US Dept of Justice remits RM1.9b of seized 1MDB funds to Malaysia

KUALA LUMPUR: The US Department of Justice has remitted about RM1.9bil (US$452.4mil) of seized 1MDB funds to the Malaysian government, according to a statement by the Finance Ministry.

The funds have been placed in Malaysia’s Assets Recovery Trust Account, the statement said Wednesday.

So far, the account has received RM16.05bil of seized and repatriated 1MDB funds, which will be used to repay debts of 1MDB and former unit SRC International Sdn.

The government has so far repaid US$12.4bil of 1MDB’s debt and US$3.1bil of SRC’s debt.

The balance of debts still outstanding currently total RM39.8bil (1MDB) and RM2.57bil (SRC).

The balance excludes the settlement amount that will be received by Deloitte PLT and AmBank Group, the statement said, adding that negotiations are also currently ongoing with KPMG. - Bloomberg

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