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KPMG pays Malaysian government $111 million settlement over 1MDB scandal

January 13, 2022
in Business
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Traffic p2asses a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur2
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Malaysia says it has recovered enough funds linked to scandal-tainted state fund 1Malaysia Development Berhad (1MDB) to pay off only the principal amount of the debt still owed by the firm this year.

Key points:

  • Malaysia’s finance ministry said a trust account set up to collect recovered 1MDB funds has received 19.1 billion ringgit ($6.58 billion)

  • The government has repaid 13.3 billion ringgit of 1MDB’s debt so far, with 38.81 billion ringgit still outstanding

  • Authorities believe more than $4.5 billion was allegedly misappropriated from the fund in an elaborate globe-spanning criminal scheme

1MDB raised billions of dollars in bonds, ostensibly for investment projects and joint ventures, between 2009 and 2013.

Authorities, however, believe more than $US4.5 billion ($6.16 billion) were allegedly misappropriated from the fund by high-level officials and their associates in an elaborate globe-spanning criminal scheme.

Malaysia’s finance ministry in a statement said a trust account set up to collect recovered 1MDB funds has received 19.1 billion ringgit ($6.23 billion), including $111 million from audit firm KPMG paid to settle a lawsuit filed against it by 1MDB.

The government has repaid 13.3 billion ringgit of 1MDB’s debt so far, with 38.81 billion ringgit still outstanding as of December 31, the ministry said.

“The current balance of the trust account is sufficient to pay off only the principal amount of the bonds for 2022,” it said.

“Once all the trust account funds are utilised, the government will continue to bear the obligation to pay the balance of 1MDB’s debts.”

1MDB fallout for Goldman Sachs CEO

The chief executive’s pay is cut by 36 per cent over the bank’s role in a scandal that saw Goldman Sachs agree to pay $3.74 billion in settlements.

Read more

The ministry said it remained committed to 1MDB asset recovery efforts and to ensure enough funds to manage the national financial burden created by the scandal.

At least six countries have launched investigations into 1MDB, co-founded by former Prime Minister Najib Razak, in a scandal that has implicated high-level officials, banks and financial institutions around the world.

A Malaysian court last month upheld a conviction against Najib, who has been sentenced to 12 years in prison and millions in fines over corruption and money laundering linked to funds misappropriated from a 1MDB unit.

He denies wrongdoing and remains out on bail pending another appeal.

Reuters



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Tags: 1Malaysia Development Berhad1MDBauditfiduciary dutiesinvestmentKPMGnajib razakscandalsettlement
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