KPMG to pay $80M to settle 1MDB claims - Breaking The News

KPMG to pay $80M to settle 1MDB claims

16 September

1 min read

EPA-EFE/WALLACE WOON

The Malaysian government reported on Thursday that KPMG International Ltd. has agreed to pay $80 million to settle charges related to the 1Malaysia Development Berhad (1MDB) scandal.

The auditor was accused of failing to fulfill its fiduciary duties on auditing 1MDB's financial statements in the period of 2010-2012. According to the Malaysian Ministry of Finance, the settlement's value is more than 800 times what KPMG earned in fees.

Earlier this year, Deloitte Touche Tohmatsu Ltd. agreed to settle its charges of 1MDB-related negligence for the same amount.

kpmg 1mdb

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