• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Malaysia says auditor KPMG to pay $80 million in 1MDB settlement

September 16, 2021 by David Barret Leave a Comment

September 16, 2021

By Liz Lee

KUALA LUMPUR (Reuters) – Malaysia said on Thursday audit firm KPMG has agreed to pay a 333 million ringgit ($80.11 million) settlement to resolve all claims related to their fiduciary duties on auditing of 1Malaysia Development Berhad (1MDB) accounts from 2010 to 2012.

The finance ministry said in a statement that the settlement will conclude a lawsuit filed against the auditor in July, and that KPMG will expedite the payment.

KPMG confirmed to Reuters in an email that a settlement has been reached in the claim filed against a number of current and former partners at the audit firm in Malaysia.

“This settlement represents a collective agreement by all the parties, including the Malaysian government,” it said.

The outcome, it said, will enable all involved to “move forward”, and for the firm to focus on building public trust.

The finance ministry said the settlement was valued at more than 800 times the audit fees earned by KPMG, which “represents one of the largest 1MDB-related settlements by an audit firm in Southeast Asia.”

The government, 1MDB and its subsidiaries filed a $5.6 billion lawsuit https://ift.tt/3tSCV5V against 44 current and former partners at the audit firm on July 6, allegations that KPMG denied and pledged to “vigorously” contest.

In June, Malaysia said it received $80 million from Deloitte https://ift.tt/3Chq2Fr, which took over as 1MDB’s auditor after KPMG, to settle claims related to its dealings with 1MDB.

($1 = 4.1570 ringgit)

(This story corrects after KPMG revised its statement, amending details about partners in paragraph 3 and quote in paragraph 5)

(Reporting by Liz Lee; Editing by Martin Petty)

Source Link Malaysia says auditor KPMG to pay $80 million in 1MDB settlement

David Barret
David Barret

Related posts:

  1. First trailer for Netflix’s Red Notice crams in massive star power and big action
  2. U.S. has no plans to release billions in Afghan assets, Treasury says
  3. Athletics-Venezuela’s Rojas targets 16-metre triple jump
  4. Australia COVID-19 cases rise but vaccination surge gives hope

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Gonorrhea Vaccines, New Antibiotics, And At-Home Testing: What’s The Latest In STI Research?
  • What NASA’s Galileo Spacecraft Saw As It Plunged Into Jupiter
  • Very Hungry “Plastivore” Caterpillars Get Fat From Eating Plastic
  • “Nobody Expected This”: Earth’s Rotation Will Speed Up Tomorrow, Bucking The Downward Trend
  • Chimps Are Sticking Grass In Their Ears And Rears As They Embrace “Pointless” Fad
  • Hui Te Rangiora: Old Māori Legend Suggests They May Have Discovered Antarctica 1,000 Years Before Europeans
  • “Potential Impact On Saturn”: Astronomers Appeal For Help As Video Appears To Show Object Hitting The Gas Giant
  • What Is Prosopometamorphopsia? The “Exceedingly Rare” Condition That Made A Patient See Faces As Dragons
  • Are We In An Enormous Void? It Could Explain What’s Wrong With Our Model Of The Universe
  • Woylies Boing Back Into Western Australia Thanks To Groundbreaking Wildlife Project
  • North America’s Oldest Pterosaur And Turtle Fossils Found In Arizona’s Petrified Forest
  • Proposed “Dark Dwarfs” Near The Galactic Center Could Reveal The Nature Of Dark Matter
  • Watch: 18-Kilometer-High Ash Cloud Looms Over Indonesia’s Mount Lewotobi Laki Laki After “Explosive” Eruption
  • “ShipGoo001”: Mystery Of Entirely New Lifeform Discovered Coating A Great Lakes Ship
  • Rare White Humpback Whale Calf Filmed By Drone Off Australia’s East Coast
  • Who Was Buried At Cave Of Salome: A Female Disciple, Jesus’ Midwife, Or A Princess?
  • “Hidden” Changes To US Health Data Swapping “Gender” For “Sex” Spark Fears For Public Trust
  • Easter Island Was Never As Isolated As We Thought – Study Puts That “Strange Argument” To Bed
  • If Birds Are Dinosaurs, Why Are None As Big As T. Rexes?
  • Psychologists Demonstrate Illusion That Could Be Screwing Up Our Perception Of Time
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version