Malaysia, 1MDB seeking more than US$5.6b in damages from KPMG partners

KUALA LUMPUR: Malaysia's government and state fund 1Malaysia Development Berhad are seeking more than US$5.6 billion in damages from KPMG partners for alleged breaches and negligence linked to a corruption scandal at the fund, court documents seen by Reuters showed.

Malaysia's finance ministry declined to comment further due to sub judice. In June, it said it was negotiating a settlement with the auditor.According to the lawsuit, the plaintiffs allege that about US$3.2 billion was misappropriated from 1MDB and its subsidiaries during the period KPMG served as the firm's auditor.

A proper audit by KPMG would have identified fraud risk warning signs that the firm would have had a duty to report and which would have led to the discovery of the fraud at 1MDB sooner, the plaintiffs said.The plaintiffs said they would seek the full amount misappropriated, including interest accrued as well as additional costs.

Deloitte PLT, which took over as 1MDB's auditor after KPMG, paid US$80 million to Malaysia's government last month to settle claims related to its dealings with 1MDB.

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