‘1MDB case is closed’ – Bank Negara Malaysia

Source: The Star Online

KUALA LUMPUR: Investigations into 1Malaysia Development Bhd (1MDB) have been completed and all necessary actions have been taken against the state investment fund, Bank Negara governor Datuk Muhammad Ibrahim said.

“We have imposed a penalty on the company. We have taken all the necessary actions against the company as entrusted to us under the law, and we have closed the investigations,” he said.

Muhammad was responding to questions on whether the central bank would initiate a new investigation into 1MDB in view of findings by the US Department of Justice (DOJ).

Last month, the DOJ filed a civil suit against several individuals to seize more than US$1bil (RM4.01bil) worth of assets which it said were the result of US$3.5bil misappropriated from 1MDB.

Bank Negara “will be guided by international protocols” if the DOJ approaches the central bank for assistance in its investigation, said Muhammad.

“When it comes to international collaboration, we are dictated by certain protocols.

“We will abide strictly by those protocols when it comes to cooperation with any external investigating bodies,” said Muhammad during a press conference here.

In April, Bank Negara fined 1MDB for its failure to fully comply with directions it had been issued under the Financial Services Act.

These included a requirement for 1MDB to repatriate monies remitted abroad following revocations of the three permissions granted by the central bank to it in 2009, 2010 and 2011, and failure to provide evidence to justify its inability to comply with the repatriation order.

In May, 1MDB said it had paid the fine in full, the amount of which was not disclosed.

Bank Negara said the payment marked the conclusion of its investigations.


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