Malaysia has recovered $9b in funds linked to 1MDB
As of end-July, RM42.17 billion has been channelled to 1MDB to finance debt repayments and fulfil the company's commitments.
KUALA LUMPUR – The Malaysian government has recovered RM29.7 billion (S$9 billion) of funds relating to 1Malaysia Development Bhd (1MDB) and its former unit SRC International since the establishment of the Assets Recovery Trust Account, according to the Finance Ministry.
As of end-July, RM42.17 billion has been channelled to 1MDB to finance debt repayments and fulfil the company's commitments, the Finance Ministry said in a written parliamentary reply on Aug 13.
Of the amount, RM15.44 billion was channelled from the Finance Ministry and the Minister of Finance Incorporated in the form of shareholder advances or loans, while RM26.73 billion came from the proceeds of 1MDB's asset recovery, it said.
1MDB, a state investment fund that took shape under former prime minister Najib Razak, is at the centre of a multi-billion dollar scandal that has spawned probes in Asia, the US and Europe.
Najib, convicted of crimes linked to 1MDB, is
currently serving a prison sentence but is seeking to spend the remainder of it under house arrest. He is expected to be released in 2028.
'The process to recover 1MDB and SRC funds is still ongoing and is a complicated and long process that will take years,' said the Finance Ministry.
'This is because it not only involves cooperation between several local agencies and foreign agencies from various countries, but also involves legal processes in court and settlement negotiations,' it added.
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About RM28.93 billion was used to pay 1MDB's principal debt, while RM13.24 billion was for interest payments and the company's commitments.
1MDB's remaining debt involving principal and interest payments until 2039 is RM9.02 billion, comprising principal of RM5 billion and interest of RM4.02 billion. Bloomberg
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