January 30, 2019 / 7:11 AM / 21 days ago

Malaysia fines Deloitte for breaches linked to 1MDB

FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay

KUALA LUMPUR (Reuters) - Malaysia’s securities regulator on Wednesday said they had fined Deloitte for committing four breaches related to a 2.4 billion ringgit ($584.7 million) sukuk program 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.

Reporting by Joseph Sipalan; Editing by Stephen Coates

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