Deloitte to pay Malaysia 80 mln USD in 1MDB-related settlement
Audit firm Deloitte PLT agrees to pay the Malaysian government 80 million USD to resolve all claims related to its auditing of accounts of state fund 1MDB and its unit SRC International from 2011 to 2014, said Malaysia’s Ministry of Finance on March 3.
Deloitte office in Geneva, Switzerland. (Photo: AFP/VNA)
Kuala Lumpur (VNA) – Audit firm Deloitte PLT agreesto pay the Malaysian government 80 million USD to resolve all claims related toits auditing of accounts of state fund 1MDB and its unit SRC International from2011 to 2014, said Malaysia’s Ministry of Finance on March 3.
The successful out-of-court settlement with Deloitte willexpedite the payment of monies to fulfil 1MDB and SRC’s outstandingobligations, the ministry said in a statement.
The settlement marks another success in the Malaysiangovernment’s ongoing recovery efforts against parties involved in 1MDB, SRC andrelated entities.
On February 26, Malaysia also achieved a global settlementworth 2.83 ringgit (7 billion USD) related to the involvement of AMMB HoldingsBerhad in the 1MDB scandal.
The 1Malaysia Development Berhad (1MDB) was founded byformer Malaysian Prime Minister Najib Razak in 2009, supposedly to serveMalaysia’s development through global partnerships and foreign directinvestment.
However, it became the centre of a money laundering scandal,allegedly causing losses of up to 3.7 billion USD and leading to probes inMalaysia and several other countries such as the US, Switzerland, Singapore andChina.
The allegations contributed to Nazib’s shock election lossin 2018.
Najib was sentenced to 12 years in prison and fined 49.4 millionUSD for the offence related to abuse of power at a trial in July./.
A Malaysian court on July 22 ordered former Prime Minister Najib Razak, related to the 1Malaysia Development Berhad (1MDB) fund, to settle 1.69 billion ringgit (397.41 million USD) in unpaid taxes over seven years while he was still in office, the National News Agency Bernama of Malaysia reported.
Former Malaysian prime minister Najib Razak was found guilty of all seven charges in his first corruption trial on July 28 involving millions of ringgit linked to state development fund 1Malaysia Development Berhad (1MDB).
The High Court of Malaysia has agreed to postpone Najib Razak’s 1Malaysia Development Berhad fund (1MDB) trial as the former Prime Minister is currently under 14-day home quarantine following his return from Sabah, the state with the highest COVID-19 tally in the country, on September 27.
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Deloitte office in Geneva, Switzerland. (Photo: AFP/VNA)
