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Malaysia's central bank fines troubled state fund 1MDB

38189595 - 26_04_2016 - FILES-MALAYSIA-UAE-CORRUPTION-1MDB-BONDS-DEBT.jpg
Malaysia's Central Bank said on Wednesday that it has fined troubled state fund 1Malaysia Development Berhad (1MDB) for failing to comply with bank rules.

[KUALA LUMPUR] Malaysia's Central Bank said on Wednesday that it has fined troubled state fund 1Malaysia Development Berhad (1MDB) for failing to comply with bank rules.

It did not specify the amount that 1MDB had to pay.

Bank Negara Malaysia said 1MDB had to repatriate funds remitted abroad after the central bank revoked three permissions it had granted for the fund transfers.

The statement said 1MDB failed to submit evidence to justify its inability to comply with the repatriation order, and has until May 30 to pay the fine which would mark the end of central bank's investigations.

Central bank governor Zeti Akhtar Aziz said in March that it would pursue administrative action on 1MDB, after it missed a deadline to submit documents on its finances abroad.

REUTERS