Additional Coverage:
- The founder of a collapsed private equity giant who took $100 million from Bill and Melinda Gates was just expelled from the Giving Pledge (newsbreak.com)
Billionaire Removed from Charity Pledge
The Giving Pledge, a group of wealthy individuals committed to donating most of their wealth to charity, has removed Arif Naqvi from its ranks. Naqvi is a former financier accused of fraud.
Naqvi’s Rise and Fall
Naqvi founded Abraaj Group, a private equity firm that once managed $13.6 billion in assets. He was known as an “impact investor” who claimed to combine profits with social good. However, his firm was accused of mismanaging investor funds, including a $100 million investment from the Gates Foundation.
Gates Foundation’s Involvement
Bill Gates was a guest at a dinner hosted by Naqvi in 2012. The Gates Foundation invested in Naqvi’s Abraaj Growth Markets Health Fund, believing it would support healthcare in developing countries. However, the foundation later raised concerns about the fund’s management and hired a forensic accounting team to investigate.
Naqvi’s Arrest and Charges
In 2017, Naqvi was arrested and charged with fraud. He has since been fined by Dubai’s financial regulator and sued by the U.S.
Securities and Exchange Commission. Naqvi denies wrongdoing, but his case is ongoing.
Giving Pledge’s Action
The Giving Pledge has removed Naqvi from its membership, marking the third forced removal since its founding. The group’s spokesperson stated that the decision was made in accordance with the spirit and intention of the Giving Pledge community.