1MDB still has RM32.3bil in outstanding debt, says board

PETALING JAYA: 1Malaysia Development Bhd (1MDB) still has RM32.3bil of outstanding debt, its board of directors said on Friday (March 26).

It said that two bonds with a value of US$3.5bil (RM14.7bil) with coupon rates of 5.75% and 5.99% per annum will mature in 2022, while another with a value of US$3bil (RM12.6bil) with a coupon rate of 4.4% per annum will mature in 2023.

It added that 1MDB’s last remaining debt is a RM5bil sukuk with a 5.75% per annum profit rate, with a maturity date of 2039.

“Total of bonds/sukuk principal and coupon/profit to be paid till maturity are RM40.51bil.

"1MDB will continue its recovery efforts to enable it to pay the bondholders and sukuk holders upon maturity of these debt instruments, ” the board said in the statement.

It also said the recovery of 1MDB’s assets remains a key priority for them and as part of the process, the Finance Ministry has established a special task force.

It includes representatives from 1MDB, the Attorney General’s Chambers, Securities Commission Malaysia, Bank Negara Malaysia, Royal Malaysia Police, National Anti-Financial Crime Centre, Malaysian Anti-Corruption Commission and National Centre for Governance, Integrity and Anti-Corruption.

“The recovery process also involves the appointment of legal counsel to assist in 1MDB’s civil action and asset recovery efforts.

“These legal counsel are remunerated based on a pre-agreed time cost, and not based on commission or a percentage of the value of settlements, or assets recovered, ” it further said.

The board said that all proceeds from 1MDB’s asset recovery efforts including any future settlements have been or will be deposited into an Asset Recovery Trust Account that is under the custody of the Accountant General’s Department.

Malaysia recently received a cash settlement of US$2.5bil (RM10.23bil) from Goldman Sachs.

1MDB also successfully reached a settlement with AMMB Holdings Bhd for RM2.83bil and Deloitte PLT for RM324mil.

On March 20, Selangor assemblyman Sallehudin Amiruddin lodged a police report, urging investigations on a claim that a commission of RM500mil was paid to Parti Pribumi Bersatu Malaysia through a high-profile lawyer from Putrajaya’s settlement with Goldman Sachs over the 1MDB scandal.

The party’s information chief Datuk Wan Saiful Wan Jan denied the claim, and accused the Opposition of spreading slander.

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