Malaysia probing audit firms’ conduct in 1MDB scandal
28 Jan 2019

Malaysia’s securities regulator said on Saturday it was looking into the conduct of auditors of 1Malaysia Development Bhd (1MDB), a state fund that was wound up after losing billions of dollars in a scandal that erupted under the country’s previous government.

“The Securities Commission’s review of the conduct of auditors in relation to 1MDB audits is still on-going,” the regulator said in an emailed statement to Reuters, without identifying the firms involved.

The statement was issued following a South China Morning Post report on Friday that cited sources saying that the regulator was reviewing the work carried out by international auditors KPMG and Deloitte to see if they were “were aiding and abetting in this scandal, or merely negligent.”

KPMG and Deloitte did not respond to requests from Reuters for comment.

– By Liz Lee, Reuters, 26 January 2019.

Link to Reuters

Photo: www.solvencyiiwire.com

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