MOF: KPMG to pay RM333 mil to M’sian Gov’t for 1MDB settlement

KPMG has agreed to pay a settlement valued at RM333 mil to resolve all claims related to their fiduciary duties on auditing of 1MDB accounts for the period 2010 to 2012, the Finance Ministry announced on Thursday (Sept 16).

In a statement, the MOF said that the settlement will conclude the civil suit filed on July 6, 2021 against KPMG which will expedite the payment of monies to fulfil 1MDB’s outstanding obligations and save the court’s time and public resources.

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

“The latest development demonstrates the Malaysian government’s resolve to diligently pursue recovery efforts against all parties involved in 1MDB and its related entities,” said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

“The Malaysian Government will ensure that appropriate actions are taken against all individuals or entities involved, directly or indirectly, in the global 1MDB scheme.”

The ministry further stressed that this settlement will not affect or compromise Malaysia’s claims against individuals like Jho Low and other related parties, who are still being actively pursued in relation to the 1MDB financial scandal. – Sept 16, 2021

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