Ref No : 10/15/06
Embargo : For immediate release    

Statement on 1MDB 
The Attorney General’s decision with respect to the investigations
on 1Malaysia Development Berhad (1MDB) relates to Bank Negara Malaysia’s
recommendation to initiate criminal prosecution against 1MDB for
breaches under the Exchange Control Act 1953 (ECA). It is to be noted
that under the Federal Constitution, the decision to initiate criminal
prosecution lies solely with the Attorney General.

As an investigative authority, the Bank is duty bound to conduct its
investigations with the highest professional care and diligence. The
Bank at all times expects full and accurate disclosure of information by
applicants in considering any application under the ECA. 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.

Therefore, the Bank has revoked three permissions granted to 1MDB under
the ECA for investments abroad totalling USD1.83 billion and also issued
a direction under the Financial Services Act 2013 to 1MDB to repatriate
the amount of USD1.83 billion to Malaysia and submit a plan to the Bank
for this purpose.

The Bank will continue to extend its full cooperation to ongoing
investigations by the Royal Malaysia Police and the Malaysia
Anti-Corruption Commission.

Bank Negara Malaysia
09 October 2015
© Bank Negara Malaysia, 2015. All rights reserved.

Now the main event – Bank Negara vs AG’s Chambers

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