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Race for banking, financial services in Malaysia to be intense with up to five new players — Deloitte

Race for banking, financial services in Malaysia to be intense with up to five new players — Deloitte
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Pua urges Putrajaya to drop KPMG as auditor pending 1MDB suit | Malaysia


Monday, 19 Jul 2021 10:59 AM MYT
BY JUSTIN ONG
Last week, the government reportedly sued 44 past and present KPMG partners over their firm’s role as the auditor of the controversial 1MDB for the 2010 to 2012 financial years. Reuters pic
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KUALA LUMPUR, July 19 The federal government should remove KPMG as the auditor for any firms under its control given the latter’s refusal to settle a US$5.6 billion lawsuit related to 1MDB, said Damansara MP Tony Pua.
Pua noted that the government was forced to sue dozens of KPMG partners earlier this month after failing to reach a settlement despite prolonged discussions over their role in auditing the state investment firm in its early years. ....

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Digital growth a key 
theme for banks now


to vie for a digital banking licence.
The deadline for the application of a digital banking licence is this Wednesday and Bank Negara is expected to issue up to five licences by the first quarter of next year.
, a leading Asean universal banking group, is currently strengthening its capabilities to deepen its presence in the digital banking space.
On the strategies and plans that CIMB Group has put in place to further boost its digital banking business, CIMB Digital Assets CEO Effendy Shahul Hamid told StarBiz that there are multiple efforts taking place across the group’s franchise.
“Different business lines across the banking group continue to innovate offerings to customers in terms of enhanced product, user journeys and experience, and digitalised access. ....

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MP SPEAKS | Where's 1MDB suit against former auditor KPMG?


MP SPEAKS | Where’s 1MDB suit against former auditor KPMG?
Modified3:36 am
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MP SPEAKS | Yesterday, 1MDB and its former subsidiary, SRC International Sdn Bhd filed a total of 21 suits against various parties, including former prime minister Najib Abdul Razak, former 1MDB office bearers like Che Lodin Wok Kamaruddin, and former chief executive officers (CEOs) of 1MDB Shahrol Azral Ibrahim Halmi, Arul Kanda Kandasamy and Mohd Hazem Abdul Rahman.
Also named in the suits are fugitive businessperson Low Taek Jho (Jho Low), his father Larry Low Hock Peng, sister Low May Lin and Jho Low s close associate Eric Tan Kim Loong. ....

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Tony Pua lauds 1MDB civil suits but asks why KPMG excluded


KUALA LUMPUR (May 11): Opposition lawmaker Tony Pua said today the Malaysian government should be applauded for filing more than 20 civil suits to recover losses suffered by 1Malaysia Development Bhd (1MDB) and SRC International Sdn Bhd.
However, conspicuously missing from the list of suits is a case against KPMG Malaysia, which audited 1MDB s financials for three years from March 2010 to March 2012, Pua said in a statement today.
Where is the 1MDB suit against its former auditor KPMG ?” said Pua, who is DAP s national publicity secretary.
Pua’s statement today followed the Ministry of Finance’s (MoF) statement yesterday that in the government s continuing efforts to recover losses suffered by 1MDB and SRC, the ministry confirmed that last Friday, legal representatives of both entities filed a combined total of 22 civil suits.  ....

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