Bank Negara Malaysia (BNM) has issued a letter of administrative compound to 1Malaysia Development Bhd (1MDB) today after receiving the consent of the Attorney General.
The compound is for the company's failure to fully comply with directions issued under the Financial Services Act 2013, BNM said in a statement.
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.
READ: Bank Negara authorised under Financial Services Act to take action
READ: Bring US1.83 billion investment back to Malaysia, Bank Negara tells 1MDB
BNM said 1MDB has also failed to submit documents requested by the central bank to justify its inability to fully comply with the repatriation order.
1MDB has until May 30 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.
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.
BNM has also ordered 1MDB to submit a plan on the repatriation of these funds.
Astro Awani
Thu Apr 28 2016
1MDB has until May 30 to pay the compound.
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