Vendor
	Fletcher Agency Melissa Chinchillo
Original language
English
Categories
Political economy

THE KEY MAN

William Louch Simon Clark

The True Story of How the Global Elite Was Duped by a Capitalist Fairy Tale

In this compelling story of lies, greed and tarnished idealism, two Wall Street Journal reporters investigate a man who Bill Gates, Western governments, and other investors entrusted with billions of dollars to make profits and end poverty, but who now stands accused of masterminding one of the biggest, most brazen financial frauds ever.

Arif Naqvi and his Dubai-based Abraaj Group were darlings of the global financial elite. A daring investor modeled, in his own words, in the tradition of the mythical Sinbad, Naqvi raised billions of dollars as an impact investor - working with the likes of the U.N., the Gates Foundation, the Clinton Global Initiative, and the U.S. and U.K. governments, not to mention the world's financial, political and media elite - to plow much-needed money into the unstable and emerging markets that traditional western investors were too ignorant or scared to touch.

The swashbuckling Naqvi - a Pakistani born on the wrong side of the tracks who clawed his way into the company of Gulf sheikhs and Davos bankers - would not only make those investments, he would get double-digit returns on them. And he would simultaneously lift the prospects of the poor and troubled regions in which he invested.

The only problem was, as Simon Clark and William Louch reveal, that Arif Naqvi was a liar and a thief. Their reporting exposed the fraud at the core of Naqvi's operation and that resulted in the collapse of Abraaj, the largest private equity failure in history. Arif Naqvi and several executives of the firm have been indicted by the U.S. Department of Justice, which relied directly upon Simon and Will's reporting, along with a complement of phone taps and covert surveillance now coming to light. Naqvi is currently in London awaiting extradition to the US. He is being held on the largest bail bond ever ordered in the United Kingdom.

THE KEY MAN is a world-spanning business tale with a distinctively international energy. As readers are transported from Dubai to Davos and beyond, they'll follow how money has moved around the planet in the last 20 years, on whose backs this massive wealth has been made, from whose pockets it's been siphoned - and how elitist optimism enabled a righteous charlatan to plunder some of the world's most notable coffers.

Clark and Louch shine a light on the increasingly powerful black box world of the private equity industry and on the realities of emerging markets and investment, giving us a much-needed examination of the development-as-capitalism ethos espoused by some of the world's most powerful political and financial bedfellows.

ABOUT THE AUTHORS:

The authors are reporters at The Wall Street Journal in London. Simon Clark is a British citizen and has been a journalist since 2000, reporting on a wide range of financial, economic and political subjects that led him as far as the poppy fields of Afghanistan, the copper mines of Congo and to lots of banks and financial institutions in and around London. William Louch is a reporter covering private equity in London.

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Book Published 2021-07-06 by HarperCollins

Comments

“This splendid cautionary tale lays bare the vulnerabilities of the world of high finance, where even the grandees of Davos were marks for the kid from Karachi, who could, seemingly, simultaneously produce mega-returns for investors and lift up poor people in the Third World—until, as Clark and Louch compellingly recount, he disastrously could not.“

-John Helyar, coauthor of Barbarians at the Gate

"An unbelievable true tale of greed, corruption, and manipulation among the world’s financial elite and how the World Bank, Bill Gates, and the governments of the US, UK, France, Germany, Norway, the Netherlands, Sweden, and Kuwait fell victim to the world’s largest private equity Ponzi scheme. This guy makes Bernie Madoff look like a saint.”

-Harry Markopolos, the Bernie Madoff whistleblower

“Arif Naqvi separated billionaires and royalty from their wealth by appealing to their private conceit that they had made their billions doing God’s work. The twists and turns of the increasingly desperate effort to raise funds to protect Arif’s reputation and keep Abraaj afloat—the near misses and lucky saves—are spellbinding. You won’t want to put the book down.”

