The expected settlement sum of RM333 million is to resolve all claims related to its fiduciary duties in auditing the accounts of the strategic investment fund. Two months later, MoF announced that KPMG had agreed to pay US$80 million (RM333 million) to resolve all claims related to its audit of 1MDB. In contrast, Deloitte, who replaced KPMG later, audited both 1MDB and SRC and earned an audit fee of RM9 million. Deloitte also agreed to pay up US$80 million to settle any fiduciary claims relating to its audit of 1MDB. Read also:Ex-1MDB CEO says pressured by Najib to change auditorKPMG to pay RM333 mil to Malaysian govt for 1MDB settlement — MoF1MDB and M’sian government sue KPMG partners for US$5.64 billionKPMG says settlement with Malaysian govt over 1MDB audit will enable all involved to move forward

Source: The Edge Markets January 05, 2022 17:40 UTC