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Probe shows 1MDB got permissions based on inaccurate disclosure

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Malaysia's Central Bank said on Friday that its investigations showed troubled state fund 1MDB had secured permissions for investment abroad based on inaccurate or incomplete disclosure of information.

[KUALA LUMPUR] Malaysia's central bank said on Friday that its investigations showed troubled state fund 1MDB had secured permissions for investment abroad based on inaccurate or incomplete disclosure of information.

In a statement, the central bank said it had recommended to the Attorney General to initiate criminal prosecution against 1MDB for breaches under the Exchange Control Act 1953 (ECA).

The bank added that the decision to initiate criminal prosecution lies solely with the Attorney General.

The bank has revoked three permissions granted to troubled state fund 1MDB for investments abroad totalling US$1.83 billion and directed the company to repatriate the funds to Malaysia. "On its part, the Bank 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 applications," the statement said.

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The statement comes a day after Malaysia's Attorney General said it had reviewed the report of a central bank investigation into 1MDB and decided that fund officials had not committed any offence.

REUTERS

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