Founder and Group Chief Executive of the Abraaj Group Arif Naqvi from Pakistan gives a speech during the second day of the World Economic Forum Meeting on Africa in Cape Town, May 9, 2013. AFP PHOTO / RODGER BOSCH
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Colony NorthStar Inc. has ended talks to buy a majority stake in the fund-management unit of embattled Abraaj Group, which has been roiled in recent months by allegations of misused funds, according to people with knowledge of the matter. The U.S. asset manager walked away from a possible deal after its due diligence efforts raised concerns about the Middle East buyout firm, the people said, asking not to be identified because the talks are private. Abraaj has been under intense scrutiny since February when four high-profile investors including the Bill & Melinda Gates Foundation commissioned an audit to investigate the alleged mismanagement of money in its $1 billion health care fund.
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