MOF recovers another RM1.9b stolen 1MDB funds, total now at RM16.05b

14-May-2021 Intellasia | Malaysiakini | 5:02 AM Print This Post

The finance ministry today announced that it has recovered another RM1.9 billion in stolen 1MDB funds.

It said the funds were recovered with the help of the US Department of Justice (DOJ) which remitted the money to Malaysia’s Asset Recovery Trust Account.

“This recovery would not have been achieved without the excellent cooperation between the government of Malaysia and the United States government, particularly with the DOJ.

“On behalf of the government of Malaysia, we would like to thank the US government and look forward to the continued cooperation between us,” Finance minister Tengku Zafrul Tengku Abdul Aziz said in a statement.

This latest recovery brings the total stolen 1MDB funds that have been seized and repatriated to RM16.05 billion.

The sum is being used to service the loans taken out by 1MDB and its former subsidiary SRC International Sdn Bhd, the funds from which were substantially misappropriated under the previous BN government.

The finance ministry said to date, RM12.4 billion and RM3.1 billion have been utilised from the trust account to repay the debt owed by 1MDB and SRC International, respectively.

Despite this, it said 1MDB and SRC International still owe RM39.8 billion and RM2.57 billion, respectively.

Zafrul said the recovered sum will only be enough to cover 1MDB and SRC International’s debts until 2022.

“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,” Zafrul added.


Category: Malaysia

Print This Post

Leave a Reply

You must be logged in to post a comment.