Latest news with #RM42.17
Straits Times
2 days ago
- Business
- Straits Times
Malaysia has recovered $9b in funds linked to 1MDB
Sign up now: Get ST's newsletters delivered to your inbox 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. Top stories Swipe. Select. Stay informed. Asia India, Singapore ministers discuss deeper tie-ups in digitalisation, skills, industrial parks Business More seniors remain employed after retirement and re-employment ages raised in 2022: MOM study Singapore askST: Will assets seized in $3b money laundering case be sold at public auctions? Singapore To Vers or not to Vers: How will this scheme affect HDB prices? Asia Malaysia's ex-economy minister says his son was jabbed with syringe in planned attack Business StarHub first-half profit falls 41.7% to $47.9m; telco eyes 'more aggressive stance' amid competition Business CapitaLand Investment first-half profit falls 13.3%, appoints new CEO of private funds Life Taylor Swift's new album, The Life of a Showgirl, will release on Oct 3 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
New Straits Times
2 days ago
- Business
- New Straits Times
RM29.7bil linked to 1MDB, SRC recovered since 2018
KUALA LUMPUR: The government has successfully recovered RM29.7 billion linked to 1Malaysia Development Bhd (1MDB) and SRC International Sdn Bhd (SRC) since the establishment of the Asset Recovery Trust Account in 2018. Finance Minister Datuk Seri Anwar Ibrahim said that of the total, RM10.9 billion represented the cumulative value recovered from 2022 up to June 30, 2025. He said that as at July 31 this year, the net funds channelled to 1MDB for debt repayments stood at RM42.17 billion. "This comprised RM15.44 billion from the ministry and Minister of Finance Incorporated (MOF Inc) funds, provided in the form of shareholder advances or loans, and RM26.73 billion from 1MDB asset recovery proceeds. "A total of RM28.93 billion was used to repay 1MDB's debt principal, while RM13.24 billion was allocated for interest payments and the company's other commitments," he said in a written parliamentary reply. He was responding to Datuk Seri Dr Wan Azizah Wan Ismail (PH-Bandar Tun Razak), who had enquired about the total amount of public funds recovered by the government since 2022, including the return of assets linked to high-profile cases such as 1MDB. Anwar added that 1MDB's remaining debt, comprising principal and interest on Sukuk Islamic Medium-Term Notes payable until 2039, amounts to RM9.02 billion, including RM5 billion in principal and RM4.02 billion in interest. As for SRC, the government has channelled RM5.35 billion to cover its principal, interest and other financial commitments, he said. He added that the process of recovering funds linked to 1MDB and SRC is still ongoing. "It is a complex and lengthy process which may take years, as it not only involves cooperation between several domestic agencies and foreign agencies from various countries, but also requires court proceedings and settlement negotiations. "The current government remains fully committed to continuing efforts to recover all misappropriated funds related to 1MDB and SRC, with the ultimate goal of maximising returns to settle debts and fulfil the obligations of 1MDB and SRC within the stipulated timeframe."
The Sun
2 days ago
- Business
- The Sun
RM42.17 billion disbursed to 1MDB for debt repayments up to July 2025
KUALA LUMPUR: A total net fund of RM42.17 billion has been disbursed to 1Malaysia Development Bhd (1MDB) as of July 31, 2025. The Finance Ministry stated that the funds were used for debt repayments and company commitments. Of the total amount, RM15.44 billion was sourced from the Ministry of Finance and Minister of Finance Inc. The remaining RM26.73 billion came from recovered 1MDB assets. According to the ministry, RM28.93 billion was allocated for principal debt repayment. Another RM13.24 billion was utilised for interest payments and company obligations. The details were provided in a parliamentary reply on the Dewan Rakyat portal. The response addressed a query from Datuk Seri Dr Wan Azizah Dr Wan Ismail (PH-Bandar Tun Razak). She sought information on public funds recovered since 2022, including assets linked to high-profile cases like 1MDB. - Bernama
Barnama
3 days ago
- Business
- Barnama
Net Fund Of RM42.17 Bln Disbursed To 1MDB Up To July 2025 For Debt Repayments, Company Commitments
BUSINESS KUALA LUMPUR, Aug 13 (Bernama) -- A total net fund of RM42.17 billion has been channeled to 1Malaysia Development Bhd (1MDB) to finance its debt repayments and meet its financial commitments as of July 31, 2025, the Finance Ministry (MoF) said. The ministry said that of the amount, RM15.44 billion came from MoF's fund and the Minister of Finance Inc (MoF Inc) which was channeled in the form of shareholder advances or loans. The remaining RM26.73 billion was from funds resulting from 1MDB asset recovery. 'Of the total, RM28.93 billion was used for 1MDB principal debt repayment while RM13.24 billion was for interest payments and company commitments,' MoF said in a parliamentary reply on the Dewan Rakyat portal today. This was in response to a query from Datuk Seri Dr Wan Azizah Dr Wan Ismail (PH-Bandar Tun Razak) who wanted to know the amount of public funds recovered since 2022, including the return of assets linked to high-profile cases such as 1MDB. The MoF said to date, 1MDB's outstanding debt, comprising Islamic medium-term notes (IMTN) principal and interest payments up to 2039, amounts to RM9.02 billion -- RM5 billion in principal amount and RM4.02 billion for interest. The ministry said the government has channeled RM5.35 billion towards financing the principal, interest and commitments of strategic investment company SRC International Sdn Bhd (SRC). 'The present government is highly committed to continuing efforts to recover all misappropriated funds related to 1MDB and SRC, with the primary objective of maximising returns to settle debts and meet the commitments of 1MDB and SRC within the stipulated timeframe,' said the MoF. It said that since the Asset Recovery Trust Account was established in December 2018, the government has successfully recovered a total of RM29.7 billion linked to 1MDB and SRC.
