1MDB Pays Administrative Compound By BNM

Pocket News
May 25, 2016
26 Views

KUALA LUMPUR, May 25 – 1Malaysia Development Bhd (1MDB) confirmed today that it had made full payment of an administrative compound, in compliance with the decision of Bank Negara Malaysia (BNM). The due date for payment was May 30. In a statement, 1MDB acknowledged and respected the authority and decision of BNM in imposing the administrative compound for non-compliance with certain directions and the closure of investigations into it.

The central bank had on April 28, issued a letter of administrative compound to 1MDB, for failing to comply with directions issued under the Financial Services Act 2013. This includes the requirement for 1MDB to repatriate monies remitted abroad following the revocation of three approvals granted by it in 2009, 2010 and 2011. BNM said 1MDB also failed to submit evidence and documentation specified by it to justify the inability to fully comply with the repatriation order.

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