Deloitte Seeks More Legal Protection, Money as Abraaj Sale Process Draws Out

Liquidators from Deloitte LLP, overseeing the break up of Abraaj Group’s private-equity unit, are asking the Dubai firm’s investors for additional legal protection and more money, the latest complication in the proposed sale of Abraaj’s assets, The Wall Street Journal reported. Representatives of the accounting firm have asked Abraaj backers for assurances that it won’t be sued over its role in the sale of some of the private-equity firm’s Africa and Middle East funds, people with direct knowledge of the insolvency process said. Deloitte has warned that if Abraaj’s investors don’t endorse the added legal protection, the sale to emerging-market firm Actis LLP could face further delays and could fall through, the people said. Deloitte has also asked investors for as much as $10 million to cover costs associated with what has become a protracted liquidation process, some of the people said. Deloitte declined to comment. Read more