-Eileen Appelbaum, coauthor of Private Equity at Work

“How do you dupe the World Bank, the World Economic Forum, the Gates Foundation, and countless financial luminaries from around the globe? Attach yourself to the latest piece of financial gibberish—philanthrocapitalism—hire a couple of McKinsey consultants, and then get the Harvard Business School to write glowing reports about you. In this page-turner, Clark and Louch serve up an emphatic indictment of the ‘expert class’—people who think agility with numbers is somehow equivalent to wisdom and morality.”

-Duff McDonald, author of The Golden Passport

“The writing matches that of the best thrillers, with one huge extra bonus: you learn tons, even if you know this industry reasonably well. The rigor and colossal effort that went into this book transpires on each page. There is no dull moment. It is 300 pages of reading pleasure mixed with serious discomfort at what is being presented: the world of finance as it can be.”

-Ludovic Phalippou, professor of financial economics at Saïd Business School, University of Oxford

"Simon Clark and Will Louch do us a service with their highly readable reminder of how greed and gullibility so often go together, and why we need good investigative journalism to keep reminding us that if the pitch (and the person doing the pitch) look just too good to be true, there is probably something fishy going on behind the scenes."

-David Omand, former director of GCHQ and author of How Spies Think

"A rip-roaring account of one of the biggest frauds in corporate history. Through a pacey and deeply researched narrative, Clark and Louch unpick how a private equity trailblazer convinced some of the world’s richest and most sophisticated investors to part with their money—with devastating consequences. A must-read for anyone who is skeptical about the claims made by investment companies about their ethical credentials and motives."

-Owen Walker, award-winning journalist and author of Built on a Lie

"A pacy and deeply reported tale."

-Financial Times

"Compelling and disturbing, the book is a pointed tale of hubris, greed, and the narrow limits of so-called capitalistic ‘benevolence’ in the era of growing economic inequality. . . . Timely and provocative reading on one of the many perils of the murky private equity world."

-Kirkus Reviews

"A riveting chronicle of the meteoric rise and scandalous fall of the Dubai private equity firm Abraaj and its conniving founder, Arif Naqvi. . . . This deeply reported tale captivates."

-Publishers Weekly

"A meticulously researched, compelling reminder of the importance of financial oversight. It should be required reading in business schools."

-Library Journal

"The Key Man is a riveting account of the intertwining of brilliance and greed. . . . The book should be a mandatory read at all schools of journalism and business schools, for it is a rare tour de force from which both can learn."

-Business Standard

"Gripping . . . The account raises questions over whether 'impact investing' and 'stakeholder capitalism' are less about poverty alleviation for the world than guilt alleviation for the Davos elite."

-The Guardian

"Impeccably researched and sumptuous in its detail. . . . It is a page-turner, built around a riveting portrait of the key man of the title. Mr. Naqvi comes across as a teeming mass of contradictions."

-The Economist

"[Clark and Louch's] excellent book, which is more true crime than finance, describes in cinematic detail how Naqvi and his colleagues pumped up valuations, moved money between the company, its funds and their personal accounts, and lied about performance."

-Reuters

"Well paced and cleverly organised. . . . Draws some devastating conclusions about our over-financialized economies; in particular the authors target the $4 trillion private-equity industry, which, if anybody has the courage to notice, should hereafter be subject to rigorous reform."

-Sunday Times (London)

"A book that’s equally accessible to bank CEOs and those untutored in finance. . . . Clark and Louch have done an outstanding job in untangling the knots that usually keep the secretive world of private equity out of reach for most people. One hopes that their investigative work prompts regulators to strengthen their oversight of private equity—something that the titans of the $4 trillion industry have largely avoided so far."

-Dawn (Pakistan)

"What the writers dissect marvellously is an all-too common tale of slick patter feeding off a degree of avarice and a large dollop of naivety. . . . It’s a sorry tale, one that raises important questions about our ability to deliver 'ethical' capitalism."

-The National (UAE)