Compound will be paid on or before due date, 1MDB tells Bank Negara
Suganthi Suparmaniam
April 28, 2016 20:46 MYT
April 28, 2016 20:46 MYT
1MDB said it fully respects the authority and decision of BNM in this matter.
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.
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.