Malaysia receives RM340 million from KPMG in 1MDB settlement

By , in Nation on .

Kuala Lumpur, January 13 — The finance ministry said today it has received RM340.92 million (US$81.69 million) from audit firm KPMG as settlement for a suit filed by state investment firm 1MDB.

kpmg

Finance Minister, Tengku Zafrul said, “the Government has repaid RM13.3 billion of 1MDB’s debt so far. As of 31 December 2021, 1MDB’s outstanding debt comprising principal and coupons/ profit for bonds and Sukuk, amounted to RM38.81 billion.”

“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 utilized, 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.”

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

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NMT as reported by Reuters

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