1MDB says it will pay Bank Negara fine

1MDB says it will pay Bank Negara fine

It says it respects the authority and decision of BNM and will pay up by due date.

1mdb-bnm

KUALA LUMPUR:
1Malaysia Development Bhd says it fully respects the authority and decision of Bank Negara Malaysia which has confirmed the closure of investigations on 1MDB and the imposition of an administrative compound fine for non-compliance with certain directions.

“1MDB fully respects the authority and decision of BNM in this matter.

“Payment of the compound will be made on or before the due date,” said the state-owned company in a statement here.

Earlier, BNM issued a letter of administrative compound to 1MDB for failing to comply with directions issued under the Financial Services Act 2013.

These include the 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, BNM said in a statement.

The central bank said 1MDB also failed to submit evidence and documentation specified by the bank to justify its inability to fully comply with the repatriation order.

1MDB has been given until May 30 to pay the compound.

-BERNAMA

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