Most Read
Most Commented
mk-logo
News
1MDB says it paid Bank Negara fine, tightlipped on amount
Published:  May 25, 2016 12:47 PM
Updated: 6:53 AM

1MDB today paid the fine imposed on it by Bank Negara Malaysia for non-compliance with central bank regulations.

“1MDB confirms that it has today made payment in full of the compound, in compliance with the decision of Bank Negara,” it said in a statement.

However, it did not reveal the amount it was fined.

The central bank said it would be against its regulations to make public the amount.

"The compound has taken into consideration 1MDB's failure to repatriate the funds to Malaysia," governor Muhammad Ibrahim said last week.

Bank Negara had on April 28 issued a letter of administrative compound to 1MDB for failing to fully comply with directives issued under the Financial Services Act 2013.

Among others, the regulations include a requirement for 1MDB to repatriate US$1.83 billion (about RM7.76 billion) of its funds remitted abroad, following the revocation of the three permissions granted by Bank Negara to 1MDB in 2009, 2010 and 2011.

 

ADS