Malaysia fines Deloitte 2.4 billion ringgit for breaches linked to 1MDB

Deloitte was found to have failed to discharge its statutory obligations despite having found irregularities when auditing Bandar Malaysia Sdn Bhd and its holding company, 1MDB Real Estate Sdn Bhd.
Lianhe Zaobao

Malaysia’s securities regulator on Wednesday said they had fined Deloitte for committing four breaches related to a 2.4 billion ringgit (US$584.7 million) sukuk programme issued by a firm linked to scandal-tainted state fund 1MDB.

Deloitte was found to have failed to discharge its statutory obligations despite having found irregularities when auditing Bandar Malaysia Sdn Bhd and its holding company, 1MDB Real Estate Sdn Bhd, in 2015 and 2016, the Securities Commission said in a statement.

On Saturday the commission said it was reviewing the conduct of auditors that had handled the accounts of 1Malaysia Development Berhad, now the subject of money laundering investigations in at least six countries.

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