Bank Negara Closes Case On 1MDB, Says “We have completed all our investigations on 1MDB”

Credit: justreadonline.com

Bank Negara Malaysia will no longer be pursuing the case on 1MDB, for they have completed all investigations on the sovereign wealth fund 1Malaysia Development Bhd (1MDB) as well as taken all the necessary action entrusted by it, said Governor Datuk Muhammad Ibrahim.

Basically, the case on 1MDB is closed. Kapeesh. No more.

Huh.. what?

“We have completed all our investigations on 1MDB based on all the information and investigations papers.

“We have imposed a penalty on the company and taken all necessary actions entrusted to us under the law and we have closed the investigation,” he told reporters today.

The penalty Muhammad refers to is the compound Bank Negara issued to 1MDB for its failure to fully comply with the directions it had issued under Financial Services Act 2013.

The Bank Negara Governor said this in response to a question on whether the central bank would initiate new investigations into 1MDB in light of the suits filed by the US Department of Justice, which has plunged the sovereign wealth fund into turbulent tides.

It’s reported that the DOJ has filed a civil suit against several Malaysian individuals in bid to seize over USD$1 billion (RM4.01billion) worth of assets, which it claims was money siphoned of USD3.5 billion misappropriated from 1MDB.

Credit: wsj.com

Loretta Lynch, Attorney-General of the USA described the investigation into 1MDB as the “largest single action ever by the Kleptocracy Asset Initiative”. 

“When it comes to international corroborations, we are dictated by certain protocols and regulations and we will abide strictly by those protocol arrangements when it comes to cooperation with external investigating bodies,” said Muhammad.

Hmmmmmmmmmmmm….