Accounting firm KPMG is carrying out an internal review of its own audits of Dubai-based private equity firm Abraaj Group Ltd., amid allegations of misused funds, The National reported May 25, citing people with knowledge of the matter.
KPMG's U.K. branch is examining its own probe into Abraaj and related companies for possible irregularities in the valuation of assets by KPMG's Middle East division.
KPMG is also reviewing its probe of Abraaj's $1 billion healthcare fund. Investors had alleged that money from the fund was being diverted elsewhere.
