BANK Negara Malaysia has handed over to anti-graft officers the file documenting its RM2 billion purchase of land from the former government, following media reports suggesting proceeds from the sale may have gone towards bailing out state investor 1Malaysia Development Bhd.

In a statement today, BNM said the transaction was conducted at fair value and at arms-length.  

“The transaction complied with all the governance requirements and relevant laws that govern the bank. The bank shall continue to be transparent on this matter. 

“In this respect, BNM has extended comprehensive information on the transaction to the Malaysian Anti-Corruption Commission (MACC) for its complete and independent review.

BNM has explained that the land was acquired for the development of a financial education hub. It was reported that former prime minister Najib Razak could have used the money from the sale to pay 1MDB’s debts. — Reuters