Saturday 20 Apr 2024
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This article first appeared in The Edge Financial Daily, on May 27, 2016.

KUALA LUMPUR: Bank Negara Malaysia said it will continue to extend its cooperation to other authorities on their respective investigations into 1Malaysia Development Bhd (1MDB), following the completion of the central bank’s probe.

Bank Negara governor Datuk Muhammad Ibrahim said with 1MDB’s payment of the compound imposed by the central bank, the bank’s investigation into the matter had been concluded.

“Regulatory authorities will make their investigation based on the rules and regulations of the various jurisdictions. As far as we are concerned, 1MDB has already paid the compound and with that, that is the conclusion of our investigation within Bank Negara rules and regulations and the laws administered.

“There are other laws administered by other authorities. We will continue to give our cooperation in this matter,” he told reporters on the sidelines of the Malaysian Banking Summit.

To recap, 1MDB was issued a fine by the central bank, for non-compliance with the Financial Services Act, over its failure to repatriate US$1.83 billion that it invested overseas.

This followed the revocation of three permissions granted by the central bank to the troubled state fund from 2009 to 2011.

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