Monday, August 2, 2021

Deloitte to pay RM324 million in 1MDB, SRC International settlement

This is the largest 1MDB-related settlement by an audit firm in Southeast Asia, says finance ministry.

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Deloitte PLT has agreed to a RM324 million (US$80 million) settlement to resolve all claims related to its fiduciary duty in auditing the accounts of 1MDB and SRC International Sdn Bhd from 2011 to 2014.

In a statement, the finance ministry said the amount represents the largest 1MDB-related settlement by an audit firm in Southeast Asia.

“The successful out-of-court settlement with Deloitte will expedite the payment of monies to fulfil 1MDB and SRC International’s outstanding obligations, which would otherwise be delayed by potentially protracted and costly court battles,” it said.

Finance Minister Tengku Zafrul Aziz said the settlement marked another success in the government’s continuing recovery efforts against parties involved in 1MDB, SRC International and related entities.

“The 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.

According to the ministry, the government in July 2020 successfully negotiated with Goldman Sachs Group Inc to reach a settlement worth RM15.8 billion (US$3.9 billion).

“On Feb 26, 2021, the government also achieved a global settlement worth RM2.83 billion related to the involvement of a banking group in the 1MDB issue.

“These settlements will neither affect nor compromise Malaysia’s claims against individuals like Jho Low and other parties related thereto, who are still being actively pursued in relation to the 1MDB scandal,” it said.

The ministry also thanked the Attorney-General’s Chambers, Securities Commission Malaysia, Bank Negara Malaysia, the police force, the National Anti-Financial Crime Centre, the Malaysian Anti-Corruption Commission and the National Centre for Governance, Integrity and Anti-Corruption for their efforts in achieving the settlement.

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