Deloitte pays RM336m for 1MDB settlement

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Malaysia has received RM336 million (USD80 million) from audit firm Deloitte as 1MDB-related settlement, said the Finance Ministry today.

It said the amount, from the funds seized in matters related to 1Malaysia Development Berhad (1MDB), has been deposited into Malaysia’s Assets Recovery Trust Account.

“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,” said the ministry in a statement.

It added that 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,” said MoF.

It also said negotiations were currently ongoing with another audit firm, KPMG, on a 1MDB-related settlement.

The ministry also said that the government has repaid RM12.54 billion of 1MDB’s debt and RM3.1 billion of SRC’s debt so far.

MOF

“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).”

“The current balance is sufficient to service 1MDB’s debt obligations for 2021 and 2022 only.

MOF

“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,” said Finance Minister Tengku Zafrul Tengku Abdul Aziz.

Bernama

The statement also said that the government’s current recovery efforts were 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 corporate social responsibility activities.

At present, former prime minister Najib Razak is facing a litany of charges related to the 1MDB scandal.

He is also appealing his July 2020 conviction for multiple counts of money laundering, criminal breach of trust and abuse of power, having been sentenced to 12 years in prison, and RM210 million in fines for his part in the misappropriation of RM42 million from SRC International. – TMI