The outstanding financial obligations for the sovereign fund are estimated at RM31.6b

by ADRIAN PHUNG / pic by TMR FILE

THE repatriation of 1Malaysia Development Bhd’s (1MDB) assets has amassed a total of RM19.3 billion as at end-June 2022, according to the Fiscal Outlook and Federal Government Revenue Estimates 2023 Report.

The report, released by the Finance Ministry last week, stated that the government’s initiatives to recover 1MDB’s assets involve extensive joint investigative works, negotiations as well as initiation of litigation processes.

“In 2019, the repatriation of 1MDB’s assets began to flow in and has amassed a total of RM19.3 billion as at end-June 2022.

“Several main assets that have been recovered and repatriated include seized physical assets and monies, as well as settlement payment with the US’ Department of Justice, proceeds from settlement with particular parties namely financial institutions and audit firms and recovery of frozen cash assets from individuals and companies,” the report said.

The report added that the former arranger of 1MDB’s bond transactions Goldman Sachs Group Inc has agreed to a settlement amounting to US$2.5 billion (RM11.57 billion) and will provide assistance to the government in guaranteed asset recovery estimated at US$1.4 billion.

“The recovered assets, which were placed into Assets Recovery Trust Account, have been utilised to meet the sovereign investment fund’s financial obligations and debt repayment.

“As at end-June 2022, the outstanding financial obligations for the sovereign fund are estimated at RM31.6 billion, comprising debt principal of RM25.9 billion and projected interests or profits of RM5.7 billion,” the report stated.