Kuala lumpur: The government has emphasized that the utilization of funds from the Asset Recovery Trust Account is strictly in line with the approved Trust Directive, ensuring that the funds are used solely for authorized purposes. This includes covering operating costs and repaying debts associated with 1Malaysia Development Bhd (1MDB) and SRC International Sdn Bhd. According to BERNAMA News Agency, the Ministry of Finance (MOF) assured that these funds are also used to repay shareholders' advances made to the Minister of Finance (Incorporated) to meet the financial obligations of 1MDB and SRC. The MOF clarified that allegations of misuse of the Asset Recovery Trust Account funds are baseless, as all expenditures align with the purpose, scope, and governance outlined in the current Trust Directive. The ministry's statement was in response to a question from Datuk Mohd Isam Mohd Isa (BN-Tampin) during a session in the Dewan Rakyat, where he sought clarity on the allegations of fund misuse. The funds in ques tion are intended to address the financial obligations arising from the debts and commitments of 1MDB and SRC. Addressing Mohd Isam's inquiry about the rise in non-tax revenue as reported in the Malaysia Economic Report for the first quarter (1Q) of 2026, the MOF revealed that the government's estimated revenue for 2026 stands at RM343.1 billion. This figure includes RM270.4 billion in tax revenue and RM72.7 billion in non-tax revenue. The ministry highlighted a 22.9 percent increase in non-tax revenue for the first quarter of 2026, amounting to RM18.8 billion compared to RM15.3 billion in the same period of 2025. This increase in non-tax revenue is attributed to receipts from licenses, permits, Petronas' dividends, and dividends from Bank Negara Malaysia, among other sources, which encompass licenses, service fees, sales of goods, rent, interest, investment revenue, fines, penalties, and donations.
Home » Asset Recovery Trust Account Utilized for 1MDB and SRC Debts Repayment: MoF Clarifies
Asset Recovery Trust Account Utilized for 1MDB and SRC Debts Repayment: MoF Clarifies
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