Nader Haffer, head of KPMG in Dubai, recently announced his plans to step down as chair and chief executive of KPMG Lower Gulf. This decision comes as allegations of nepotism, cronyism, and partner discontent have plagued the business since July this year. Notably, several partners of the Dubai operation had previously complained about Haffar to KPMG’s global governing body, asking that they intervene and remove him from leadership. Haffer will not contest an upcoming election to lead the 1,300-person business.
Haffar’s resignation comes less than two weeks after Dubai’s financial regulator announced a provisional $2 million fine for KPMG Lower Gulf and one of its partners over its audit work for Abraaj, the emerging markets private equity group that collapsed in 2018, with $14 billion under management, after allegations of wide-spread fraudulent dealings with investors and others.
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