The lawsuit filed on Tuesday alleges that KPMG committed breaches of contract and negligence in its audit and certification of 1MDB's financial statements for the financial years 2010 to 2012.
The 1MDB scam set off investigations in Asia, the United States and Europe, and led to a historic change in government in 2018. Goldman Sachs Group Inc. last year admitted its role in the biggest foreign bribery case in US enforcement history, reaching multiple international settlements in the billions of dollars to end probes into its fund-raising for 1MDB.
The claimants said that KPMG’s audited financial statements between 2010 to 2012"did not give a true and fair view” of the state investment fund’s financial affairs. Had KPMG not been negligent, it would have prevented further misappropriations in the following years, they said. KPMG was terminated as 1MDB's auditor in December 2013 during the audit of that year’s financial statements, the accounting firm had previously said in a statement on its website.
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