According to the 2023 Fiscal Outlook and Federal Government Revenue Estimates Report released today, the Ministry of Finance (MoF) expects 1MDB’s outstanding debt to drop to RM25.9 billion after the settlement of 1MDB Energy Ltd’s debt in May 2022. said to have decreased. — Photo by AFP
Friday 7 October 2022 18:19 MYT
KUALA LUMPUR, 7 October — 1Malaysia Development Bhd (1MDB) is estimated to have outstanding financial debt of RM31.6 billion at the end of June 2022, comprising principal debt of RM25.9 billion and Expected interest or profit of RM5.7 billion.
According to the 2023 Fiscal Outlook and Federal Government Revenue Estimates Report released today, the Ministry of Finance (MoF) expects 1MDB’s outstanding debt to drop to RM25.9 billion after the settlement of 1MDB Energy Ltd’s debt in May 2022. said to have decreased.
Government initiatives to recover 1MDB’s assets include commencing extensive joint investigative work, negotiations, and litigation processes.
As of the end of June 2022, the repatriation of assets totaled RM19.3 billion, according to the ministry. Some of the major assets recovered and repatriated included seized physical property and money, as well as settlements with the U.S. Department of Justice. Settlements with certain parties, namely financial institutions and audit firms. Recovery of frozen cash assets from individuals and businesses.
“These recovered assets placed in the Asset Recovery Trust Account are being used to meet the financial obligations and debt service of 1MDB. will take precedence over the settlement of 1MDB Energy (Langat) Ltd bonds, which is scheduled for October 2022.
In addition, Goldman Sachs, the former arranger of 1MDB’s bond issuance, also agreed to a US$2.5 billion (RM12 billion) settlement to assist the government with an estimated US$1.4 billion guaranteed asset recovery. — Bernama