1Malaysia Development Bhd (1MDB) said it will make the payment for the compound issued by the Bank Negara Malaysia (BNM) on May 30 or even earlier than the date given.
In a statement, 1MDB said it fully respects the authority and decision of BNM in this matter.
Referring to the BNM statement today, 1MDB confirmed the closure of investigations on 1MDB and the imposition of an administrative compound for non-compliance with certain directions of BNM.
BNM today issued a letter of administrative compound to 1MDB today after receiving the consent of 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.
READ: Bank Negara fines 1MDB
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.
READ: Bank Negara authorised under Financial Services Act to take action
READ: Bring US1.83 billion investment back to Malaysia, Bank Negara tells 1MDB
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.
Suganthi Suparmaniam
Thu Apr 28 2016
1MDB said it fully respects the authority and decision of BNM in this matter.
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