KUALA LUMPUR: Bank Negara Malaysia (BNM) has issued a letter of administrative compound to 1Malaysia Development Bhd (1MDB) for failure to fully comply with directions issued under the Financial Services Act 2013.
The central bank said in a statement on Thursday that it had taken the action after receiving the consent of Attorney General.
“This includes requirement for 1MDB to repatriate monies remitted abroad following the revocations of the three permissions granted by BNM to 1MDB in 2009, 2010 and 2011,” it said.
BNM also said 1MDB has also failed to submit evidence and documentation specified by the central bank to justify its inability to fully comply with the repatriation order.
“1MDB has been given until May 30, 2016 to pay the compound. The payment of the compound marks the conclusion of the investigation by BNM on the contraventions to the rules and regulations of the Central Bank,” it said.
1MDB, in an immediate response, said in a statement it "fully respects the authority and decision by Bank Negara in this matter" and would pay the compound by the due date.
Did you find this article insightful?