BNM Revokes Permission, Wants 1MDB To Repatriate US$1.83 Billion Back To Malaysia

KUALA LUMPUR, Oct 9 (Bernama) -- Bank Negara Malaysia (BNM or Malaysia's Central Bank) has revoked three permissions granted to 1Malaysia Development Bhd (1MDB) under the Exchange Control Act 1953 (ECA) for its US$1.83 billion investments abroad. In a statement, the Central Bank said it also wants 1MDB to repatriate the amount back to Malaysia and submit a plan to the Bank for this purpose. Under its investigation, BNM said, it 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 application. "As an investigation authority, the Bank is duty-bound to conduct its investigations with the highest professional care and diligence. The Bank at all times expects full and accurate disclosure of information by applicants in considering any application under the ECA," it said. As the outcome of its investigation, BNM said, it recommended to the Attorney-General to initiate criminal prosecution against 1MDB, the state fund company, for breaches under the ECA. "It is to be noted that under the Federal Constitution, the decision to initiate criminal prosecution lies solely with the Attorney-General," it said. BNM said it would continue to extend its full cooperation to on-going investigations by the Royal Malaysian Police and the Malaysia Anti-Corruption Commission. --BERNAMA