This archive report was first published on 11 May 2020.
Published on May 11, 2020, The Standard reported that creditors of collapsed private equity firm Abraaj Kenya Advisers Limited had voted for its liquidation.
The creditors voluntary winding up meeting, held virtually last week, resulted in the appointment of Muniu Thoithi and George Weru as joint liquidators to oversee the winding up process.
Creditors are now required to prove their claims or debt before June 15, as stated in a notice published in the dailies on Monday.
"Creditors of the company are required on or before June 15 to send full particulars of all the claims they may have against the company," the notice read.
The firm, linked to Dubai-based private equity fund Abraaj Group, has been embroiled in troubles over a year ago due to allegations of misuse of funds, including a $1 billion healthcare fund.
Abraaj Kenya Advisers had invested billions in various sectors, including healthcare and restaurants, across Africa, but has since offloaded most of its stake.
Notably, the Dubai Financial Services Authority (DFSA) fined two entities of private equity firm Abraaj $315 million in 2019, the largest financial penalties it had ever imposed.
Additionally, in 2019, the firm notified the Capital Markets Authority (CMA) of its intention to cease operation of licensed activities, assuring that the move would not affect the operations of affiliated entities.
