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1MDB: Bring on the clowns

In Accounting, Corporate governance, Malaysia on 29/07/2016 at 1:18 pm

1MDB had previously said that nothing was missing and pointed out that  the accounts were audited by the international firm Deloitte. After the DoJ’s action in freezing assets, 1MDB announced that their accounts audited by Deloitte for 2013 and 2014 cannot be relied upon.

Then Deloitte resigned.

Guardian account of the 1MDB sagahttps://www.theguardian.com/world/2016/jul/28/1mdb-inside-story-worlds-biggest-financial-scandal-malaysia

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  1. Well, this is not going to be like another Enron & Arthur Andersen. It will be more like the big banks & insurers during GFC and their cozy relationships with S&P, Moody’s, Fitch as well as the big 4 auditing firms. At most Deloitte will get away with a few tens millions of fines, admit no wrongdoing, fire a few underlings and life goes on. Malaysia govt will come out to say it is all a Western conspiracy to undermine the sovereignty of M’sia and Malaysians will lap it all up. You’ll see mats burning US flags in the streets & protests in front of US embassy. M’sia boleh lah.

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