Bank Negara revokes three permissions given to 1MDB
Published on: Saturday, October 10, 2015
Kuala Lumpur: Bank Negara has revoked three permissions granted to 1Malaysia Development Berhad under the Exchange Control Act 1953 (ECA) for its US$1.83 billion (RM7.52 billion) investments abroad. In a statement, Bank Negara said it had also issued a directive under the Financial Services Act to repatriate the amount back to Malaysia and submit a plan to the central bank for this purpose.The bank concluded after investigations that 1MDB had obtained permission for its investments with inaccurate information or incomplete disclosure of material information.
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The statement referred to the decision of the Attoney General's Chambers which found that 1MDB officials investigated under ECA did not make any false statement.It said the decision "relates to the bank's recommendation to ainitiate criminal prosecution against 1MDB for breaches under the ECA.""It is to be noted that under the Federal Constitution, the decision to initiate criminal prosecution lies solely with the Attorney-General," the statement said."As an investigation authority, the bank is duty-bound to conduct its investigations with the highest professional care and diligence.
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"The Bank at all times expects full and accurate disclosure of information by applicants in considering any application under the ECA.Stay up-to-date by following Daily Express’s Telegram channel.
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Bank Negara said it would continue to extend its full cooperation to on-going investigations by the police and the Malaysia Anti-Corruption Commission.
