Abu Dhabi Bank and Emirates NBD.
Ithmaar Holding reported first-quarter net profit attributable to equity holders of $1.66m for the period ending 31 March, an 187.8 per cent year-on-year increase.
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Company%20profile
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
