KUALA LUMPUR: Bank Negara will take no further action against 1Malaysia Development Bhd (1MDB) after fining the controversial state investment fund.
The central bank further reiterates that it has completed its investigations into 1MDB.
“We have completed all our investigations on 1MDB based on all the information (available for us) and the investigations papers,” Bank Negara governor Datuk Muhammad Ibrahim said
“We have imposed a penalty on the company; We have taken all the necessary actions against the company as entrusted to us under the law, and we have closed the investigations,” he said in response to questions on whether the central bank would initiate new investigation into 1MDB in view of the findings by the US Department of Justice (DOJ).
The DOJ last month filed a civil suit against several individuals to seize over US$1bil (RM4.01bil) worth of assets, which it said were the result of US$3.5bil misappropriated from 1MDB.
Bank Negara in April issued a compound to 1MDB for its failure to fully comply with directions it had issued under the Financial Services Act 2013.
These included requirements for 1MDB to repatriate monies remitted abroad following the revocations of the three permissions granted by BNM to 1MDB in 2009, 2010 and 2011 and failure to provide evidence to justify its inability to fully comply with the repatriation order.
1MDB in May said it had fully paid the undisclosed sum of the fine.
Bank Negara had then said the payment of the compound would mark the conclusion of the investigation by Bank Negara on the contraventions to the rules and regulations of the central bank.
Bank Negara, however, said should the DOJ asked for assistance, the central bank’s response would be based on international protocols.
“We will abide strictly by those protocols when it comes to cooperation with any external investigating bodies,” he stressed at a press conference here.
The central bank further reiterates that it has completed its investigations into 1MDB.
“We have completed all our investigations on 1MDB based on all the information (available for us) and the investigations papers,” Bank Negara governor Datuk Muhammad Ibrahim said
“We have imposed a penalty on the company; We have taken all the necessary actions against the company as entrusted to us under the law, and we have closed the investigations,” he said in response to questions on whether the central bank would initiate new investigation into 1MDB in view of the findings by the US Department of Justice (DOJ).
The DOJ last month filed a civil suit against several individuals to seize over US$1bil (RM4.01bil) worth of assets, which it said were the result of US$3.5bil misappropriated from 1MDB.
Bank Negara in April issued a compound to 1MDB for its failure to fully comply with directions it had issued under the Financial Services Act 2013.
These included requirements for 1MDB to repatriate monies remitted abroad following the revocations of the three permissions granted by BNM to 1MDB in 2009, 2010 and 2011 and failure to provide evidence to justify its inability to fully comply with the repatriation order.
1MDB in May said it had fully paid the undisclosed sum of the fine.
Bank Negara had then said the payment of the compound would mark the conclusion of the investigation by Bank Negara on the contraventions to the rules and regulations of the central bank.
Bank Negara, however, said should the DOJ asked for assistance, the central bank’s response would be based on international protocols.
“When it comes to international collaborations, we are dictated by certain protocols,” Muhammad said.
“We will abide strictly by those protocols when it comes to cooperation with any external investigating bodies,” he stressed at a press conference here.
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
