Malaysia receives RM340.92mil from KPMG in 1MDB settlement

KUALA LUMPUR: The Government has received RM340.92mil from audit firm KPMG as settlement for a suit filed by state investment firm 1Malaysia Development Bhd (1MDB).

In a statement Thursday, the Finance Ministry said to date, the Trust Account – under the custody of the Accountant General’s Department of Malaysia – had received a total of RM19.138bil in connection with the 1MDB financial scandal.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the Government had repaid RM13.3bil of 1MDB’s debt so far.

“As at Dec 31, 2021, 1MDB’s outstanding debt comprising principal and coupons/ profit for bonds and Sukuk, amounted to RM38.81bil.

“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,” Zafrul said.

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