PETALING JAYA: The government will use the repatriated US$322mil (RM1.34bil) in 1MDB assets from the United States and SG$50mil (RM152.4mil) from Singapore to repay 1MDB debts of RM51bil, says Finance Minister Lim Guan Eng. Among the assets repatriated from DoJ include a Park Lane Hotel in Manhattan, film production Company Red Granite and the luxury yacht Tranquility. "The funds received through the repatriation of 1MDB assets will be used to service 1MDB's debts amounting to RM51bil. "The government will continue in its efforts to recover other 1MDB assets, and at the same time strengthen internal controls and anti-corruption initiatives to prevent such incidents from recurring in the future. On Tuesday (May 7), Attorney General Tommy Thomas stated that Malaysia had recovered US$322mil worth of 1MDB assets since investigations into 1MDB effectively began after the 14th General Election in May 2018.

Source: The Star May 08, 2019 09:00 UTC