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KPMG Fined by Dubai Watchdog for Role Auditing Collapsed Abraaj

Oct. 3, 2022, 1:43 PM

Dubai’s financial regulator fined KPMG LLP $1.5 million for its auditing of Abraaj Capital Ltd., a unit of the former emerging markets private-equity firm that collapsed after being accused of deceiving investors and misusing their funds.

Milind Navalkar, the KPMG audit principal who signed off on the audits, was also fined $500,000, the Dubai Financial Services Authority said in a statement Monday.

Both KPMG and Navalkar dispute the findings and have applied for a review to the Financial Markets Tribunal, according to the statement. The DFSA’s decisions are provisional and may be confirmed, varied or overturned as a result of ...