Abraaj Holdings had an “unusual” business model reliant on short-term borrowing, and key financial statements are missing or non-existent, according to one of the firms tasked with salvaging the Dubai-based private-equity firm’s assets. In a report seen by Bloomberg News, PricewaterhouseCoopers said it has “been unable to obtain standalone annual financial statements or management accounts for the company.” It noted “multiple layers of leverage” as the company borrowed to offset a "long-running liquidity shortfall between the investment management fees and operating expenses.” This is “an unusual practise for a structure operating in a private equity capacity,” PwC said.