1MDB: Malaysian government received RM1.9 billion from DOJ

malaysia minister of finance

PUTRAJAYA MAY 12: The government of Malaysia has received RM1.9 billion from US Department of Justice (DOJ) remitted into Malaysia’s Assets Recovery Trust Account and the monies transferred represent the funds seized in matters related to 1Malaysia Development Berhad (1MDB).

The Ministry of Finance in its statement said, the Trust Account under the custody of the Accountant General’s Department of Malaysia has received RM16.05 billion of seized and repatriated 1MDB Funds.

“Any balance in the Trust Account will be utilised to repay and service 1MDB and SRC’s remaining debts. To date the government has repaid RM12.4 billion of 1MDB’s debt and RM3.1 billion of SRC’s debt. The balance of debts still outstanding, comprising the principal and coupon/profit/interest of bonds, Sukuk and term loans totalling RM39.8 billion (1MDB) and RM2.57 billion (SRC),” the statement added.

Meanwhile, Minister of Finance, Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz said, the current balance is sufficient to service 1MDB’s debt obligations for 2021 and 2022 only.

“The balance excludes the settlement amount of RM2.83 billion that will be received from Ambank Group and RM336 million from Deloitte PLT. Negotiations are currently ongoing with KPMG.

“Once all the recovered funds in the Trust Account had been utilised, the government still have to continue bearing the burden of servicing 1MDB’s debt obligations, which were backed by the Government’s Guarantee and Letter of Support when these debts were created,” Tengku Zafrul said.

The Finance Minister added, the government’s current recovery efforts are focused on parties who have caused losses to 1MDB and SRC during the execution of their duties, whether through direct or indirect involvement in 1MDB and SRC’s various operations and transactions as well as those who have wrongfully received SRC monies disguised as Corporate Social Responsibility (CSR) activities. –Malaysia World News       

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