PETALING JAYA, Malaysia - Bank Negara Malaysia has revoked three
permissions granted to 1Malaysia Development Berhad (1MDB) for investments
abroad worth US$1.83bil (RM7.58bil).
In a statement Friday, the central bank said the permissions
were revoked as the investments were obtained based on inaccurate or incomplete
disclosure of information.
“The Bank at all times expects full and accurate disclosure
of information by applicants in considering any application under the Exchange
Control Act 1953 (ECA).
“On its part, the Bank concluded that permissions required
under the ECA for 1MDB’s investments abroad were obtained based on inaccurate
or without complete disclosure of material information relevant to the Bank’s
assessment of 1MDB’s applications,” said the statement.
The statement added that the Bank has revoked three
permissions granted to 1MDB under the ECA for investments abroad totalling
US$183bil.
It also issued a directive under the Financial Services Act
2013 to 1MDB to return the US$1.83bil to Malaysia and submit a plan to the Bank
for this purpose.
The statement also said that the bank would extend its full
cooperation to ongoing investigations.
On Thursday, the Attorney-General’s Chambers (AGC) cleared
1MDB of any wrongdoing in relation to an investigation initiated by Bank Negara
into its investments overseas.
Bank Negara said the Attorney-General’s decision with
respect to the investigations on 1MDB related to its recommendation to initiate
criminal prosecution against 1MDB for breaches under
the Exchange Control Act 1953 (ECA).
the Exchange Control Act 1953 (ECA).
The Star
Post a Comment