Malaysia receives RM336 million in 1MDB-Related settlement by Deloitte PLT

The Ministry of Finance is pleased to announce that following its earlier announcement dated 12 May 2021, the Government has received the remittance of RM336 million (USD80 million) which has been deposited into Malaysia’s Assets Recovery Trust Account by Deloitte PLT. The monies transferred represent the funds seized in matters related to the 1Malaysia Development Berhad (1MDB).

To date, the Trust Account – under the custody of the Accountant General’s Department of Malaysia – has received RM16.386 billion of seized and repatriated 1MDB funds. Any balance in the Trust Account will be utilised to primarily repay and service 1MDB and SRC’s remaining debts. This balance excludes the settlement amount of RM2.83 billion that will be received from the Ambank Group soon. Aside from that, negotiations are also currently ongoing with KPMG.

To date, the Government has repaid RM12.54 billion of 1MDB's debt and RM3.1 billion of SRC's debt. The balance of debt still outstanding, comprising the principal and coupon/ profit/ interest of bonds, Sukuk and term loans, currently total RM39.66 billion (1MDB) and RM2.57 billion (SRC).

Finance Minister, Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz said, “The current balance is sufficient to service 1MDB’s debt obligations for 2021 and 2022 only. Once all recovered funds in the Trust Account have been utilised, the Government will still have to continue bearing the burden of servicing 1MDB’s debt obligations, which were backed by the Government’s Guarantee and Letter of Support when these debts were created.”

The Government’s current recovery efforts are focused on parties who have caused losses to 1MDB and SRC during the execution of their duties, whether through direct or indirect involvement in 1MDB and SRC’s various operations and transactions, as well as those who have wrongfully received SRC monies disguised as CSR activities. All those involved will be made fully accountable for the wrongdoings caused to the country through their involvement in 1MDB and/or SRC.

Ministry of Finance, Malaysia
Putrajaya
3 June 2021