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The Key Man

How the Global Elite Was Duped by a Capitalist Fairy Tale

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The Key Man

By: Simon Clark, Will Louch
Narrated by: Peter Noble
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Brought to you by Penguin.

'Impeccably researched and sumptuous in its detail... It's a page-turner' The Economist

'This book tells the story brilliantly... Well-paced and cleverly organised. It also draws some devastating conclusions' The Sunday Times

'A riveting account of the intertwining of brilliance and greed' The Business Standard

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


Arif Naqvi was charismatic, inspiring and self-made. The founder of the Dubai-based private-equity firm Abraaj, he was the Key Man to the global elite searching for impact investments to make money and do good. He persuaded politicians he could help stabilize the Middle East after 9/11 by providing jobs and guided executives to opportunities in cities they struggled to find on the map. Bill Gates helped him start a billion-dollar fund to improve health care in poor countries, and the UN and Interpol appointed him to boards. Naqvi also won the support of President Obama's administration and the chief of a British government fund compared him to Tom Cruise in Mission: Impossible.

The only problem? In 2019 Arif Naqvi was arrested on charges of fraud and racketeering at Heathrow airport. A British judge has approved his extradition to the US and he faces up to 291 years in jail if found guilty.

With a cast featuring famous billionaires and statesmen moving across Asia, Africa, Europe and America, The Key Man is the story of how the global elite was duped by a capitalist fairy tale. Clark and Louch's thrilling investigation exposes one of the world's most audacious scams and shines a light on the hypocrisy, corruption and greed at the heart of the global financial system.

'An unbelievable true tale of greed, corruption and manipulation among the world's financial elite' Harry Markopolos, the Bernie Madoff whistleblower

Con Artists, Hoaxes & Deceptions International True Crime Crime Exciting Investing Wall Street

Critic reviews

A scorching epilogue... This is tough stuff and this is a tough book that should contribute to much greater scepticism about the bloated financial system
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 who comes across as a teeming mass of contradictions
A pacy and deeply-reported tale
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
For an astonishing story of how the global economy can be manipulated, read the devastating account in The Key Man
A riveting account of the intertwining of brilliance and greed... Should be a mandatory read at all schools of journalism and business schools. It's a rare tour de force from which both can learn
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
This 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
It's a sorry tale, one that raises important questions about our ability to deliver 'ethical' capitalism
Spellbinding. You won't want to put the book down
All stars
Most relevant
The Abraaj scandal hasn't attracted half as as much publicity as similar takes of greed and hubris, bit it's every bit as outrageous. This is good, detailed account, with a total evisceration of stakeholder capitalism right at the end of the epilogue. Good stuff.

here we go again

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I couldnt read this book for years, as it was too painful. I was working for a private equity fund in dubai with similar culture. i grew up as one of those juniors in private equity fund that witnessed abuse but too afraid to speak up. The one man show culture is very common in many funds and living the billionaire lifestyle with other people’s money. Its painful / i love my profession but the leaders that manage to move up the ranks often show personality disorders and cruelty. Ethics is missing - I dont know whether this will ever be solved. The LPA agreements with GPs needs to change - they should not indemnify managers - they should feel the pain - they will think twice before taking reckless decisions

Very truthful

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awesome book which teaches you how ego leads to fraud & illusions leading to destruction

lack of humility when successful!!!

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The Key Man is a riveting account of the meteoric rise and crash of Arif Naqvi, the Pakistani guiding light behind Abraaj, an investment firm that for a time was the darling of the international development and impact investment world. Well researched story by two WSJ reporters, from Davos to the Karachi backstreets, of how Naqvi hoodwinked the global do-good elite with eloquent appeals which masked megalomanic excess and depravation. Alas the real losers are the 3rd world entrepreneurs and small companies who never got funded as a result.

What impact had Abraaj?

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Gripping story of how the self satisfied elites are duped by their own story and delusions

Democracy in peril by Davos elites

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