Malaysia Govt Receives $80 Million From KPMG in Settlement Over 1MDB Scandal

A man walks past a billboard for 1 Malaysia Development Berhad (1MDB), a state investment fund, at its flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia, on Feb. 27, 2015. Olivia Harris/Reuters

Malaysia’s government has received RM340.92 million ($80 million) from international accounting firm KPMG in settlement over the firm’s fiduciary duties in auditing the accounts of scandal-hit state fund 1Malaysia Development (1MDB) from 2010 to 2012, its Finance Ministry said on Thursday.

This follows KPMG’s agreement in September last year to settle a civil suit filed by 1MDB over the firm’s alleged negligence and breach of contract in its audit of the state fund’s financial statements.