BNM ended probes into 1MDB, says Governor
Published on: Saturday, May 14, 2016
Kuala Lumpur: Bank Negara Malaysia (BNM) has concluded its investigations into the 1Malaysia Development Bhd (1MDB) affairs. Governor Datuk Muhammad Ibrahim said 1MDB had stated its commitment to pay the compound before its deadline on May 30, 2016, marking the conclusion of the investigations. The state strategic investment fund was slapped with a compound by the central bank for failure to comply with directions under the Financial Services Act 2013.
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However, Muhammad declined to reveal the amount of the compound imposed on 1MDB as it was against BNM's practice to disclose the quantum against specific individual or entity to the public. 1MDB is expected to pay the fine. In a media briefing Friday, Muhammad reiterated that all investigations under the purview of the central bank in terms of rules, regulations and law had been concluded. "In terms of investigations not under the rules, regulations and law under the central bank, we will extend our cooperation to other regulatory bodies," he said.
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In a statement dated April 28, 1MDB said payment of the compound would be made on or before the due date. On the dispute between IMDB and International Petroleum Investment Company, he said the two parties needed to settle it themselves and the central bank would not interfere.
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On concerns over 1MDB contingent liabilities arising from the dispute between the two parties, he said that the government would honour all its debt obligations.1MDBwould also given time to bring back money it has invested abroad on the understanding that it will be used to restructure the entity.The state investment fund would use the money to restructure its debt obligations."The restructuring will take time," he told a press conference here Friday after disclosing the Gross Domestic Product growth for the first quarter of this year.Stay up-to-date by following Daily Express’s Telegram channel.
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