Kpmg 1mdb

Bakke as seen at the Kuala Lumpur Court Complex on Tuesday (May 17). (Photo by Low Yen Yeing/The Edge) - A + A KUALA LUMPUR (May 17): 1Malaysia Development Bhd’s (1MDB) former chairman Tan Sri Bakke Mohd Salleh told the court on Tuesday (May 17) that a lot of what he said when he testified before the Public Accounts Committee’s (PAC) investigation into 1MDB in 2016 was not stated in the final report. Testifying at the 1MDB-Tanore trial before Justice Datuk Collin Lawrence Sequerah where former prime minister Datuk Seri Najib Razak is the only accused, Bakke got into a heated argument with Najib’s lawyer Tan Sri Muhammad Shafee Abdullah for "putting words" in his mouth. Shafee asked Bakke about his exit from the 1MDB board in October 2009 where Bakke is reported to have said he would not have resigned had the management been transparent with him over issues concerning 1MDB, namely the joint venture (JV) between 1MDB and PetroSaudi International Ltd (PSI). In … [Read more...] about Bakke, Shafee get into heated argument over PAC report on 1MDB

- A + A NEW YORK (May 14): Goldman Sachs Group Inc officers and directors reached a US$79.5 million (about RM349.64 million) settlement to resolve shareholder claims that their poor oversight contributed to the bank being enmeshed in the looting scandal at 1Malaysia Development Bhd (1MDB). A preliminary settlement of the so-called shareholder derivative lawsuit was filed on Friday (May 13) in the Manhattan Federal Court, and requires approval by US District Judge Vernon Broderick. The defendants' insurers would pay the US$79.5 million to Goldman, which would apply it towards compliance and governance measures, including giving more power to its chief compliance officer and creating an anonymous hotline for employee tips. US prosecutors have said Goldman helped 1MDB arrange US$6.5 billion of bond sales, but that US$4.5 billion was diverted via bribes and kickbacks to government officials, bankers and others. Shareholders led by the Atlanta-based Fulton County … [Read more...] about Goldman Sachs officials reach US$79.5m shareholder settlement over 1MDB scandal

Azmi Tahir (File photo by Sam Fong/The Edge) - A + A KUALA LUMPUR (May 17): Former 1Malaysia Development Bhd (1MDB) chief financial officer (CFO) Azmi Tahir told the High Court that former prime minister Datuk Seri Najib Razak had neither reprimanded nor called him to enquire about the misappropriation of monies at the state-owned strategic investment company even after the controversy had erupted in the media. Azmi, who was testifying as the 12th prosecution witness in the graft trial of Najib involving over US$2 billion of funds allegedly misappropriated from 1MDB, said under re-examination by lead prosecutor Datuk Seri Gopal Sri Ram that Najib had never reprimanded him and in fact had renewed his contract. Sri Ram: It was put to you (by the defence) that you had never gone to raise your concerns to Najib. It was put to you that you could have done it several times. Throughout [your] time [in] 1MDB, when you did what you did and were accused of what you were … [Read more...] about Former 1MDB CFO: Najib never reprimanded me over irregularities but extended my contract

Tan Sri Mohd Bakke Salleh (Photo by Zahid Izzani Mohd Said/The Edge) - A + A KUALA LUMPUR (May 19): 1Malaysia Development Bhd's (1MDB) former chairman Tan Sri Mohd Bakke Salleh told the High Court on Thursday that he did not complain to the Ministry of Finance (MoF) and then former prime minister Datuk Seri Najib Razak about the financial mismanagement of 1MDB because it would seem like he was complaining about Najib. Testifying at the 1MDB-Tanore trial before Justice Datuk Collin Lawrence Sequerah in which Najib is the only accused, Bakke however revealed that he should have gone to report these issues to the MoF (where Najib was the minister at the time) and also to Najib himself as the then prime minister. It should be noted that as the Minister of Finance Inc was the sole shareholder of 1MDB, Najib in his capacity as finance minister was the representative shareholder. Najib also was the chairman of the board of advisers. Under re-examination from lead … [Read more...] about Bakke says he did not report to MoF over 1MDB because it would seem like he was complaining about Najib

Arul Kanda as seen at the Kuala Lumpur Court Complex on Friday (May 20) (Photo by Zahid Izzani Mohd Said/The Edge) - A + A KUALA LUMPUR (May 20): The prosecution in the 1Malaysia Development Bhd (1MDB) audit report tampering trial on Friday (May 20) made a formal application at the High Court here to seek former 1MDB president and chief executive officer Arul Kanda Kandasamy's presence as a prosecution witness in the case which involves ex-prime minister Datuk Seri Najib Razak. Senior deputy public prosecutor Datuk Seri Gopal Sri Ram, who made the application before High Court Judge Mohamed Zaini Mazlan, said the prosecution is making the application as Arul Kanda, who is an accused in the case, has information about transactions made by the other accused Najib in February 2016. Sri Ram said the 1MDB-related transaction information that Arul Kanda has will materially affect the outcome of the prosecution against Najib, who is the former chairman of 1MDB's board … [Read more...] about 1MDB audit report tampering trial: Prosecution applies to call Arul Kanda as witness to testify against Najib

