Malaysia Receives RM340.92 Million From KPMG As 1MDB Settlement

The Ministry of Finance (MOF) is pleased to announce that the Government has received from KPMG the sum of RM340.92 million (USD80 million) which was deposited into Malaysia’s Assets Recovery Trust Account. This follows the announcement on 16 September 2021 that KPMG has agreed to settle the civil suit filed by 1Malaysia Development Berhad (1MDB) against KPMG.

To date, the Trust Account – under the custody of the Accountant General’s Department of Malaysia – has received a total of RM19.138 billion in connection with the 1MDB financial scandal. These funds have been/will be used to settle the outstanding debts of 1MDB.

Finance Minister, Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz said, “The Government has repaid RM13.3 billion of 1MDB’s debt so far. As at 31 December 2021, 1MDB’s outstanding debt comprising principal and coupons/ profit for bonds and Sukuk, amounted to RM38.81 billion. However, the current balance of the Trust Account is sufficient to pay off only the principal amount of the bonds for 2022. Once all the Trust Account funds are utilised, the Government will continue to bear the obligation to pay the balance of 1MDB’s debts, whose issuance was backed by Government Guarantee and Letter of Support.”

Moving forward, the Government is committed to the 1MDB asset recovery efforts, and will always ensure adequate allocation to settle 1MDB debts in order to manage the national financial burden created by 1MDB.

MOF would like to express its appreciation to the Attorney General's Chambers, Securities Commission Malaysia, Bank Negara Malaysia, Royal Malaysian Police Force, the National Financial Crime Prevention Centre, the Malaysian Anti-Corruption Commission and the Governance, Integrity and Anti-Corruption Centre for their efforts in reaching this settlement..

Ministry of Finance, Malaysia
Putrajaya

13 January 2022