Tengku Zafrul: 1MDB debt at RM32.08bil as at June 2022


KUALA LUMPUR: The remaining debt commitment of 1Malaysia Development Bhd (1MDB) is RM32.08 billion as at June 30, 2022, with an estimated foreign exchange rate of US$1 to RM4.50, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said.

He said the government had, between April 2017 and May 2022, channelled financial assistance in the form of loans or advances totalling RM10.85 billion via the Ministry of Finance (MoF) and Minister of Finance Incorporated (MoF Inc) to pay off 1MDB’s debt commitments and interest.

"Besides the government’s direct financial assistance, 1MDB's debt interest is also being financed using 1MDB's asset recovery funds kept in a trust account under the MoF, known as the Asset Recovery Trust Account," he said in a written reply to Parliament.

Tengku Zafrul said that as at June 30, 2022, 1MDB’s total funds recovered amounted to RM19.28 billion in various foreign currencies, including the United States dollar, Singapore dollar and Australian dollar.

"These funds have been and will be used for the purpose of paying off 1MDB's debt. As of June 30, 2022, RM10.84 billion had been used to repay 1MDB’s debt.

"This fund still has a balance of RM8.83 billion currently (including hibah, and forex gains or losses),” he said.

He also said the process to recover 1MDB funds is ongoing and that it is a complicated and lengthy process that could take years.

"It not only involves collaboration between several local and foreign agencies, but it also involves both legal and negotiation settlement processes,” he said.

However, the finance minister said that the government remains committed to using legal action or negotiations to continue efforts to recover all funds embezzled.

The main goal is to maximise returns to pay off 1MDB's debt and reduce the government's financial burden, he noted. - Bernama

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Malaysia maintaining 4-5% GDP growth forecast for 2023 - Ahmad Maslan
Asian stocks slide to lowest this year on rate worries
Vital to support SMEs to tap supply chains shifting to Asean - Tengku Zafrul
Malaysia rises to 18th place in Global Financial Inclusion Index
Australia c.bank pauses rates for 4th month as Bullock's debut signals continuity
Finance industry must cooperate to combat financial crime, scams - AICB
Boustead Plantations, KLK securities trading halt
Reservoir Link subsidiary proposes listing on Nasdaq
Evergrande shares volatile as trade resumes amid chairman probe
FBM KLCI rises slightly amid cautious environment

Air Pollutant Index

Highest API Readings

    Select State and Location to view the latest API reading

    Source: Department of Environment, Malaysia

    Others Also Read