KMPG Agrees To Pay RM333 Million To Malaysian Gov As 1MDB Settlement

The Ministry of Finance has announced that KPMG has agreed to a settlement worth RM333 million (USD80 million) to meet all claims related to their fiduciary responsibilities in auditing 1MDB's accounts for the period 2010 to 2012.

Minister Tengku Zafrul Abdul Aziz, on hearing the good news added  “this proves the determination of the Malaysian Government to continue all recovery efforts against all parties involved in 1MDB and its related entities. The Malaysian Government will ensure that appropriate action is taken against all individuals or entities involved, directly or indirectly, in this 1MDB global scheme. "

The settlement will end the civil lawsuit filed against KPMG and help expedite the settlement which can then be used to meet 1MDB’s outstanding obligations, save public resources in terms of finances and court time. According to the report the settlement with KPMG is valued at more than 800 times of the audit fees earned by KPMG, this settlement will be regarded as one of the largest 1MDB -related settlements by an audit firm in Southeast Asia.

Rest be assured the settlement will by no mean affect Malaysia's claims against individuals such as Jho Low and others related to him, and who are still being hunted by the authorities in connection with the 1MDB financial scandal.

For the efforts, MOF is thankful to  the Attorney General's Chambers, regulatory bodies and enforcement agencies involved for their motivation in achieving this solution.

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