Naqvi may have undermined confidence in the region for years. REUTERS/Ruben Sprich/File Photo
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Unbeknownst to the audience, four investors in Naqvi's Dubai-based $1 billion health care fund, including the Bill & Melinda Gates Foundation, had recruited forensic accountants to investigate where their money had gone.A subsequent review by Deloitte LLP, made at the request of Abraaj Group, Naqvi's holding company, found it had dipped into money reserved for the health care fund as well as a private equity fund, according to a draft summary sent to creditors and seen by Bloomberg News.In March, Naqvi halted fresh investments and released investors from commitments to a new fund, what would have been Abraaj's largest to date. When it peaked at $13.6 billion worth of assets under management last year, it appeared to have lived up to the lofty name Naqvi chose for it years before: Abraaj means "towers" in Arabic.More deals followed after Naqvi founded Abraaj in 2002 .Abraaj paid for the company with $25 million in equity and $40 million in debt and made 6.6 times its investment when it took the business public in 2005 .It also put Abraaj in an uncomfortable position, according to a person familiar with the firm's decision-making at the time: To attract and keep big international players, Naqvi would borrow money to invest in Abraaj's own funds and expand the asset base.
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