1MDB pays in full Bank Negara compound
Suganthi Suparmaniam
May 25, 2016 13:03 MYT
May 25, 2016 13:03 MYT
1MDB today said it had made the full payment or the compound issued by the Bank Negara Malaysia.
1Malaysia Development Berhad (1MDB) today said it had made the full payment or the compound issued by the Bank Negara Malaysia (BNM), earlier than the May 30 dateline.
"1MDB confirms that it has today made payment, in full, of the compound, in compliance with the decision of BNM," it said in a statement today.
The compound is for the company's failure to fully comply with directions issued under the Financial Services Act 2013.
The central bank said 1MDB had also failed to repatriate monies remitted abroad following the revocations of the permissions granted by BNM in 2009, 2010 and 2011.
1MDB has been given until 30 May 2016 to pay the compound.
In Oct, BNM said it had revoked three permissions granted to the strategic investment fund under the Exchange Control Act 1953 (ECA), to make the investments abroad.
READ: Bring US1.83 billion investment back to Malaysia, Bank Negara tells 1MDB
BNM has also ordered 1MDB to submit a plan on the repatriation of these funds.