KPMG to pay RM333 mln to M’sian govt for 1MDB settlement

Tengku Zafrul Abdul Aziz

Follow and subscribe to DayakDaily on Telegram for faster news updates.

KUCHING, Sept 16: KPMG has agreed to a settlement valued at RM333 million (USD80 million) to resolve all claims related to their fiduciary duties on the auditing of 1MDB accounts for the period 2010 to 2012.

Ministry of Finance Tengku Zafrul Tengku Abdul Aziz revealed this in a statement today.

“This demonstrates the Malaysian government’s resolve to diligently pursue recovery efforts against all parties involved in 1MDB and its related entities. The Malaysian government will ensure that appropriate actions are taken against all individuals or entities involved, directly or indirectly, in the global 1MDB scheme,” said Tengku Zafrul.

This 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, 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 South East Asia.

This settlement will not affect or compromise Malaysia’s claims against individuals like Low Taek Jho and other parties related thereto, and who are still being actively pursued in relation to the 1MDB financial scandal, said the Ministry of Finance. — DayakDaily