Bank Negara closed probe on 1MDB based on info available

Bank Negara's Datuk Muhammad Ibrahim.

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Written by Syndicated News

KUALA LUMPUR — August 12, 2016: Bank Negara Malaysia (BNM) has completed all investigations on 1Malaysia Development Berhad (1MDB) and has taken all the necessary action entrusted by it.

Governor Datuk Muhammad Ibrahim explained that the central bank had completed all our investigations on the sovereign investment fund based on all information and investigations papers.

“We have imposed a penalty on the company and taken all necessary action entrusted to us under the law and we have closed the investigation,” he told reporters after announcing Malaysia’s second quarter economic growth performance here today.

Muhammad said this in response to a question on whether the central bank would initiate new investigation into 1MDB in view of the statement by the United States’ Department of Justice (DoJ).

It was reported that DoJ had filed a civil suit against several individuals to seize over US$1 billion (RM4.01 billion) worth of assets, which it said were the result of US$3.5 billion misappropriated from 1MDB.

“When it comes to international corroborations, we are dictated by certain protocols and regulations and we will abide strictly by those protocol arrangements when it comes to cooperation with external investigating bodies,”
said Muhammad.

In April, Bank Negara issued a compound to 1MDB for its failure to fully comply with directions it had issued under the Financial Services Act. — Bernama



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