Deloitte Said to Find Dubai's Abraaj Commingled $95 Million - Bloomberg:
"Abraaj Group, the Middle Eastern investment firm which has been roiled by allegations of misused funds, commingled about $95 million after it faced cash shortages, according to the findings of a review by Deloitte. The accounting firm, which was hired by Abraaj to examine its finances, found that there was commingling of Abraaj’s own money in the health-care fund and its fourth fund, according to a summary of the Deloitte report that was presented to creditors on June 4 and seen by Bloomberg News. Money from Abraaj’s $1 billion health-care fund was used to pay management fees and other expenses, Deloitte said. Abraaj still owes $94.6 million to its so-called Private Equity Fund IV, but all money has been accounted for and there’s no evidence of embezzlement or misappropriation. Abraaj and Deloitte declined to comment."
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