THE Government has received the remittance of RM336 mil (US$80 mil) from Deloitte PLT which has been deposited into Malaysia’s Assets Recovery Trust Account.
According to the Finance Ministry (MOF), the monies transferred represent the funds seized in matters related to the 1Malaysia Development Bhd (1MDB).
To date, the trust account which is under the custody of the Accountant General’s Department has received RM16.386 bil of seized and repatriated 1MDB funds.
“Any balance in the trust account will be utilised to primarily repay and service 1MDB and its former unit SRC International Sdn Bhd (SRC) remaining debts,” MOF pointed out in a statement.
“This balance excludes the settlement amount of RM2.83 bil that will be received from the Ambank Group soon. Aside from that, MOF said negotiations are also currently ongoing with KPMG.”
To date, the Government has repaid RM12.54 bil of 1MDB’s debt and RM3.1 bil of SRC’s debt. The balance of debt still outstanding – comprising the principal and coupon/ profit/ interest of bonds, Sukuk and term loans – currently totalled RM39.66 bil (1MDB) and RM2.57 bil (SRC).
Commenting on the matter, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the current balance is sufficient to service 1MDB’s debt obligations for 2021 and 2022 only.
“Once all recovered funds in the trust account have been utilised, the Government will 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,” he noted.
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 CSR activities.
All those involved will be made fully accountable for the wrongdoings caused to the country through their involvement in 1MDB and/or SRC, added the MOF. – June 3, 2021
