Summary of Brian Brivati's Icarus

Please note: This is a companion version & not the original book. This title has been generated using AI Audio.

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#1

The Abraaj Group was indicted in April 2019 by the District Attorney’s office in the Southern District of New York. The group was accused of securities fraud, wire fraud, racketeering conspiracy, money laundering, theft of public funds, and theft of employee pension plans.

#2

The indictment against the Abraaj Group pointed to the fact that the underlying funds and portfolio companies were doing well, and that no money was missing or unaccounted for at the level of audit. This led me to examine the list of creditors in the Cayman Islands court proceedings, which did not include any significant American-based creditors.

#3

The Abraaj affair is a key man story. The advance marketing blurb for the book describes that it argues that an evil genius at the heart of Abraaj was responsible for the company’s collapse because he stole hundreds of millions of dollars and duped the world with his slogan of making money and doing good.

#4

However, Arif Naqvi is not solely to blame for the collapse of The Abraaj Group. He was the victim of a legal persecution and a negative media campaign.