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KUALA LUMPUR, June 10, 2015:

The Finance Ministry did not make any cash payments when it acquired SRC International Sdn Bhd (SRC) from the 1Malaysia Development Bhd (1MDB) in February 2012, the Prime Minister revealed.

Datuk Seri Najib Razak, who is also the Finance Minister, explained the takeover was done via dividend in specie.

“1MDB repaid dividends in the form of 100% equity shares to the Finance Ministry of which the sum came up to RM1 million,” he said in a written reply to Parliament this morning.

Najib was responding to a question by Datuk Abd. Aziz Sheikh Fadzir (BN-Kulim Bandar Baru) who wanted to know how much was paid when the government took over SRC from 1MDB.

He added SRC did not bear any additional debts as of the audited financial statement for the year ending March 31, 2014.

“SRC will present the latest liability once the financial statement for the year ending March 2015 is audited.”

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