1MDB Audits Don't Show `True and Fair' Assessment, KPMG Says
- 2010, 2011, 2012 reports don’t provide true, fair assessment
- KPMG retracts reports after access to withheld documents
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1MDB’s auditor KPMG told the company not to rely on its reports over three years as they don’t show “true and fair” assessment of the troubled state fund’s finances.
KPMG retracted the audit reports for financial years ended March 2010, 2011 and 2012, as it didn’t have access to relevant documents that Malaysia’s new government has since declassified, 1MDB said in a statement Tuesday. The withheld information would have “materially impacted” the assessments had it been made available to the auditor, KPMG said in a June 8 letter to the fund.