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Malaysian central bank fines state investment fund 1MDB for regulatory non-compliance

Xinhua, April 28, 2016 Adjust font size:

Malaysia's central bank said on Thursday that it had issued a letter of administrative compound to 1MDB, a Malaysian state investment fund, for failing to fully comply with financial directions.

The central bank said 1MDB had failed to comply with requirement to repatriate monies remitted abroad following the revocations of the three permissions granted to it in 2009, 2010 and 2011.

"1MDB has also failed to submit evidence and documentation specified by the bank to justify its inability to fully comply with the repatriation order," it said.

In response, 1MDB said it"fully respects the authority and decision"by the central bank and promised to pay the compound by the due date.

The central bank said the payment of the compound marks the conclusion of its investigation into 1MDB on the contraventions to the rules and regulations.

However, 1MDB remains under probe by several countries on the suspicious money links related to Malaysia's debt-laden state investment fund.

1MDB admitted a partial default this month following the decision by IPIC, an Abu Dhabi sovereign fund, to terminate its backing to 1MDB on the ground that 1MDB had failed to meet its obligations according to an agreement signed last year. Enditem