15 Egyptian firms deny ties with Abraaj Group

Cairo –  Fifteen companies listed on the Egyptian Exchange (EGX) have denied their ties with the ailing private equity firm Abraaj Group.

Orascom Development Egypt, Egyptian Resorts, North Africa For Real Estate Investment, Paints & Chemical Industries Co (Pachin), and Canal Shipping Agencies have denied their connection with the Dubai-based group, the companies stated in filings to the EGX on Thursday.

Moreover, Egyptian Arabian Themar Securities Brokerage, Samad Misr (Egyfert), Egyptian Real Estate, International Co for Investment & Development, and Egyptians for Investment and Urban Development were also among the companies which have no ties with crisis-hit Abraaj, once one of the developing world’s influential investors.

The companies also included First Investment and Real Estate Development, Egyptian Media Production City Co, Egyptian Transport and Commercial Services Co (Egytrans), South Cairo and Giza Flour Mills and Bakeries, and Glaxo Smith Kline.

On Tuesday, the UAE’s public prosecutor office issued warrants against Abraaj’s founder Arif Naqvi and one of his partners for issuing to a $48 million cheque without sufficient funds, according to documents reviewed by Wall Street Journal (WSJ).

Abraaj’s crisis has started when a group of investors said that the group misused their money in a $1 billion healthcare fund.

On Wednesday, around 70 companies denied any connections with The Abraaj Group.