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Dubai Orders KPMG to Pay $231 Million Over Abraaj Fund Audit: FT

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Summary

This article discusses Steve Young, a former NFL player who is now a successful private equity investor. It details his involvement in Athlete Empire, a firm with $7 billion in assets, and how he is intent on creating a new model for both former athletes and the private equity industry. Additionally, it mentions the recent order by Dubai to have KPMG pay $231 million in penalties for their involvement in the Abraaj fund audit.

Q&As

What size was the payment that Dubai ordered KPMG to pay in relation to the Abraaj Fund Audit?
Dubai ordered KPMG to pay $231 million in relation to the Abraaj Fund Audit.

What is Steve Young's second act?
Steve Young's second act is heading up a private equity firm.

What amount of assets does Steve Young's firm command?
Steve Young's firm commands $7 billion in assets.

What is Steve Young's goal for former athletes?
Steve Young's goal for former athletes is to write a new playbook.

How is Steve Young changing the private equity industry?
Steve Young is changing the private equity industry by writing a new playbook for both former athletes and the PE industry.

AI Comments

👍 Steve Young is an inspiring example of how to use success on the field to launch a successful business career. His efforts to revolutionize the private equity industry are admirable.

👎 It is concerning that KPMG is having to pay $231 million in fines for their involvement with the Abraaj Fund audit. This highlights the need for stricter auditing regulations.

AI Discussion

Me: It's about how former NFL star Steve Young has launched a successful private equity firm with $7 billion in assets. He's looking to create a new playbook for former athletes and the PE industry.

Friend: Wow, that's really impressive. What else does the article say?

Me: It also mentions that Dubai has ordered KPMG to pay $231 million in relation to the audit of Abraaj fund.

Friend: That's a huge amount of money. What implications does this have?

Me: It shows the importance of conducting thorough audits and being held accountable for any errors or omissions. This is an important lesson for other firms and investors in the private equity space. It also highlights the need for more transparency and oversight of these types of investments.

Action items

Research the Abraaj Fund and its audit process to gain a better understanding of the situation.
Explore the private equity industry and the strategies Steve Young has implemented to build his firm.
Consider the implications of the Dubai court ruling and how it may affect the future of auditing and private equity.

Technical terms

Dubai: Dubai is the most populous city and emirate in the United Arab Emirates (UAE). It is located on the southeast coast of the Persian Gulf and is the capital of the Emirate of Dubai, one of the seven emirates that make up the country.
KPMG: KPMG is a professional services network, one of the Big Four accounting organizations, and the largest professional services network in the world by revenue and number of professionals.
Abraaj Fund: The Abraaj Group was a private equity firm focused on growth markets in Africa, Asia, Latin America, the Middle East, and Turkey. It was founded in 2002 and was headquartered in Dubai, United Arab Emirates.
Private Equity: Private equity is a type of investment that involves the buying and selling of existing companies or the creation of new companies. Private equity firms typically invest in companies that are not publicly traded and are looking to expand or restructure their operations.
Assets: Assets are resources that are owned by a company or individual and have economic value. Assets can be tangible, such as cash, land, and equipment, or intangible, such as patents, copyrights, and trademarks.