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Monday, December 6, 2021

Dubai private-equity firm Abraaj Group is suing KPMG for at least $600 million

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Dubai private-equity firm Abraaj Group is suing KPMG for at minimum $600 million over its job in the bankruptcy of the firm in what is the most recent in a series of grievances of messy inspecting made against the Big Four firm, Bloomberg revealed.

The claimants two units of Abraaj which are currently in liquidation claim that KPMG accountants breached their obligation of care while inspecting the private-equity firm, as indicated by court documents recorded in Dubai on Nov. 3.

If KPMG and its local Lower Gulf subsidiary had complied with their duties, then “irregularities” relating to the firm’s financial statements would’ve been identified sooner, the claimants said.

KPMG Lower Gulf debates the cases and will guard the Dubai courts judgment, a representative said. The firm attempted exhaustive activities to fortify our way of life, administration and consistence processes, he said.

Abraaj, which dealt with some $14 billion at its pinnacle, fallen into insolvency in 2018 subsequent to being blamed for abusing investor funds.

During the period KPMG inspected the Abraaj funds, the firm is claimed by US examiners and controllers to have submitted various demonstrations of racketeering and protections extortion, prompting the world’s biggest ever private-equity bankruptcy, as per Bloomberg.

KPMG was Abraaj’s auditor for six years.

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