1MDB: US DOJ remits RM1.9bil

by TMR

APPROXIMATELY RM1.9 billion has been remitted (USD452,363,867.40) into Malaysia’s Assets Recovery Trust Account by the US Department of Justice (DOJ), Finance Ministry says.

The monies transferred represent the funds seized in matters related to the 1Malaysia Development Berhad (1MDB).

According to finance minister Tengku Datuk Seri Zafrul Aziz, to date, 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 primarily repay and service 1MDB and SRC’s remaining debts.

So far the government has repaid RM12.4 billion of 1MDB’s debt and RM3.1 billion of SRC’s debt.

However the outstanding debts, comprising the principal and coupon/ profit/ interest of bonds, Sukuk and term loans, currently stood at RM39.8 billion (1MDB) and RM2.57 billion (SRC).

“The current balance is sufficient to service 1MDB’s debt obligations for 2021 and 2022 only. This balance excludes the settlement amount of RM2.83 billion that will be received from the Ambank Group and RM336 million from Deloitte PLT,” he said.

The minister also confirmed that negotiations 
are also currently ongoing with KPMG. 

“This recovery would not have been achieved without the excellent cooperation
between the Government of Malaysia and the United States (US) Government, particularly with the DOJ. On behalf of the Government of Malaysia, we would like to thank the US Government and look forward to the continued cooperation between us,” he added.