(Updated)

Malaysia has received RM336m in 1MDB-related settlement from Deloitte — MoF

Malaysia has received RM336m in 1MDB-related settlement from Deloitte — MoF
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KUALA LUMPUR (June 3): The government has received the remittance of RM336 million (US$80 million) deposited into Malaysia’s Assets Recovery Trust Account by Deloitte PLT in matters related to 1Malaysia Development Bhd (1MDB).

In a statement today, the Ministry of Finance (MoF) said that to date, the Trust Account — under the custody of the Accountant General’s Department of Malaysia — had received RM16.386 billion of seized and repatriated 1MDB funds.

It said that any balance in the Trust Account will be utilised to primarily repay and service 1MDB and its former subsidiary SRC International Sdn Bhd’s remaining debts.

The ministry said this balance excludes the settlement amount of RM2.83 billion from AmBank Group soon.

Aside from that, negotiations are also currently ongoing with KPMG, it added.

The MoF said that to date, the government had repaid RM12.54 billion of 1MDB's debt and RM3.1 billion of SRC's debt.

It said the balance of debt still outstanding, comprising the principal and coupon/profit/interest of bonds, sukuk and term loans, currently total RM39.66 billion (1MDB) and RM2.57 billion (SRC) respectively.

Finance Minister Tengku Datuk Seri Zafrul Tengku 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 said.

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