Latest news with #RM10.9bil
The Star
5 days ago
- Business
- The Star
RM29.7bil in 1MDB and SRC funds recovered by govt
KUALA LUMPUR: The government has recovered RM29.7bil in public funds linked to 1Malaysia Development Bhd (1MDB) and SRC International Sdn Bhd, the Dewan Rakyat heard. The Finance Ministry said the effort involves a complex and lengthy process requiring international cooperation and legal proceedings. In a written reply to Datuk Seri Dr Wan Azizah Wan Ismail (PH-Bandar Tun Razak), the ministry said RM10.9bil has been accumulated in the Assets Recovery Trust Account from 2022 to June 30 this year. As of July 31 this year, a net RM42.17bil has been allocated to 1MDB to finance debt repayments and company commitments. This includes RM15.44bil from the ministry and Minister of Finance Incorporated provided as shareholder advances or loans. It also includes RM26.73bil from recovered 1MDB assets. The funds have been used to pay RM28.93bil in 1MDB principal debt and RM13.24bil in interest and company commitments. The remaining 1MDB debt for principal and Sukuk IMTN interest payments until 2039 stands at RM9.02bil. This comprises RM5bil in principal and RM4.02bil in interest. For SRC, the government has allocated RM5.35bil to cover principal, interest and company commitments. The ministry said the recovery process is ongoing and requires collaboration with local and international agencies. It added that legal proceedings and settlement negotiations are part of the process. The government remains committed to maximising recovery to settle 1MDB and SRC debts within the stipulated timeframe.
The Star
15-06-2025
- Business
- The Star
Sabah snags third spot for approved investments in 1Q this year
KOTA KINABALU: Sabah has cemented its position as one of Malaysia's most attractive economic destinations by securing the third highest spot for approved investments with a total of RM10.9bil obtained in the first quarter of 2025, says Datuk Phoong Jin Zhe. The Industrial Development and Entrepreneurship Minister said the amount has already surpassed the total investment recorded for 2024, reflecting renewed confidence in Sabah's growth potential and economic direction. 'Sabah now ranks just behind Selangor and Kuala Lumpur in terms of total approved investments in Malaysia,' he said, citing the latest figures from the Malaysian Investment Development Authority. Foreign direct investment was the main driver, contributing RM6.6bil or 61%, while domestic direct investment accounted for RM4.29bil or 39%. He said this interest from both international and local players signals strong faith in Sabah's business ecosystem. The manufacturing sector emerged as the largest contributor, drawing RM7.3bil in approved investments, which marked the highest in Malaysia for this quarter. Of that amount, RM6.59bil (91.3%) came from foreign sources, while RM711mil (9.7%) originated from Malaysia. The services sector followed with RM2.83bil, and the primary sector attracted RM757.1mil. 'These achievements show that Sabah is not just keeping pace, but emerging as a frontrunner in key sectors, supported by our investor-friendly environment and the state government's strong commitment to driving industrial development,' Phoong said. Despite the ongoing global economic uncertainty and geopolitical challenges, Sabah remains a competitive, resilient and trusted destination for capital and enterprise, he added. 'The state government remains steadfast in its efforts to strengthen the investment ecosystem and continues to welcome both foreign and domestic investors to help realise our vision of a sustainable and inclusive economic future for Sabah,' he said.
