KUALA LUMPUR, March 22 ― Bank Negara Malaysia (BNM) is now waiting on 1Malaysia Development Berhad (1MDB) to submit supporting documents regarding foreign transactions flagged by the central bank last year, the Finance Ministry told Parliament today.
The ministry was responding to a question by DAP MP Tony Pua asking if BNM was “satisfied” with the follow-up action taken by 1MDB after the central bank revoked three of the state investment firm’s permissions to make investments abroad.
“Bank Negara Malaysia acted based on existing laws. At this point, an assessment is being made based on the feedback given by 1MDB.
“1MDB needs to present further information as well as supporting documents before follow up action is taken, once the assessment process is complete,” the Finance ministry’s written reply said.
Last October, BNM said in a statement that it revoked three approvals for 1MDB to invest US$1.83 billion (RM7.39 billion) abroad, under the Exchange Control Act 1953 (ECA), due to failures to make mandatory declarations.
In June last year, Bank Negara announced that it had launched a formal inquiry on 1MDB’s activities to establish if there were any violations of the country’s financial rules and regulations.
