Malaysia faces billions in 1MDB losses even if further recovery efforts succeed, Parliament told

KUALA LUMPUR, Oct 28 — Malaysia will still face billions of ringgit in losses from the 1Malaysia Development Berhad (1MDB) scandal even if ongoing legal efforts succeed in recovering more stolen funds, Finance Minister II Datuk Seri Amir Hamzah Azizan told Parliament today.

The sums recovered would still fall short of erasing the financial damage inflicted on the country, Amir said, despite the government’s strong legal position in pursuing further asset recoveries and compensation.

“Although there is good potential for additional recovery based on the strength of the government’s case to claim compensation from responsible parties, this additional recovery will not put an end to the 1MDB losses or reduce the multi-billion-ringgit losses borne by the country,” he told the Dewan Rakyat.