KUALA LUMPUR (March 13): The Ministry of Finance (MoF) said it has yet to finalise on an appropriate ‘consideration’ as returns for 1Malaysia Development Bhd (1MDB) to transfer its assets to MoF Inc.MoF also said while the Public Account Committee (PAC) recommended 1MDB to transfer ownership of Bandar Malaysia Sdn Bhd, TRX City Sdn Bhd, Air Itam lands and Pulau Indah land to MoF Inc, the bipartisan committee did not make any recommendation in regards to the debts remaining in 1MDB. Nevertheless, MoF said the PAC’s investigation report did recommend that TRX City’s RM800 million loan from the Social Security Organisation and Bandar Malaysia’s RM2.4 billion sukuk will have to be borne by TRX and Bandar Malaysia’s project cash flow. The ministry said this in a written reply dated March 8 to Parliamentary questions by DAP Member of Parliament for Petaling Jaya Utara Tony Pua Kiam Wee, who asked the MoF to list down assets to be taken over from 1MDB and the consideration to be paid to the strategic investment fund. Pua also asked whether MoF would take over the debts attached to these assets.

Source: The Edge Markets March 13, 2017 11:03 UTC