Dubai Orders KPMG to Pay $231 Million Over Abraaj Fund Audit: FT

A Dubai court ordered KPMG Lower Gulf to pay more than $231 million to a group of investors who claim they lost money due to the firm’s poor-quality audit work on a fund they invested in, the Financial Times reported.

The firm breached international auditing standards by approving the financial statements of an infrastructure fund managed by collapsed private equity firm Abraaj Group, the FT reported, citing the judgment that it said was issued late last month.

“The court has concluded from the papers, documents and the report of the appointed expert committee that it is confident that ...