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Malaysia in transition

Malaysia fines Deloitte for 1MDB negligence

Accountancy slapped with $537,000 penalty for failing to report irregularities

Malaysia fines Deloitte for negligence in its audit of 1MDB ahead of the issuance of a bond by the state fund's units.    © Reuters

KUALA LUMPUR -- The Malaysian capital markets regulator on Wednesday fined Deloitte 2.2 million ringgit ($537,000) for four breaches related to a bond issued by wholly owned units of scandal-tainted state fund 1Malaysia Development Berhad.

Deloitte, one of the big four international accounting companies, acted as auditor for the units, Bandar Malaysia and 1MDB Real Estate, for fiscal 2015 and 2016. 1MDB Real Estate provided collateral for the 2.4 billion Islamic bond issued in 2014.

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