KPMG to pay govt RM333m in 1MDB settlement

KPMG has agreed to a settlement valued at RM333 million (US$80 million) to resolve all claims related to its fiduciary duties on auditing of 1Malaysia Development Bhd (1MDB) accounts for the period of 2010 to 2012, the Finance Ministry said.

The settlement with KPMG, valued at more than 800 times the audit fees earned by KPMG, represents one of the largest 1MDB-related settlements by an audit firm in Southeast Asia, it said in a statement today...