Malaysian Govt says Deloittes paid it USD 80 Million in compensation for 1MDB losses, but who paid the bill? Deloittes payment may have been excluded from its professional indemnity insurance

 by Ganesh Sahathevan 

Deloittes payment of USD 80 Million to the Malaysian Government for 1MDB losses may well have come within an exclusion from its professional indemnity insurance. Deloittes were quite likely more than just ordinarily negligent in its 1MDB audit, and that payment to the Malaysian Government could well have been a fine , or penalty for its conduct in dealing with 1MDB issues. 

This is a  well known exclusion from professional indemnity insurance policies, so the question does arise as to who paid what. USD 80 Million is close to RM 330 Million, and it is unlikely that the local Malaysian partners could have financed that sum out of their own resources. 

TO BE READ WITH 

Wednesday, June 2, 2021

Malaysian Govt says Deloittes paid it USD 80 Million in compensation for 1MDB losses-Sahathevan, Realpolitikasia Blogspot reporting on Deloittes liability for 1MDB loss vindicated

 by Ganesh Sahathevan 

ChannelNews Asia has reported:

Malaysia on Thursday said it had received US$80 million from audit firm Deloitte PLT, as part of a settlement deal related to a multi-billion dollar scandal at 1Malaysia Development Berhad (1MDB).

The settlement vindicates reporting on this writer's Sahathevan and Realpoltikasia Blogspots going back to 2017. It has always been the position of this writer that the auditors must share blame for the 1MDB theft. 

TO BE READ WITH 

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