Dubai – Mubasher: Abraaj Group has commingled about AED 348.93 million ($95 million) following a cash shortage, as Deloitte’s report showed.

Hired by Abraaj, the accounting firm has revealed a commingling of Abraaj’s money in the health-care fund and its fourth fund, as an amount of $1 billion from the UAE-based company’s health-care fund was spent on management fees and other expenses, Arabian Business reported.

“Abraaj still owes $94.6 million to its so-called Private Equity Fund IV, but all money has been accounted for and there’s no evidence of embezzlement or misappropriation,” it reported. 

The Emirati investor and the global accountant firm declined to give comment on the matter.

Abraaj, which managed almost $14 billion for institutions and supranational agencies from the US, UK, and other countries, has been facing allegations regarding mismanagement of money in its health-care fund.

“Deloitte said there was a lack of adequate governance at Abraaj and an overall weakness in its control framework. The firm faced a cash shortage when the sale of Pakistani utility K-Electric was delayed,” Arabian Business revealed.