Deals
Abraaj's Alleged Misuse of Money Said to Go Beyond Health Fund
- Two probes found potential discrepancies in use of money
- Dubai-based firm in talks to sell stake in funds division
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Two separate examinations into the alleged misuse of money at embattled Middle Eastern investment firm Abraaj Group found potential irregularities in its $1 billion health-care fund as well as its other vehicles, according to people with knowledge of the matter.
An audit commissioned some months ago by four high-profile investors including the Bill & Melinda Gates Foundation suggested that money from the health-care fund was being diverted elsewhere, said the people, asking not to be identified because the matter is private. Preliminary findings from a separate review by Deloitte -- at Dubai-based Abraaj’s request -- also threw up potential discrepancies in the accounting at some of the other pools, they said.