IHC Commited To Sammaan Capital Stake Purchase As Investigations Loom, Say Sources

Avenir Investment RSC, an affiliate of Abu Dhabi-based International Holding Company remains fully committed to its proposed investment in Sammaan Capital, despite ongoing allegations surrounding the firm, sources familiar with the development told NDTV Profit.

IHC has agreed to acquire a 43.46% stake in Sammaan Capital for $1 billion, a transaction that remains subject to regulatory and legal approvals.

According to people in the know, all allegations against Sammaan Capital are well known to IHC and they have been discussed under due diligence process.

Sammaan Capital is confident that any ongoing or future investigation will not uncover anything adverse. The company maintains that its operations, lending practices and disclosures are fully compliant with existing regulations.

Sources further indicate that all funds previously extended to five corporate groups have been repaid in full along with interest.

(This is a developing story.)