Deloitte will pay Malaysia’s government $80 million to resolve all claims related to its auditing of accounts of scandal-linked state fund 1MDB and its unit SRC International from 2011 to 2014.
The Finance Ministry said on Wednesday that “The successful out-of-court settlement with Deloitte will expedite the payment of monies to fulfill 1MDB and SRC’s outstanding obligations, which would otherwise be delayed by potentially protracted and costly court battles.”
Deloitte has been under scrutiny for its role in auditing the financial statements of the 1Malaysia Development Berhad (1MDB) state fund. The multibillion-dollar scandal involved top Malaysian officials, including former Prime Minister Najib Razak, who was sentenced to 12 years in jail after being convicted on charges related to theft from the fund. (RT)
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