BNM issues letter of administrative compound to 1MDB

KUALA LUMPUR: Bank Negara Malaysia (BNM) yesterday issued a letter of administrative compound to 1Malaysia Development Bhd (1MDB) for failing to comply with directions issued under the Financial Services Act 2013.

This includes 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, it said in a statement yesterday. 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.

Meanwhile, the payment of the compound will mark the conclusion of the investigation by BNM on the contraventions to the rules and regulations of the central bank. — Bernama