Malaysia Has Recovered $7 Billion in Funds Linked to 1MDB

The Malaysian government has recovered 29.7 billion ringgit ($7 billion) of funds relating to 1Malaysia Development Bhd and its former unit SRC International Sdn. since the establishment of the Assets Recovery Trust Account, according to the Finance Ministry.

As of end-July, 42.17 billion ringgit has been channeled to 1MDB to finance debt repayments and fulfill the company’s commitments, the Finance Ministry said in a written parliamentary reply on Wednesday. Of the amount, 15.44 billion ringgit was channeled from the Finance Ministry and the Minister of Finance Incorporated in the form of shareholder advances or loans, while 26.73 billion ringgit came from the proceeds of 1MDB’s asset recovery, it said.