KPMG Arrives at $80 Million Settlement With Malaysia Over 1MDB
Malaysia said on Thursday audit firm KPMG has consented to pay a 333 million ringgit ($80.11 million) settlement to determine all cases connected with their fiduciary duties on auditing of 1Malaysia Development Berhad (1MDB) accounts from 2010 to 2012. The cash was kept into Malaysia’s Assets Recovery Trust Account, which has gotten an aggregate of 19.138 billion ringgit of seized and repatriated funds. The funds have been utilized to settle 1MDB’s outstanding debts, Finance Minister Zafrul Tengku Abdul Aziz said in an assertion on Thursday.
“The current balance of the Trust Account is sufficient to pay off only the principal amount of the bonds for 2022,” he said. “Once all the Trust Account funds are utilized, the government will continue to bear the obligation to pay the balance of 1MDB’s debts, whose issuance was backed by government guarantee and letter of support.”
Malaysia has repaid 13.3 billion of 1MDB’s debt so far, according to the ministry. As at Dec. 31, 2021, outstanding debt comprising principal and coupons or profit for bonds and sukuk amounted to 38.81 billion ringgit.
The financial scandal at 1MDB set off investigations in Asia, the U.S. and Europe, and led to the historic change in government in 2018. Goldman Sachs Group Inc. in 2020 admitted its role in the biggest foreign bribery case in U.S. enforcement history, reaching multiple international settlements in the billions of dollars to end probes into its fundraising for 1MDB.
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