The courts of Dubai’s financial centre have decided to hear a long-delayed $600mn claim against KPMG Lower Gulf made by the administrators of collapsed private equity firm Abraaj.
The case has been stuck in legal limbo since March 2021, when Abraaj first claimed $600mn in damages for alleged lapses in audit work by KPMG’s UAE-based business.
In April 2021, KPMG brought a competing claim against Abraaj in Dubai’s onshore courts. The two sets of proceedings were referred to the Joint Judicial Committee, a legal body that adjudicates on jurisdiction between the local, Arabic-language courts and the common-law, English-language courts of the Dubai International Financial Centre.
Read the full story on the Financial Times here.