1MDB, MOF sue KPMG for US$5.64b: report

The Ministry of Finance Inc (MOF), its wholly-owned subsidiary 1MDB and five others have hauled to court the 44 partners of KPMG Malaysia linked to its audit of the troubled sovereign wealth fund, according to a report.

The Edge Markets reported today that the US$5.64 billion suit was filed over purported breach of contract and negligence in the audit and certification of 1DMB’s financial statements for the financial year between 2010 and 2012.

Besides the MOF and 1MDB, the other five plaintiffs are: the sovereign wealth fund’s four subsidiaries; 1MDB Energy Holdings Ltd (1MEHL), 1MDB Energy Ltd (1MEL), 1MDB Energy (Langat) Ltd (1MELL), and Global Diversified Investment Company Ltd...