The Abraaj group of companies has denied allegations of misappropriation of Bill and Melinda Gates funds allocated to health care.
On the eve of the press reports that the spouses Bill and Melinda Gates hired an audit company to investigate the movement of $ 200 million allocated by them to the Abraaj Growth Markets Health Fund (AGHF), a health fund.
The Bill & Melinda Gates Foundation, World Bank International Finance Corporation (IFC), CDC Group PLC and Proparco Group jointly hired Ankura to investigate why their $ 200 million investment in the Abraaj Growth Markets Health Fund (AGHF) was not spent, and why, in accordance with the terms of the contract, they were not returned to investors.
In addition, it was stated that one of the most influential venture capital funds based in Dubai used funds to buy medical facilities in Pakistan, India and Nigeria to cover its own operating expenses.
In response, Abraaj denied any allegations, saying that this information is "inaccurate and misleading."
The company confirmed that "part of the funds was not used as quickly as expected due to unforeseen circumstances." However, the fund assured the public that information about delays "was regularly sent to investors in quarterly reports and other communication channels."
The statement said that cash management was consistent with the contract. All data confirming this can be provided by a company lawyer.
The Abraaj Foundation was founded in 2002 by Arif Nakvi, it manages about $ 14 billion, with most of the capital being invested in projects in Asia and Africa. The bulk of the portfolio falls on healthcare, including financing a network of private hospitals in India, Hyderabad, and the Islamabad Diagnostic Center. In 2016, the fund allocated $ 545 million for the purchase of hospitals in Nigeria, Pakistan and India.
