RM20.5 bil worth of 1MDB assets returned to Malaysian govt — MACC

RM20.5 bil worth of 1MDB assets returned to Malaysian govt — MACC
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PUTRAJAYA (Nov 20): The Malaysian Anti-Corruption Commission (MACC) with the cooperation and assistance of international enforcement agencies has managed to return assets of 1Malaysia Development Bhd (1MDB) amounting to RM20,530,433,626.97 to the Malaysian government.

In a statement, MACC said it was actively seeking to recover 1MDB fund assets in the country and abroad including in the United States, the United Arab Emirates (UAE), Taiwan and Singapore.

Most recently on Nov 12, Singapore's Commercial Affairs Department has returned the money belonging to former SRC International Sdn Bhd chief executive officer Nik Faisal Ariff Kamil through the Finance Ministry's Assets Recovery Trust Account totalling US$864,813.27.

Earlier the MACC said the Singaporean government had also assisted in the return of assets worth US$15.4 million to Malaysia involving the accounts of Cutting Edge Industries Ltd owned by Datuk Tawfiq Ayman and Samuel Goh.

"MACC is also in the process of recovering assets from countries such as Switzerland, Kuwait, Mauritius, Cyprus, Hong Kong involving individuals connected to the 1MDB case,” read the statement.

On May 12, the Ministry of Finance (MoF) announced that the US Department of Justice has remitted some RM1.9 billion (US$452.36 million) in funds related to 1MDB into Malaysia’s Asset Recovery Trust Account.  

So far, the account which is under the custody of the Accountant-General's Department had received RM16.05 billion of seized and repatriated 1MDB funds.

The balance in the trust account will be used to primarily repay 1MDB and SRC's remaining debts.

According to MoF, to date, the government has repaid RM12.4 billion of 1MDB’s debt and RM3.1 billion of SRC’s debt. The outstanding debt balance which is composed of principal and coupon, profit and interest of bonds, sukuk and term loans stand at RM39.8 billion for 1MDB and RM2.57 billion for SRC.

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.