• 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

  • 5 Animals That Have Absolutely No Business Jumping (In Our Very Humble, Definitely Unbiased Opinion)
  • Polar Vortex Patterns Explain Winter Cold Snaps Against Background Warming Trend
  • Scientists Tracked An Olm For 2,569 Days And It Did Not Move An Inch
  • Look Out For “Fireballs”: The Best Meteor Shower Of 2025 Is About To Commence, According To NASA
  • Why Do Many Large Language Models Give The Same Answer To This “Random” Number Query?
  • Adidas Jabulani: The World Cup Football So Bad NASA Decided To Study It
  • Beluga Whales Shake Their Blob-Like Melons To Say Hello And Even Woo A Mate, But How?
  • Gravitational Wave Detected From Largest Black Hole Merger Yet: “It Presents A Real Challenge To Our Understanding Of Black Hole Formation”
  • At Over 100 Years Of Age, The World’s Oldest Elephant Passes Away In India
  • Ancient Human DNA Reveals Earliest Zoonotic Diseases Appeared 6,500 Years Ago
  • Boys Are Better At Math? That Could Be Because School Favors Them Over Girls
  • Looptail G: Most People Can’t Recognize A Letter You Have Seen Millions Of Times
  • 24-Million-Year-Old Protein Fragments Are Oldest Ever Recovered, A Robot Listened To Spoken Instructions And Performed Surgery, And Much More This Week
  • DNA From Greenland Sled Dogs – Maybe The World’s Oldest Breed – Reveals 1,000 Years Of Arctic History
  • Why Doesn’t Moonrise Shift By The Same Amount Each Night?
  • Moa De-Extinction, Fashionable Chimps, And Robot Surgery – No Human Required
  • “Human”: Powerful New Images Mark The Most Scientifically Accurate “Hyper-Real 3D Models Of Human Species Ever”
  • Did We Accidentally Leave Life On The Moon In 2019 – And Could We Revive It?
  • 1.8 Million Years Ago, Two Extinct Humans Had One Of The Gnarliest Deaths In History
  • “Powerful Image” Of One Of The World’s Rarest Tigers Exposes The Real Danger In Taman Negara
  • 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