This article first appeared in Forum, The Edge Malaysia Weekly, on May 9, 2022 - May 15, 2022. - A + A Sri Lanka’s economic crisis had been brewing for some time before the recent social unrest erupted. The writing was on the wall, but it was either misunderstood or underrated. Either way, the impact has been devastating and may take years to undo. Moreover, the situation has worsened from being an economic crisis to a humanitarian one. The anatomy of an economic meltdown and social disaster consists of these: food, fuel and medicine shortages, currency collapse and long power cuts, while poverty ramps up and inflation spirals at a record rate. The price of rice has increased by 93%, chicken and lentils by 55% and gas by 50%. This tragedy is a good lesson for Malaysia. Some of the structural symptoms experienced by Sri Lanka are uncannily like those in this country. So, unless they are addressed, Malaysia may take a similar path. These are the major … [Read more...] about My Say: Lessons from Sri Lanka on managing food security

'When a public company provides false statements and sales figures, it could mislead thousands of investors on the financial health of the company and result in huge investment losses,' said Lim. (Photo by Mohamad Shahril Basri/The Edge) - A + A KUALA LUMPUR (May 14): The Malaysian United Democratic Alliance (MUDA) says the reasons offered by Attorney General Tan Sri Idrus Harun to compound Serba Dinamik Holdings Bhd and its executives instead of pursuing criminal proceedings against them have triggered more questions than answers. Referring to Idrus’ statement that criminal proceedings were not pursued to avoid “economic consequences” towards Serba Dinamik’s employees, shareholders and creditors, MUDA central executive committee member Lim Wei Jiet said such reasoning does not make sense based on the timeline involved. “The deep plunge in Serba Dinamik shares started way back in May 2021 when the issue of the removal of KPMG as the auditor triggered a sell-off, … [Read more...] about Serba Dinamik: MUDA claims AG’s reasons trigger more questions than answers

Malaysia: * Durian prices expected to increase by 100% this year * Goldman Sachs agrees to settle US$79.5mil 1MDB suit with shareholders * Covid-19 Watch: 3,029 new cases brings total to 4,473,500 * Covid-19: More than 28% of five to 11-year-olds fully vaccinated as at May 13 * PM: Asean stands firm on international issues in meeting with US President Biden * Bullying: Health Ministry looks at enhancing whistleblowing system * Successful four-day working visit to US, says PM * Philippines raises minimum daily wage in Manila capital region * Malaysia touts trade access as US Indo-Pacific plan only a 'good beginning' - trade chief * Kuantan furniture shop also a victim as scammers use similar name to cheat buyers * GE15: More public debates between candidates should be organised, says Bersih * Country's financial performance must be looked into before any plan to take over Sapura, says Tok Pa Singapore's Veronica Shanti Pereira in action before winning the … [Read more...] about Asean News Headlines at 9pm on Saturday (May 14, 2022)

Share to Twitter Share to Linkedin Seasoned product and general management executive with leadership roles at HP, Dell, VMware, LexisNexis. Chief Product Officer Kanverse.ai . In 2021, the global economy was driven majorly by extensive vaccine development and distribution — governments prioritized investments to regain lost confidence across communities and boost economic growth. Covid-19 forced the global economic engine to transform by enabling and building digital transformation and resilience, all in an effort to learn from past experiences and evolve accordingly. The Insurance Ecosystem Moving Forward For decades, insurers have been at the forefront of technology adoption — driven by aspirations to manage risk, acquire new customers and enhance existing customer experiences. Insurers have increased their influence through various inorganic acquisition routes, as well. In addition, insurance companies have vertically integrated their … [Read more...] about It’s Time To Automate Insurance Document-Processing Workflows

This article first appeared in Forum, The Edge Malaysia Weekly, on May 16, 2022 - May 22, 2022. - A + A Based on its latest annual report, Serba Dinamik Holdings Bhd has in excess of 69,500 shareholders. The company’s market capitalisation is now down to RM315 million. Serba’s market cap was close to RM6 billion a year ago, when KPMG PLT red-flagged its accounts and reported the matter — as required by law — to the Securities Commission Malaysia (SC). KPMG’s audit alert was the start of Serba’s fall from grace. In the last one year, its shareholders have lost 95% of the value of their shares in the company. The company is battling creditors and needs to come up with a scheme to restructure its debts of RM1.8 billion and US$42.4 million to lenders, including bondholders. Shareholders are sitting on a RM5.5 billion wipeout in paper losses. The four directors of Serba who were hauled up by SC for furnishing false information have paid their fines … [Read more...] about Alternative Views: Time to set up a framework for class action