MalayMail-Jan 13

The Malaysian government announced today that it has received the remittance of US$80 million (RM340.92 million) from the out-of-court settlement related to 1Malaysia Development Berhad (1MDB) from international audit firm KPMG. Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said the funds deposited into Malaysia’s Assets Recovery Trust Account will be utilized to primarily repay and service 1MDB’s remaining debts. In September 2021, MoF had announced the settlement will conclude the civil suit filed on July 6, 2021, against KPMG, which will expedite the payment of monies to fulfil 1MDB’s outstanding obligations, and save the court’s time and public resources. According to the ministry, the Trust Account — under the custody of the Accountant General’s Department of Malaysia — has received a total of RM19.138 billion in connection with the 1MDB financial scandal to date. Read more at: https://www.malaymail.com/news/malaysia/2022/01/13/finance-ministry-malaysia-received-rm340m-from-kpmg-for-1mdb-settlement/2034896