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Guan Eng: RM925.1m of 1MDB-linked funds have been returned to MoF

TheEdge Fri, Jul 12, 2019 02:00pm - 4 months ago

KUALA LUMPUR (July 12): A total of RM925.1 million of 1Malaysia Development Bhd (1MDB)-related funds have been returned to the Finance Ministry (MoF) so far, helped by local and foreign authorities' effort to recover the monies.

In a statement today, Finance Minister Lim Guan Eng said the RM925.1 million includes the RM6.1 million returned to 1MDB Foundation. He, however, said the RM925.1 million does not include proceeds from the sale of super yacht Equanimity to Genting Malaysia Bhd for US$126 million (about RM527.4 million).

Lim said local authorities including the Malaysian Anti-Corruption Commission (MACC), Royal Malaysia Police and Attorney General's Chambers with the help of foreign authorities' are continuing their effort to ensure 1MDB-linked funds can be returned to the MoF.

Lim said funds will be used to "repay 1MDB's debt of more than RM51 billion inclusive of future interest on loans guaranteed by the federal government."

Of the RM925.1 million, Lim said the authorities managed to recover RM805.8 million from the US, RM92.3 million from Singapore and RM27 million from Malaysia.

According to Lim, Barisan Nasional-linked organisations and political parties like Umno, MCA and Sarawak United People's Party have received funds derived from 1MDB. He said these political parties' bank accounts have been frozen by the MACC in its effort to recover the funds.

Lim emphasised that the RM6.1 million returned to 1MDB Foundation was from various parties, but the foundation has yet to receive payment amounting to RM15 million from Koperasi Jayadiri Malaysia Bhd (Kojadi).

"On August 16, 2012, a financial grant agreement between 1MDB Foundation and Kojadi involving RM15 million was signed," he said.

On proceeds from the sale of Equanimity, he said full payment was received on April 23, 2019 and the proceeds are now kept in the Sheriff's Stakeholder Account within a renowned Malaysian law firm for three months pending a court decision on maintenance charges associated with the upkeep of the yacht.

According to Lim, proceeds of the sale minus the maintenance cost is expected be deposited in 1MDB's recovery account or returned to the MoF by August 2019. He said the money will be used to repay 1MDB's debt.

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