,Despite its asset recovery efforts, the board said that 1MDB has outstanding debt of RM32.3bil, of which two USD-denominated bonds with a value of US$3.5bil (RM14.7bil) with coupon rates of 5.75% and 5.99% per annum will mature in 2022.
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PETALING JAYA: 1Malaysia Development Bhd’s (1MDB) board has appointed legal counsels to assist with its civil action and asset recovery efforts.
“These legal counsels are remunerated based on a pre-agreed time cost, and not based on commission or a percentage of the value of settlements, or assets recovered, ” it said in a statement yesterday.
Despite its asset recovery efforts, the board said that 1MDB has outstanding debt of RM32.3bil, of which two USD-denominated bonds with a value of US$3.5bil (RM14.7bil) with coupon rates of 5.75% and 5.99% per annum will mature in 2022.
While another with a value of US$3bil (RM12.6bil) with a coupon rate of 4.4% p.a. will mature in 2023. As announced by the Ministry of Finance (MOF), Malaysia has received a cash settlement of US$2.5bil from Goldman Sachs and that amount has been deposited into the Asset Recovery Trust Account (Trust Account) under the custody of the Accountant General’s Department of Malaysia.
Recently, 1MDB also successfully reached a settlement with AMMB Holdings Bhd for RM2.83bil and Deloitte for RM324mil.
“All proceeds from the 1MDB’s asset recovery efforts including any future settlements have been or will be deposited into the Trust Account, ” 1MDB said.
A special task force has been established by the MoF which includes representatives from 1MDB, the Attorney General’s Chambers, the Securities Commission, Bank Negara, and various other government agencies.