AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
PSX
Currencies
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home International

KPMG Sued for USD600 Million in Dubai over Abraaj Scandal

KPMG Sued for USD600 Million in Dubai over Abraaj Scandal

admin-augaf by admin-augaf
November 13, 2021
in International
Reading Time: 2 mins read
0
KPMG Sued for USD600 Million in Dubai over Abraaj Scandal

KPMG Sued for USD600 Million in Dubai over Abraaj Scandal

Share on FacebookShare on TwitterWhatsapp

Dubai November, 13, 2021: KPMG LLP was sued for at least $600 million over its role in the insolvency of Dubai private-equity firm Abraaj Group, the latest in a string of complaints of sloppy auditing made against the Big Four firm.

The claimants, two units of Abraaj now in liquidation, allege that KPMG accountants “failed to maintain independence and an appropriate attitude of professional skepticism,” and breached their duty of care when auditing the private-equity firm, according to court documents filed 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.


A L S O || R E A D

KPMG penalized in JDW sugar mill audit case




The allegations are the latest to hit one of the Big Four accountancy firms over poor auditing work. In July, the Malaysian government, 1MDB and their units filed a lawsuit seeking more than $5.6 billion from 44 KPMG Malaysia partners for their role in auditing the state investment fund.  

Other Big Four firms have also been embroiled in scandal. Ernst & Young faces accusations it “actively concealed” a six-year fraud from investors over its auditing for hospital operator NMC Health. 

A spokesperson for KPMG Lower Gulf said it disputes and will defend the Dubai court’s judgment. The firm undertook “comprehensive actions” to “strengthen our culture, governance and compliance processes,” the spokesperson said.

Abraaj, which managed some $14 billion at its peak, collapsed into insolvency in 2018 after being accused of misusing investor funds. The firm’s founder and chief executive officer Arif Naqvi is alleged to have stolen more than $250 million by U.S. prosecutors. He denies any wrongdoing.
Naqvi, the firm’s founder and CEO, remains under house arrest in London and faces a maximum sentence of up to 291 years in jail if is extradited to the U.S. and convicted. At least one other former employee has pleaded guilty to conspiracy charges. 

During the period KPMG audited the Abraaj funds, the firm is alleged by U.S. prosecutors and regulators to have committed multiple acts of racketeering and securities-fraud, leading to the world’s largest-ever private-equity insolvency. 

KPMG was Abraaj’s auditor for six years, while Abraaj’s Chief Financial Officer Ashish Dave worked as a partner at KPMG between his two stints as CFO. He was recently hit with a $1.7 million fine by the Dubai Financial Services Authority for his involvement in the scandal.


Related Posts

PSX Restored old KATS System as Issues still persist after 18 Mock Sessions

OGRA to Introduces Prototype Methane Gas Detectors to reduce SNGP and SSGC UFG losses

Pakistan Diesel Sales Plunged 38% In July 2022, lowest Since March 2020

Hinopak Bottomline Turns Positive On Higher Sales: PSX


Tags: BUSINESSCovidfinanceKMPG Sugar Mill FineKPMGKPMG FinePakistanPakistan Tahreek InsaafPSXSBP
admin-augaf

admin-augaf

Related Posts

Merck Sues US Government to Halt Medicare Drug Price Negotiation
Business

Merck Sues US Government to Halt Medicare Drug Price Negotiation

June 6, 2023
Egypt’s Core Inflation Rises To 21.5% In November
Business

Egypt’s Net Foreign Reserves Grow to $34.6 Billion in May

June 6, 2023
Pakistan IT exports increased by 32.6 percent to USD 1.486 billion during July to January: PBS
International

Global Exports of Digitally Delivered Services Reached $3.82 Trillion in 2022

June 6, 2023

Recent News

Merck Sues US Government to Halt Medicare Drug Price Negotiation

Merck Sues US Government to Halt Medicare Drug Price Negotiation

June 6, 2023
Egypt’s Core Inflation Rises To 21.5% In November

Egypt’s Net Foreign Reserves Grow to $34.6 Billion in May

June 6, 2023
Pakistan IT exports increased by 32.6 percent to USD 1.486 billion during July to January: PBS

Global Exports of Digitally Delivered Services Reached $3.82 Trillion in 2022

June 6, 2023
Pakistan to Close Markets at 8 PM to Save Forex Reserves

Pakistan to Close Markets at 8 PM to Save Forex Reserves

June 6, 2023
Pakistan Witness 10% Increase In Companies Registration

SECP Grant NOC for Launching Four Voluntary Pension System Schemes for KP Government Employees

June 6, 2023

Popular News

  • Central Directorate of National Savings

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall for the Straight Second Day Against Dollar on Opening of LCs

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Merck Sues US Government to Halt Medicare Drug Price Negotiation
  • Egypt’s Net Foreign Reserves Grow to $34.6 Billion in May
  • Global Exports of Digitally Delivered Services Reached $3.82 Trillion in 2022

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

Merck Sues US Government to Halt Medicare Drug Price Negotiation

Merck Sues US Government to Halt Medicare Drug Price Negotiation

June 6, 2023
Egypt’s Core Inflation Rises To 21.5% In November

Egypt’s Net Foreign Reserves Grow to $34.6 Billion in May

June 6, 2023
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.