KPMG Is Said to Review Its Audits of Dubai Buyout Firm Abraaj - Bloomberg

KPMG Is Said to Review Its Audits of Dubai Buyout Firm Abraaj - Bloomberg:

"KPMG LLP is conducting an internal review into its audits of embattled Middle East buyout firm Abraaj Group following the alleged misuse of money, according to people with knowledge of the matter. The accounting firm’s U.K. branch is looking into its examination of Abraaj and its related companies for any potential irregularities in the valuation of assets by KPMG’s Middle East division, the people said, asking not to be identified because the information is private. KPMG is also studying its examination of Abraaj’s $1 billion health-care fund, which was completed in February, they said. The reviews are ongoing and the outcome isn’t clear, the people said. While KPMG said it couldn’t comment on the specifics of the matter because of client confidentiality, a spokesman added that KPMG has taken steps to ensure that investors in the fund have had the opportunity to receive a copy of the KPMG U.A.E. report from February to “see for themselves what it says.”"



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