KUALA LUMPUR: Deloitte PLT has remitted RM336 million (USD80 million), which represents seized funds linked to 1Malaysia Development Berhad (1MDB) into Malaysia's Assets Recovery Trust Account.
The Finance Ministry, in a statement today said the Trust Account, which is under the custody of the Accountant General's Department of Malaysia, has to date 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 ongoing with KPMG," it said.
The ministry said, the government has repaid RM12.54 billion of 1MDB's debt and RM3.1 billion of SRC's debt to date.
The balance of debt still outstanding, comprising the principal and coupon/ profit/ interest of bonds, Sukuk and term loans, currently totals to RM39.66 billion (1MDB) and RM2.57 billion (SRC).
The current balance, it said, 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," it added.
On March 3, Deloitte PLT agreed to a RM324 million (US$80 million) settlement to resolve all claims related to their fiduciary duty on auditing the accounts of 1MDB and SRC International from 2011 to 2014.
The Finance Ministry said the settlement with Deloitte represents the largest 1MDB-related settlement by an audit firm in Southeast Asia.
