INVESTMENT FUNDS
Abraaj bolsters oversight to stem fear of misuse, sources say
Dubai — Abraaj has hired Deloitte to examine its business, including its troubled $1bn healthcare fund, after investors questioned an earlier review by KPMG of the embattled fund, according to informed sources. Abraaj has been trying to stem the fallout from a row with four investors, including the Bill & Melinda Gates Foundation and the International Finance Corporation (IFC), over the use of their money in the fund. A Deloitte team, including specialists in forensic services, is working inside Abraaj’s office to help the healthcare fund review its governance and control mechanisms, sources said. Abraaj said in an e-mail it did not comment on mandates for its advisers, while Deloitte declined to comment. KPMG, the Gates Foundation and IFC also declined to comment. Some investors felt the month-long KPMG review, completed on February 7, was conducted too quickly and was not comprehensive, one of the sources said. Deloitte was therefore brought on board by Abraaj to conduct a separat...
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