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KPMG Sued for $600 Million in Dubai Over Sloppy Abraaj Audit (2)

Nov. 12, 2021, 4:38 AM

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 ...