Deloitte Dubai may have understated #Abraaj’s misuse of $300m of funds - The National

Deloitte Dubai may have understated Abraaj’s misuse of $300m of funds - The National:

Abraaj allegedly misused as much as $300 million (Dh1.1 billion) in one of its funds and Deloitte’s Dubai office may have understated the scale of unauthorised practice by the private equity company in a review it conducted, according to a memo from a Cayman Islands law firm.

“An estimate provided by Deloitte Dubai and subsequently adopted by the AIML JPLs [Abraaj Investment Management Limited’s joint provisional liquidators who are Deloitte UK]…may well understate the true extent of the unauthorised use of APEF IV’s funds,” the Grand Cayman office of the law firm Ogier said in a March 1 memorandum sent to Abraaj and its directors that was seen by The National.

“It appears from initial investigations that the unauthorised use of APEF IV’s [Abraaj Private Equity Fund IV] funds occurred in the latter half of 2017 or early 2018,” Ogier, which was appointed by the investors in APEF IV, also known as Abraaj’s Fund 4 or Fund IV, said.