BANK Negara Malaysia should also pursue individuals involved in the 1Malaysia Development Berhad (1MDB) scandal instead of just imposing an RM115.8 million fine against the state investor, said Pakatan Harapan.

PH president Dr Wan Azizah Wan Ismail was referring to the central bank’s disclosure yesterday of the “record” fine imposed on 1MDB under Article 234 (3b) of the Financial Services Act 2013.

She said the act also empowers BNM to impose a penalty against the director, senior management and any individual responsible for the management of 1MDB.

“For now, BNM only applied Article 234(3)(b) to impose a fine of RM115.8 million on 1MDB and those involved.

“If BNM fined 1MDB as a corporate body, it should also invoke Article 234(5) against individuals responsible for breaches of the law.

“I urge BNM to protect the integrity of the central bank as an institution that would prevent the same scandal from resurfacing in the future,” she said a press conference at the party’s headquarters in Petaling Jaya.

PH will lodge a police report next week to enable BNM to investigate Prime Minister Najib Razak as the advisory chairman of 1MDB, its board of directors and also the senior management under Clause 234(5).

Dr Wan Azizah said BNM’s decision to fine 1MDB RM115.8 million also penalises Malaysians as they are the ones who have to bear the state investor’s debts.

Out of the amount, AmBank will pay RM53.7 million for breaching the Financial Services Act 2013 and also the Islamic Financial Services Act 2013.

“I want to get a confirmation on whether the remaining RM62.1 million has been paid and if so, by whom?

“If 1MDB and those involved were the ones who paid it (the balance), it shows that the rakyat are not only victims of the misappropriation of funds but also forced to bear the fines imposed on 1MDB.”

In April 2016, BNM fined 1MDB for failure to comply with directions issued under the Financial Services Act. 

BNM said 1MDB’s failure includes the requirement for 1MDB to repatriate US$1.83 billion remitted abroad following the revocations of the three permissions granted to it in 2009, 2010 and 2011.

1MDB, said BNM, has also failed to submit evidence and documentation to justify its inability to comply with the repatriation order.

Questions have arisen over the billions of dollars moved around the world by 1MDB, including allegations that money had been siphoned off to related parties.

The state investment fund, started by Prime Minister Najib Razak, is also subject of several suits in the United States, Singapore, Switzerland and the United Kingdom.

The US Justice Department has launched a criminal investigation into money allegedly stolen from 1MDB. – September 27, 2017.