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Monday, November 7, 2016

Finance Ministry: Action taken on Ambank bankers over 1MDB case

Bank Negara Malaysia took action against Ambank staff Cheah Tek Kuang and Joanna Yu over a 1MDB-linked case, the Finance Ministry said.
However, it did not specify what action was taken in the written parliamentary reply to Tony Pua (DAP-Petaling Jaya).
"Bank Negara investigated financial institutions involved in the 1MDB case under the Financial Services Act 2013, Islamic Financial Services Act 2013 and Anti Money-Laundering and Anti-Terrorism Financing Act 2001 and Proceeds of Unlawful Activities Act 2001.
"Based on the investigations, appropriate enforcement action was taken within Bank Negara's jurisdiction.
"Bank Negara was also allowed to share information with any enforcement agencies to assist in their investigations," stated the reply.
Pua asked the Finance Ministry what actions were taken against Yu and Cheah for "abetment in covering up money-laundering".
The central bank in April fined 1MDB an undisclosed sum over failure to comply with its directives for funds transfer, making the end of its investigation.
Bank Negara said it is not its policy to disclose the quantum of the fine.
Police have reopened its case on 1MDB following the Public Accounts Committee (PAC) findings.
The PAC concluded its probe into 1MDB in April and tabled its report to Parliament, blaming the management and board for weaknesses and mismanagement in the government-owned company.

The 1MDB board offered to resign after the damning PAC report, which was accepted by the Finance Ministry.
The ministry later appointed new board members to the firm as well as dissolved the advisory board headed by Prime Minister Najib Abdul Razak.
Critics have questioned the police for taking such a long time on the probe, accusing them of dragging their feet.- Mkini

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