Malaysia says recovered 1MDB funds only enough to pay debt principal for 2022


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KUALA LUMPUR – Malaysia said on Thursday (Jan 13) it has recovered enough funds linked to scandal-tainted state fund 1Malaysia Development Berhad (1MDB) to pay off only the principal amount of the debt still owed by the firm this year. 1MDB raised billions of dollars in bonds, ostensibly for investment projects and joint ventures, between 2009 and 2013. Authorities, however, believe more than US$4.5 billion (S$6 billion) were allegedly misappropriated from the fund by high-level officials and their associates in an elaborate globe-spanning criminal scheme. Malaysia’s finance ministry in a statement said a trust account set up to collect recovered...