BNM To Undertake Assessment On Recovery Of 1MDB Money

KUALA LUMPUR, May 17 (Bernama) — Bank Negara Malaysia or Central Bank of Malaysia (BNM) will undertake an assessment of the alleged amount of 1Malaysia Development Bhd (1MDB) money to be recovered from overseas once it obtains the related information. Governor Muhammad Ibrahim said no data had been received as of now. He said this during the question-and-answer session in conjunction with the announcement of Malaysia’s first-quarter (Q1) gross domestic product (GDP) performance here Thursday. To another question, Muhammad said BNM had taken the necessary action needed regarding the 1MDB case which fell under its jurisdiction. “Whether we will reopen the case and look at a different angle, (I believe) we have exhausted all investigations. “If it is not under our (BNM) laws...we have given all the information to the Attorney-General Chambers,” he said. Prime Minister Dr Mahathir Mohamad Wednesday announced that the government was expected to contact several countries, namely Switzerland, Singapore, the United States (US), as well as Luxembourg to recover the alleged funds. Of the amount to be recovered, Malaysia is expected to retrieve US$4.5 billion from the US, which is sufficient to settle some debts. On whether any action will be taken against Ambank Group (AMMB Holdings Bhd), Muhammad reiterated that actions would only be taken if there is new information retrieved by the central bank. “So far, we have taken the necessary actions based on all the information that we have, but if there is data that we don't have before, we will certainly look at it (the case) again,” he added. BNM Thursday revealed that Malaysia’s economy grew by 5.4 per cent in the Q1 2018, underpinned by continued expansion in private sector activity and strong support from net exports. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 1.4 per cent (Q4 2017: 1.0 per cent). — BERNAMA