Deals
Deloitte Is Said to Find Dubai's Abraaj Commingled $95 Million
- Accounting firm presented findings at June 4 creditor meeting
- All money accounted for and no funds are missing: Deloitte
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Abraaj Group, the Middle Eastern investment firm which has been roiled by allegations of misused funds, commingled about $95 million after it faced cash shortages, according to the findings of a review by Deloitte.
The accounting firm, which was hired by Abraaj to examine its finances, found that there was commingling of Abraaj’s own money in the health-care fund and its fourth fund, according to a summary of the Deloitte report that was presented to creditors on June 4 and seen by Bloomberg News.