Malaysia, 1MDB seeks more than $ 5.6 billion in damages from KPMG partners
Rosanna Zambon and Liz Lee, 10 July 2021
Kuala Lumpur (Reuters)-Malaysia Development Berhad (1MDB), a Malaysian government and state fund, has sought more than $ 5.6 billion in damages from KPMG partners on suspicion of violations and negligence related to corruption scandals at the fund. A court document seen by Reuters showed.
Audit firm KPMG denied the allegations on Friday, promising to “violently” challenge the proceedings filed against 44 current and previous partners, and auditing 1MDB’s financial statements from 2010 to 2012. Linked to.
The proceedings confirmed by the Treasury on Tuesday are the latest in a series of proceedings filed by Malaysian authorities to recover the billions of dollars missing from 1MDB, worldwide.
“All the allegations reported in the news will be refuted and the allegations will be fiercely contested,” KPMG emailed Reuters, saying he was “disappointed” in the proceedings.
Malaysia’s Treasury has declined to comment further due to the ruling. In June, it was said that a settlement negotiation was underway with the auditor.
1MDB’s lawyer did not immediately respond to the request for comment.
According to the proceedings, plaintiffs allege that approximately $ 3.2 billion was diverted from 1MDB and its subsidiaries while KPMG was an auditor of the company.
