Trust account funds only enough to repay 1MDB’s 2022 debt: Tengku Zafrul

[superadmin]

KUALA LUMPUR – The remaining funds in 1MDB’s Assets Recovery Trust Account are only sufficient to repay debts and principal for this year but are insufficient to cover outstanding payments from 2023 to 2039.

This was revealed by Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz in a written parliamentary reply made available to the media this morning.

According to the minister, the balance in the trust account today stood at RM15.76 billion, which he said was even insufficient to cover for the entirety of the RM16.18 billion due this year.

To make up for this shortfall, Tengku Zafrul said the government has allocated an additional RM1.53 billion for the purpose of interest repayment for 2022.

“Based on the cash flow of 1MDB debt repayment, by taking into account the expected settlements to be received in the future, the government must still cover a shortfall of RM17 billion of the RM38.8 billion debt from 2022 to 2039.”

The future settlements involve RM515 million from Ambank and US$954 million (RM4 billion) of assets to be recovered from Goldman Sachs.

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