1MDB advises caution on financial statements

Kuala Lumpur

1MALAYSIA Development Bhd (1MDB) said its audited financial statements for 2013 and 2014 shouldn't be relied on after US prosecutors said more than US$3.5 billion was misappropriated from the fund during a period that included those years.

1MDB also said that its auditor Deloitte LLP is resigning and the company is seeking a replacement, according to a statement on Tuesday. It didn't give a reason for the departure but said that Deloitte, which notified 1MDB in February of its decision, will continue to audit its key subsidiaries.