KPMG Appealing Dubai Fine for Faulty Investment Fund Audits

KPMG’s Dubai arm said Wednesday that it was appealing a large court fine related to its audits of a bankrupt investment fund.

“We believe we have strong grounds to contest this decision and have appealed the judgement,” KPMG Lower Gulf said in an emailed statement. The comments came in response to a Court of Appeal ruling that the firm should pay a reported $231 million to investors who said they’d lost money from the collapse of a KPMG-audited infrastructure fund managed by Abraaj Group. Abraaj, a private equity firm, collapsed in 2018 amid fraud and money laundering accusations, owing creditors ...