Commercial disputes, Insolvency, International / offshoreFriday 27 January 2023
The Dubai Financial Services Authority has fined KPMG LLP $1.5m and its former audit partner $500,000 for failings in the audit of Abraaj Capital Limited. This is the largest fine ever imposed on an auditor by the DFSA. It is currently part of a BBC documentary into the collapse into insolvency of the Middle East’s largest private equity firm, Abraaj Capital (Billion Dollar Downfall) and is reported here.
Tom Robinson acted as sole counsel for the DFSA, including in hearings before the DIFC Courts to determine how principles of open justice apply to the regulatory regime in Dubai.
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