Dubai Court orders KPMG to pay investors $231m over Abraaj fund audit – The National

Dubai Court orders KPMG to pay investors $231m over Abraaj fund audit – The National

A Dubai court has ordered KPMG Lower Gulf to pay more than $231 million to a group of investors who claim to have lost money because of the poor quality of an audit by the firm on a fund they invested in, the Financial Times reported.

The judgment, which was issued last month, found that KPMG had broken international auditing regulations by approving financial records of an infrastructure fund that was managed by the failed private equity company Abraaj Group, the FT reported on Saturday, citing a court ruling.

“The court has concluded from the papers, documents and the report of the appointed expert committee that it is confident that the auditing company had committed many violations when it audited the financial statements of the investment fund,” it quoted the ruling as saying.