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



© Reuters. FILE PHOTO: Traffic passes a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, July 6, 2015. REUTERS/Olivia Harris/File Photo

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 did not immediately respond to a request for comment.

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

The government, 1MDB and its subsidiaries filed a $5.6 nillion lawsuit https://www.reuters.com/business/finance/kpmg-denies-alleged-breaches-negligence-after-reported-1mdb-lawsuit-2021-07-09 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://www.reuters.com/world/asia-pacific/malaysia-says-deloitte-paid-80-mln-1mdb-settlement-2021-06-03PLT, which took over as 1MDB’s auditor after KPMG, to settle claims related to its dealings with 1MDB.

($1 = 4.1570 ringgit)

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