PETALING JAYA: Following its RM2.83bil settlement with AMMB Holdings Bhd
, the Malaysian government has agreed to a settlement of US$80mil (RM324mil) with Deloitte PLT in relation to the 1Malaysia Development Bhd (1MDB) scandal.
In a statement, the Finance Ministry (MoF) said Deloitte PLT had agreed to the settlement to resolve all claims related to its fiduciary duty on auditing the accounts of 1MDB and SRC International Sdn Bhd between 2011 and 2014.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz (pic below) said the settlement marked another success in the Malaysian government’s continuing recovery efforts against parties involved in 1MDB and SRC and its related entities.
Deloitte agrees to RM324m settlement over claims related to 1MDB, SRC International
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KUALA LUMPUR (March 3): Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has confirmed that the Malaysian government has agreed to a settlement of US$80 million (RM324 million) with Deloitte PLT in relation to the 1Malaysia Development Bhd (1MDB) scandal.
He said the settlement served to resolve all claims related to their fiduciary duty on auditing the accounts of 1MDB and SRC International Sdn Bhd for the 2011-2014 period.
“This marks another success in the Malaysian government’s continuing recovery efforts against parties involved in 1MDB, SRC and its related entities. The Malaysian government is determined to ensure that appropriate actions are taken against all individuals or entities involved, directly or indirectly, in the global 1MDB scheme,” he said in a statement.
Wednesday, 03 Mar 2021 05:51 PM MYT
BY IDA LIM
The announcement today comes just less than a week after the Finance Ministry’s February 26 success in striking a deal with AmBank Group’s holding company AMMB Holdings Berhad for the banking group to pay RM2.83 billion as global settlement of all claims related to its involvement in the 1MDB matter. Picture by Yusof Mat Isa
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KUALA LUMPUR, March 3 Audit firm Deloitte PLT has agreed to pay US$80 million (RM324 million) to the Malaysian government as settlement of all legal claims related to their fiduciary duty on the auditing of accounts of 1Malaysia Development Berhad (1MDB) and SRC International Sdn Bhd from 2011 to 2014, the Finance Ministry announced today.
LAST Friday, the Ministry of Finance (MoF) announced that AMMB Holdings Bhd has agreed to pay RM2.83 billion to the Malaysian government as a global settlement on all outstanding claims and actions in relation to the AmBank Group’s involvement in the 1Malaysia Development Bhd (1MDB) scandal.
According to sources, the settlement is related to the banking group’s handling of the RM5.0 billion bond issue by 1MDB in May 2009.
The 30-year government-guaranteed bonds, which pay an interest rate of 5.75%, were 1MDB’s first debt and almost all were stolen by Low Taek Jho (better known as Jho Low) and collaborators, including via a purported joint venture with PetroSaudi International Ltd and a quick flip of the bonds. (See The Edge Malaysia, Issue 1271, June 17 to 23, 2019: “Two Malaysians, besides Jho Low, benefited from 1MDB bond flip”.)
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