“The Bank concluded that permissions required under the ECA [Exchange Control Act] 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”.[Bank Negara Statement]
How 1MDB Cheated Bank Negara
“PetroJV will utilize the equity funds totaling USD 2.5 billion from its shareholders to fund the investment in the energy, agriculture, real estate and tourism sectors in Malaysia and overseas;
The said funds in the sum of USD 2.5 billion will be placed in PetroJV’s account with Banca della Svizzera Italiana SA, Geneva pending investments in future projects;
Fraudulent valuation of PetroSaudi
“The analyses, opinions and conclusions presented in this report are based on our best economic judgments on the data that were made available to us by the managements of PetroSaudi International Limited and 1MDB PetroSaudi Limited” [Ed Morse report]
“In a statement to The New York Times this week, 1MDB said that Good Star was owned by PetroSaudi and noted that PetroSaudi had confirmed that 1MDB said it had provided information about these transactions to the Malaysian authorities that are investigating the sovereign fund.”[NYT 18/6/15]