Dubai-based Abraaj, once one of the biggest private equity firms in the Middle East, owes its creditors over $1 billion. REUTERS/Satish Kumar
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Abraaj Holdings had an "unusual" business model reliant on short-term borrowing, and key financial statements are missing or nonexistent, according to one of the firms tasked with salvaging the Dubai-based private-equity firm's assets.Deloitte and PwC were hired as the provisional liquidators of Abraaj, once one of the biggest private equity firms in the Middle East, which owes its creditors over $1 billion.PwC said under Cayman rules, companies like Abraaj, which was founded by Pakistani executive Arif Naqvi in 2002, don't need to file standalone financials, but it's "highly irregular" for such a firm not to do so.PwC, which listed about 10 institutions among Abraaj's creditors, also said in the filing that the buyout firm failed to maintain standalone audit reports.
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