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KPMG to pay RM333mil to M’sian govt as 1MDB settlement, says Finance Ministry



KUALA LUMPUR (Bernama): KPMG has agreed to a settlement valued at RM333mil (US$80mil) to resolve all claims related to its fiduciary duties on auditing of 1Malaysia Development Bhd (1MDB) accounts for the period of 2010 to 2012, says the Finance Ministry.

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, it said in a statement.

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

"The recent political developments have not affected the Malaysian government's determination to

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