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Malaysia central bank imposes undisclosed fine on 1MDB


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Malaysia central bank imposes undisclosed fine on 1MDB

Malaysia's central bank imposed an undisclosed fine on1Malaysia Development Bhd., or 1MDB, for its failure to comply with certaindirectives.

Bank NegaraMalaysia said it issued a letter of administrative compound, whichincludes requirement for 1MDB to repatriate monies remitted abroad followingthe revocations of the three permissions granted by the central bank in 2009,2010 and 2011.

The letter of administrative compound was issued followingreceipt of the consent of the attorney general, the central bank said April 28.

1MDB also failed to submit evidence and documentationspecified by the central bank to justify its inability to fully comply with therepatriation order.

The debt-ridden fund has until May 30 to pay the fine.

The payment of the fine will conclude the central bank'sinvestigation into the contraventions to the rules and regulations.

1MDB has been under investigation in across the globe amidallegations of financial irregularities.