Deloitte to pay Malaysia 80 mln USD in 1MDB-related settlement

Kuala Lumpur (VNA) – 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.

The successful out-of-court settlement with Deloitte will expedite the payment of monies to fulfil 1MDB and SRC’s outstanding obligations, the ministry said in a statement.

The settlement marks another success in the Malaysian government’s ongoing recovery efforts against parties involved in 1MDB, SRC and related entities.

On February 26, Malaysia also achieved a global settlement worth 2.83 ringgit (7 billion USD) related to the involvement of AMMB Holdings Berhad in the 1MDB scandal.

The 1Malaysia Development Berhad (1MDB) was founded by former Malaysian Prime Minister Najib Razak in 2009, supposedly to serve Malaysia’s development through global partnerships and foreign direct investment.

However, it became the centre of a money laundering scandal, allegedly causing losses of up to 3.7 billion USD and leading to probes in Malaysia and several other countries such as the US, Switzerland, Singapore and China.

The allegations contributed to Nazib’s shock election loss in 2018.

Najib was sentenced to 12 years in prison and fined 49.4 million USD for the offence related to abuse of power at a trial in July./.