KUALA LUMPUR – The government has recovered a further RM336 million (US$80 million) in 1Malaysia Development Bhd (1MDB) funds from audit firm Deloitte PLT, according to the Finance Ministry.
The remittance today has been deposited into Malaysia’s Assets Recovery Trust Account, under the purview of the Accountant-General’s Department, it said in a statement.
This takes the total amount of funds seized and repatriated to RM16.386 billion, which will be utilised to primarily repay and service 1MDB and SRC International Sdn Bhd’s remaining debts.
“The balance excludes the settlement amount of RM2.83 billion that will be received from the AmBank Group soon,” said the ministry.
The ministry said it is also negotiating with another auditor, KPMG Malaysia, to recover funds.
Despite the latest recovered funds, finance minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said the current balance is only sufficient to service 1MDB’s debt obligations for 2021 and 2022.
“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.”
According to the Finance Ministry, the government has, to date, repaid RM12.54 billion of 1MDB’s debt and RM3.1 billion of SRC International’s.
The balance of debt still outstanding comes up to RM39.66 billion (1MDB) and RM2.57 billion (SRC International), inclusive of bond interest and principals, sukuk and term loans.
The ministry said the government’s current recovery efforts will be focused on parties who have caused losses to 1MDB and SRC International during the execution of their duties, whether through direct or indirect involvement in various operations and transactions.
Those who have wrongfully received SRC international monies disguised as corporate social responsibility activities will also be prioritised.
“All those involved will be made fully accountable for the wrongdoings caused to the country through their involvement in 1MDB and SRC International,” it said. – The Vibes, June 3, 2021
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