Wednesday, December 11, 2019

KPMG adds a scandal at the Vatican to its 1MDB issues: Vatican scandal involved Cardinal Pell, who tried to prevent it

by Ganesh Sahathevan

Don't Ask Us! - KPMG Global's Astonishing Response on 1MDB
SarawakReport story Don't Ask Us! - KPMG Global's Astonishing Response on 1MDB explains KPMG's capacity to deny anything.

As reported by the National Catholic Register, in its new story 
Tangled Web of Transactions Utilized to Fund Bankrupt Italian Hospital:

A key reason why Vatican officials believed they had no option but to take this route was because the Institute for Works of Religion (IOR), better known as the Vatican Bank, had already refused to issue the loan on the grounds it was too risky and would be in breach of its new practices.
Cardinal Pell concluded this was why Cardinal Calcagno, Cardinal Giuseppe Versaldi, then-president of CFIC, and Giuseppe Profiti, then-president of the Bambino Gesù, insisted on obtaining the loan guarantee from the children’s hospital, along with the fact that they knew that the children’s hospital had extensive funds to draw upon. All three underwrote the loan guarantee from the Bambino Gesù, according to documents examined by the Register.
But before doing so, they tried to win over Cardinal Pell and the Pope by hiring the accountancy giant KPMG to conduct a feasibility study to show how the loan could and would be repaid. But when Cardinal Pell’s office asked that KPMG sign their study, the firm refused to do so. The Register has asked KPMG’s Italian branch, which conducted the study, why the accountant group was unwilling to endorse it, but so far has received no response.
On the strength of the study, Pope Francis and Cardinal Parolin went ahead with the 50 million-euro loan despite opposition from Cardinal Pell and others — something the Vatican source said became a pattern.

KPMG's latest effort adds to its involvement in the 1MDB scandal:

Mar 24, 2015 - Sahathevan asked whether KPMG Global had been aware of any of the transactions relating to 1MDB outlined in the expose? He added that:.
Oct 22, 2019 - The chief commissioner, Peter Hall, appeared before NSW parliament to deliver a dire warning about the $673,000 in cuts forecast for next ...
Mar 27, 2015 - KPMG International does not have any relationship with — or connection to — 1MDB,” Wethered wrote in an email to Ganesh Sahathevan, ...
Mar 26, 2015 - KUALA LUMPUR (Mar 26): KPMG International has denied any ... Malaysian investigative financial journalist, Ganesh Sahathevan, who had ...

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