Founder Naqvi ceded control of the asset management unit in February. AFP PHOTO / RODGER BOSCH
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Two separate examinations into the alleged misuse of money at embattled Middle Eastern investment firm Abraaj Group found potential irregularities in its $1 billion health care fund as well as its other vehicles, according to people with knowledge of the matter. An audit commissioned some months ago by four high-profile investors including the Bill & Melinda Gates Foundation suggested that money from the health care fund was being diverted elsewhere, the people said, asking not to be identified because the matter is private. Abraaj didn't comment on the two reviews of its operations.The findings may lead to intensified scrutiny by regulators at a crucial juncture for Abraaj as the Middle East's biggest buyout firm attempts to sell a stake in its funds business while simultaneously trying to placate angry investors.Abraaj also returned capital in a new global fund, temporarily halted fresh investments, delayed an initial public offering or sale of its North African hospitals business and pared about 15 percent of its total workforce.
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