Abraaj says KPMG review finds no evidence of fund misuse



Abraaj, aprivate equity firm with $13.6 billion in assets under management, said a KPMG review  of the firm's health fund found no misuse following media reports that said investors including the Bill & Melinda Gates Foundation were concerned about the possible misappropriation of money.

Last week, Dubai-based Abraaj dismissed as "inaccurate and misleading" media reports that said it misused funds earmarked for healthcare projects in the developing world. It had hired auditing firm KPMG in January "to verify all receipts and payments made by the fund."

The Wall Street Journal and The New York Times claimed that some of the 24 investors in the Abraaj Growth Markets Health Fund (AGHF), including large development donors, have hired forensic accountants to investigate what had happened to some of the money invested in the fund.

“KPMG has now completed its findings and reported that all such payments and receipts have been verified, in line with the agreed upon procedures performed and that unused capital was returned to investors," said Abraaj said in a statement on Thursday.

_________________

Read More:

_________________

Investors in the fund include the Bill & Melinda Gates Foundation, the World Bank's International Finance Corporation (IFC), Britain's CDC Group and Proparco Group of France, the Journal reported, citing sources familiar with the matter.

Private equity groups such as Abraaj, IFC and CDC – part of the UK’s Department for International Development – play an increasingly large role in international development, investing in projects in developing market projects that boost local economies while providing attractive returns for investors.

The Times claimed the missing funds amounted to over $200 million, and that investors feared that Abraaj had misused the money for its own purposes, citing people briefed on the matter.

Abraaj said last week that the terms of the limited partnership agreement allow the fund to retain called capital “in situations where an investment is delayed but still approved and not cancelled.”

The group returned the unused capital in December, following discussions with investors, it said.

Abraaj has engaged KPMG to verify "all receipts and payments made by the Fund in accordance with the International Standard on Related Services applicable to agreed-upon procedures engagements".

“Some capital was not used as quickly as anticipated due to unforeseen political and regulatory developments in several of the Fund’s operating markets," Abraaj said last week. "These delays were regularly communicated to investors through quarterly General Partner Reports and other investor communications.”

The specs: 2018 Mercedes-Benz E 300 Cabriolet

Price, base / as tested: Dh275,250 / Dh328,465

Engine: 2.0-litre four-cylinder

Power: 245hp @ 5,500rpm

Torque: 370Nm @ 1,300rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.0L / 100km

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

RESULTS

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

The Bio

Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.

Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.

Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.

Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.

Sri Lanka's T20I squad

Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.

ASIAN RUGBY CHAMPIONSHIP 2024

Results
Hong Kong 52-5 UAE
South Korea 55-5 Malaysia
Malaysia 6-70 Hong Kong
UAE 36-32 South Korea

Fixtures
Friday, June 21, 7.30pm kick-off: UAE v Malaysia
At The Sevens, Dubai (admission is free).
Saturday: Hong Kong v South Korea

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars