Abraaj loses CFO

Ashish Dave’s departure is the latest blow for the embattled firm

Ashish Dave

Ashish Dave has left Abraaj, leaving the embattled investor without a chief financial officer. A spokeswoman told pfm that Dave, who was also a partner, “is no longer with the firm” but declined to provide further details.

Dave’s departure coincides with the news that the firm has cancelled its annual investor week previously scheduled for late March. These meetings will now be held on a regional basis in April.

The former CFO joined Abraaj in 2008 from KPMG, where he was partner and head of deal structuring in the  Dubai office.

The news of Dave’s departure and the cancellation of its high-profile six-day event continues the firm’s rapid unraveling after reports emerged in February that it might have misappropriated money from its $1 billion 2015 Abraaj Growth Markets Health Fund.

In early March the firm suspended its flagship $6 billion Abraaj Private Equity Fund VI, releasing LPs from the vehicle. Later that month founder and chief executive Arif Naqvi passed control of the firm to Omar Lodhi and Selcuk Yorgancioglu.

The firm’s investment programme has also been suspended while it undertakes “a comprehensive strategic review.” It is unclear when that review will be completed.