Most Read
Most Commented
mk-logo
News
Bank Negara closes case against 1MDB
Published:  May 26, 2016 1:04 PM
Updated: 5:14 AM

Bank Negara Malaysia has closed its case against 1MDB, governor Muhammad Ibrahim said.

This is after the state investment firm paid in full the compound imposed by the bank yesterday, he said.

"There are other laws administered by other authorities and we will continue to give our cooperation on this matter," the New Straits Times reported him as saying.

He said this on the sidelines of the 20th Banking Summit in Kuala Lumpur today.

Muhammad earlier declined to reveal the quantum of the compound, saying it is against Bank Negara policy to do so.

"The compound has taken into consideration 1MDB's failure to repatriate the funds to Malaysia," Muhammad 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