1MDB Foundation owes students RM3.4m, Finance Ministry reveals

A 1 Malaysia Development Berhad (1MDB) billboard is seen in Kuala Lumpur, March 30, 2015. — Picture by Yusof Mat Isa
A 1 Malaysia Development Berhad (1MDB) billboard is seen in Kuala Lumpur, March 30, 2015. — Picture by Yusof Mat Isa

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KUALA LUMPUR, Nov 22 — The 1Malaysia Development Bhd (1MDB) Foundation owes RM3.4 million in scholarship payment arrears to 162 students as it lacks the proper number of trustees before it can function properly, Putrajaya has revealed today.

In a written reply to Merbok MP Nor Azrina Surip (Pakatan Harapan), the Finance Ministry stated that the 1MDB Foundation had approved the sponsorship of a total of 631 students. Many of them had already completed their studies.

“Based on the latest unofficial data, there are around RM3.4 million scholarship payment arrears that have not been channelled to around 162 students.

“The majority of these students had completed their SPM in 2009 and 2010,” the reply said.

Nor Azrina had asked if the ministry was aware that there were roughly 500 students who had received 1MDB scholarship to further their studies and how many of them could afford to finish their final year.

The ministry also said currently the foundation only has one trustee, which is Datuk Asri Hamidon who is there in the capacity as 1MDB chairman.

“Any issues regarding scholarships managed by the 1MDB Foundation needs a minimum of three trustees. At this moment, 1MDB Foundation only has one trustee and that is Datuk Asri Hamidon in his capacity as 1MDB chairman.

“In order for the 1MDB Foundation to operate normally, 1MDB as a Settlor needs to appoint two new trustees. This is key to obtain clearer and more detailed information regarding the finances and scholarship sponsorship status of the 1MDB Foundation,” was the reply.

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