Back to the complete issue
Thursday, 2 May 2019

Egyptian MD Abdel Wadood granted bail in Abraaj case

Former Abraaj exec Abdel Wadood granted bail in New York: Former Abraaj managing partner Mustafa Abdel-Wadood has been released on bail, the Wall Street Journal reported. Abdel-Wadood will be under house arrest in a Manhattan studio apartment under the USD 10 mn bail package secured by four cosigners. He could face trial as early as November on fraud and other charges related to the meltdown of Abraaj, once the flag bearer for private equity in emerging markets. Abraaj founder Aref Naqvi and another managing partner, Sev Vettivetpillai, were also arrested in London in the same case, and US prosecutors are seeking their extradition. Abdel-Wadood has denied any wrongdoing in the case. A judge in the UK denied bail for Naqvi last weekend.

Abdel Wadood loses his seat on Orascom’s board: Local press reported that Orascom Construction has let go of Abdel Wadood as an independent non-executive member. He will be replaced by Wiktor Słowiński.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.