Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Business Crimes Hotline
Securities Commission Malaysia Issues Maximum Fine for Deloitte Related to 1MDB Audits
On Jan. 30, 2019, the Securities Commission Malaysia, the country's securities and corporate regulator, announced that Deloitte would be fined the maximum amount allowable ($535,612) related to its audits of Bandar Malaysia and 1MDB Real Estate Sdn BHD (now known as TRX City Sdn Bhd) — both of which are controlled by the Malaysian sovereign wealth fund, 1Malaysia Development Bhd. (1MDB). Two days before the Deloitte fine was made public, it was reported by the South China Morning Post that the Securities Commission Malaysia was continuing to investigate Deloitte and KPMG for their involvement in the 1MDB scandal, including whether the auditors were aiding in the scheme or were negligent in their work. The names of the auditors under investigation were not disclosed. KPMG is reportedly in the process of negotiating a deal with the Malaysian enforcement authority.
The Securities Commission Malaysia found that Deloitte had committed four serious violations of Malaysia's Capital Markets and Services Act (2007) when it failed to immediately report accounting irregularities to the authorities and obtained insufficient documentation in relation to the audits it carried out for years ending March 31, 2015 and 2016.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Protecting Innovation in the Cyber World from Patent Trolls
With trillions of dollars to keep watch over, the last thing we need is the distraction of costly litigation brought on by patent assertion entities (PAEs or "patent trolls"), companies that don't make any products but instead seek royalties by asserting their patents against those who do make products.