KUALA LUMPUR: Audit firm KPMG has agreed to pay a RM333 million settlement to resolve all claims related to their fiduciary duties on auditing of 1Malaysia Development Bhd (1MDB) accounts for the period 2010 to 2012.
In a statement today, Finance Minister Tengku Datuk Seri Tengku Zafrul Abdul Aziz said the settlement concluded the civil suit filed on July 6, 2021, against KPMG, adding that the firm would expedite the payment.
"This demonstrates the Malaysian government's resolve to diligently pursue recovery efforts against all parties involved in 1MDB and its related entities.
"The Malaysian government will ensure that appropriate actions are taken against all individuals or entities involved, directly or indirectly, in the global 1MDB scheme," he said.
Tengku Zafrul said the settlement with KPMG, valued at more than 800 times the audit fees earned by the firm, represents one of the largest 1MDB-related settlements by an audit firm in Southeast Asia.
He also gave assurances that the settlement would not affect or compromise Malaysia's claims against fugitive businessman Low Taek Jho, better known as Jho Low, and other related parties, adding that they are still being actively pursued in relation to the financial scandal.