MoF: Govt received RM336m from Deloitte PLT over 1MDB settlement

The government has received the remittance of RM336mil (US$80mil) from Deloitte PLT related to the 1Malaysia Development Bhd (1MDB).

KUALA LUMPUR: The government has received the remittance of RM336mil (US$80mil) from Deloitte PLT related to the 1Malaysia Development Bhd (1MDB).

The Ministry of Finance (MoF) said in a statement posted on its website on Thursday the amount was deposited into Malaysia’s Assets Recovery Trust Account.

"The monies transferred represent the funds seized in matters related to the 1MDB," it said.

MoF said to date, the Trust Account – under the custody of the Accountant General’s Department of Malaysia – has received RM16.386bil of seized and repatriated 1MDB funds.

Any balance in the Trust Account will be utilised to primarily repay and service 1MDB and SRC’s remaining debts.

This balance excludes the settlement amount of RM2.83bil that will be received from the Ambank Group soon. Aside from that, negotiations are also currently ongoing with KPMG.

To date, the Government has repaid RM12.54bil of 1MDB's debt and RM3.1bil of SRC's debt. The balance of debt still outstanding, comprising the principal and coupon/ profit/ interest of bonds, Sukuk and term loans, currently total RM39.66bil (1MDB) and RM2.57bil (SRC).

Finance Minister, Tengku Datuk Seri Utama 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.”

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, as well as those who have wrongfully received SRC monies disguised as CSR activities.

All those involved will be made fully accountable for the wrongdoings caused to the country through their involvement in 1MDB and/or SRC.