This article first appeared in The Edge Financial Daily, on May 26, 2016.

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) said it had fully paid the fine imposed by Bank Negara Malaysia (BNM) for non-compliance with certain directions of the central bank.

The controversial state investment fund said it had on April 28 “acknowledged the authority and respected the decision of BNM” in the imposition of the administrative compound and the central bank’s closure of investigations on 1MDB.

“1MDB confirms that it has today (yesterday) made payment, in full, of the compound, in compliance with the decision of BNM,” 1MDB said in a statement yesterday.

The statement, however, it did not disclose how much 1MDB was fined.

It is learnt that the controversial investment fund, wholly owned by the finance ministry, has paid about RM16 million for failing to fully comply with directives issued under the Financial Services Act 2013.

BNM had earlier declared that it would be against its regulations to announce the amount.

On April 28, BNM issued a letter of administrative compound to 1MDB for the fund’s failure to fully comply with the directives issued.

“This includes requirement for 1MDB to repatriate monies remitted abroad following the revocations of the three permissions granted by BNM to 1MDB in 2009, 2010 and 2011,” said the central bank in an earlier statement two days before former governor Tan Sri Dr Zeti Akhtar Aziz stepped down.

The central bank acknowledged that the fund had also failed to provide evidence to justify its inability to fully comply with the repatriation order, and has given 1MDB until May 30, 2016, to pay the compound.

“The payment of the compound marks the conclusion of the investigation by BNM on the contraventions to the rules and regulations of the central bank,” said the central bank.