By TMR

THE Ministry of Finance (MoF) has set up a special taskforce to recover the debt incurred by the controversial wealth fund, 1Malaysia Development Bhd (1MDB).

According to a statement by 1MDB board of directors, the firm still has RM32.3 billion of outstanding debt.

“A special taskforce has been established by the MoF, which includes representatives from 1MDB, the Attorney General’s Chambers, the Securities Commis- sion Malaysia, Bank Negara Malay- sia, the Royal Malaysian Police Force, the National Anti-Financial Crime Centre, the Malaysian Anti-Corruption Commission and the National Centre for Govern- ance, Integrity and Anti-Corruption,” the statement read.

It stated that 1MDB has also successfully reached a settlement with AMMB Holdings Bhd for RM2.83 billion and Deloitte PLT for RM324 million.

The recovery process also involves the appointment of legal counsels to assist in 1MDB’s civil action.

“These legal counsels are remu- nerated based on a pre-agreed time cost, and not based on commission or a percentage of the value of settlements, or assets recovered,” 1MDB said.

However, it did not state how much will be paid for these counsel services.

On its debt, the fund said it has two US dollar-denominated bonds with a value of US$3.5 billion (RM14.7 billion) with coupon rates of 5.75% and 5.99% per annum that will mature in 2022, while another with a value of US$3 billion (RM12.6 billion) with a coupon rate of 4.4% per annum will mature in 2023.

“1MDB’s last remaining debt is a RM5 billion sukuk with a 5.75% per annum profit rate and a maturity date of 2039.

“Total of bonds/sukuk principal and coupon/profit to be paid till maturity is RM40.51 billion,” it stated.