RM925 million of 1MDB funds returned

1MDB funds The 1Malaysia Development Berhad (1MDB) Special Taskforce has frozen a total of 408 bank accounts involving RM1.1 billion. PIX: MalaysiaGazette

By Norlaile Abd Rahman

KUALA LUMPUR – The Ministry of Finance announced that a total of RM925.1 million of funds belonging to 1Malaysia Development Bhd. (1MDB) have been returned to the ministry.

Out of that amount, RM6.1 million was returned to the 1MDB Foundation.

However, Finance Minister Lim Guan Eng, said, the RM925 million does not include the proceeds from the sales of luxury super yacht Equanimity to Genting Malaysia Berhad at USD126 million (approximately RM527.4 million).

Despite having received the full payment for Equanimity last 23 April, the proceeds are kept in the Sheriff’s Stakeholder Account for a three-month period to offset the maintenance expenditure of the yacht which will be determined by court order.

He said, the remaining proceeds after deducting all expenditure will be deposited into the 1MDB Recovery Account or the Ministry of Finance this August.

He said yesterday that the money will be used to pay off a part of 1MDB debts.

According to Guan Eng, RM92.3 million was received from Singapore. RM805.8 million from the United States (Park Lane Hotel, Manhattan- RM567.8 million and film production company Red Granite- RM238 million). Meanwhile, sources from Malaysia returned RM27 million (RM6.1 million to the 1MDB Foundation and RM20.9 million to 1MDB).

“RM925 million of funds relating to 1MDB has been returned so far to the Ministry of Finance, thanks to the effort from the authorities in the country.

“The authorities, including the Malaysian Anti-Corruption Commission (MACC), the Royal Malaysia Police (PDRM), Attorney-General’s Chamber and the collaborationwith the authorities overseas are working on getting the misappropriated funds back in order to repay the 1MDB debts amounting to RM51 billion. That includes the future interest rates, guaranteed by the Federal Government.

“Organisations and political parties from Barisan Nasional (BN) such as UMNO, MCA, and SUPP have received funding from 1MDB.

“Now, the political parties accounts have been frozen by the MACC, in an effort to retrieve the funds,” he said in a statement today.

According to Guan Eng, the 1MDB Foundation has yet to receive any payment from Koperasi  Jayadiri  Malaysia  Berhad  (Kojadi).

He said, on 16 August 2012, a Financial Grant agreement was signed between the 1MDB Foundation and Kojadi amounting to RM15 million before the funds were given to the cooperation.

Obviously, Kojadi is influenced by the political party, MCA. MCA’s interference in Kojadi is seen as the Chairman of Kojadi, Datuk Ng Peng Hay, is a former MCA state assemblyman from Melaka.

“Kojadi needs to take heed from the brave decision of its Chairman, to return the funds to 1MDB Foundation to clean Kojadi’s name.

“Last June, The Chairman of Kojadi said that he was stopped by the President of MCA in returning RM15 million to the 1MDB Foundation.

“On 3 July 2019, the MACC has frozen Kojadi’s bank account.

“On 9 July, the Chairman of Kojadi was suspended by the Board of Directors of Kojadi because of his honesty.

“The commitment by the Chairman of Kojadi for doing the right thing by returning the money to 1MDB Foundation despite facing various actions upon himself, is commendable,” he added. -MalaysiaGazette


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