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Federal govt channelled RM39.74 bil in grants to 1MDB, faces ongoing debt repayment: A-G’s report | Scoop

1MBD-1 — The federal government has allocated RM39.74 billion in grants to 1MDB between 2019 and 2023. — File pic, October 14, 2024

Federal govt channelled RM39.74 bil in grants to 1MDB, faces ongoing debt repayment: A-G’s report

Auditor-General’s report reveals additional RM9.46 billion needed for 1MDB sukuk payments, asset recovery by 2028

Updated 14 October, 2024

14 October, 2024

9:06 PM MYT

KUALA LUMPUR — The federal government has channelled grants amounting to RM39.74 billion to 1Malaysia Development Bhd (1MDB) from 2019 to 2023.

The grants were intended for principal repayment and other expenses, including bond interest and coupon payments, according to the Auditor-General’s Report 3/2024 concerning the Federal Government’s Financial Statements for 2023.

“In addition to the repayment, the federal government needs to provide an allocation amounting to RM9.46 billion.

“It consists of a total of RM5 billion for the principal of Sukuk Islamic Medium Term Notes (IMTN), which will mature on May 27, 2039, and RM4.46 billion for IMTN coupon payments for the period from 2024 to 2039 (15 years 6 months),” said the report.

It stated that the federal government would have to pay the IMTN coupon of RM287.50 million per year.

The Auditor-General’s report also recommended that the federal government recover assets related to 1MDB and SRC International Sdn Bhd from domestic and foreign parties.

It also proposed that the federal government use the funds to cover the debt repayment expenses of 1MDB and SRC companies and other debt expenses.

“This is due to the Assets Recovery Trust Account (AAMKA), which will be closed by 2028 as stipulated in the AAMKA trust directive,” the report said. — October 14, 2024

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