Embattled firm 1MDB has listed out where its RM41.8 billion loans were spent following claims that some of the money was unaccounted for.
This follows former premier Dr Mahathir Mohamad's claim that RM27 billion of the company's money, obtained from loans, could not be traced.
"In recent weeks, there has been much speculation about the use of the RM42 billion of debt raised by 1MDB, and more specifically the RM 27 billion alleged to be 'lost' or 'missing'
"We provide a summary of what the RM42 billion has been used for, information that is fully disclosed in 1MDB's audited and publicly available accounts from March 31, 2010 to March 31, 2014.
"We trust this clarification will help to clear any confusion on this matter," said 1MDB president and group executive director Arul Kanda in a statement today.
In a graphical presentation emailed to the media, he listed out where the RM41.8 went to, including a RM900 million cash surplus held by the company.
The spending is as below:
RM18 billion for purchasing independent power producers
Breakdown
- RM8.5 billion for Powertek
- RM2.3 billion for KLPP
- RM1.2 billion for Jimah
- RM6 billion inherited debt
RM1.7 billion for purchasing land
Breakdown
- RM0.2 billion for Tun Razak Exchange
- RM0.4 billion for Bandar Malaysia
- RM1.1 billion for Penang land
RM5.8 billion for financial expenditure
Breakdown
- RM4.5 billion for cost of finance and working capital
- RM0.9 billion for foreign exchange cost
- RM0.4 billion for taxes
RM16.4 billion for investments funds
Breakdown
- RM6.1 billion in Brazen Sky
- RM4.2 billion in Aabar Deposit
- RM5.1 billion in GIL Funds
Dick Ming Hor
- RM6 billion inherited debt. Did they settled the debt in cash and in full?. Why do they need to do so as most debt of TTP is over a long period of time to match the useful life of the plant. Something fishy here. I would ask for detail on these debts and whether this related to the plant or other "undisclosed debt"
2015-06-04 14:12