1mdb Apandi S Nfa Decision Despite Bnm Recommendation

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Former attorney-general Mohamed Apandi Ali binned a recommendation by Bank Negara Malaysia (BNM) to initiate criminal prosecution of senior officers of 1MDB, according to the central bank’s former governor Zeti Akhtar Aziz.
The 46th prosecution witness told the Kuala Lumpur High Court that BNM forwarded to Apandi (above) in 2015 the findings of the alleged wrongdoing at 1MDB, courtesy of a special task force.
During today’s RM2.28 billion 1MDB corruption trial against former prime minister Najib Abdul Razak, she said the task force was then comprised of the Attorney-General’s Chambers (AGC), BNM, the MACC, and the police.
The task force was formed to look into several irregularities at the Malaysian sovereign wealth fund.
The irregularities include the diversion of US$700 million - meant for a joint venture between 1MDB and Petrosaudi International Limited - to Seychelles-incorporated Good Star Limited, an entity linked to fugitive Low Taek Jho (Jho Low).
Zeti noted that the task force - led by then AG Gani Patail - was dissolved and his services terminated, with the role of AG taken over by Apandi.
Former Bank Negara Malaysia governor Zeti Akhtar AzizShe said on Aug 13, 2015, BNM submitted an investigation paper (IP) to the AGC with a recommendation to initiate criminal prosecution and to charge 1MDB including the fund’s senior officers.
She said the entity and its officers were found to have contravened the Exchange Control Act 1953 for furnishing false information to BNM in the 1MDB application for permission to make payments outside Malaysia.
She said concerning Najib’s bank accounts and the transactions therein, BNM provided all relevant information to the respective law enforcement agencies.
“Despite all the damning evidence gathered and recorded by BNM in the IP (on 1MDB) which was submitted, the then AGC, for unknown reasons, had on Sept 11, 2015 decided that the IP submitted by BNM was to be classified as No Further Action (NFA).
“In response, BNM wrote back to the AGC on Oct 1, 2015, to reconsider the decision and further stressed the omission of material information by 1MDB in its application for the foreign exchange administration (FEA) permission.
“1MDB had not only failed to provide full and complete information in its applications for the FEA permission but had provided false information. The AGC however did not reply to BNM’s appeal,” Zeti told trial judge Collin Lawrence Sequerah.
Former prime minister Najib Abdul RazakShe said on Aug 14, 2015, under BNM’s legislation, the central bank proceeded to revoke the three permissions granted to 1MDB and issued directions to 1MDB to repatriate to Malaysia all funds that were illegally and falsely remitted abroad.
She added a press statement was issued regarding this action taken by BNM on Oct 9, 2015.
1MDB fined
Zeti said the subsequent inability of 1MDB to bring the monies back and to provide evidence on the status of the funds resulted in a compound being imposed on 1MDB.
She said with an agreement that had to be obtained from the AGC, the compound amounting to RM15 million was imposed and was paid by 1MDB on May 25, 2016.
BNM’s investigation into this case was to bring to justice the contravention of the law by 1MDB concerning their overseas remittances over the period between September 2009 and May 2011.
It was also to preserve the integrity of the functioning of Malaysia’s financial system.
Previously in January 2016, Apandi cleared Najib of any wrongdoing with the inflow of RM42 million of SRC’s funds into Najib’s bank accounts, among other things.
Najib is on trial over four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion from 1MDB, a sovereign wealth fund wholly owned by the Minister of Finance Incorporated (MOF Inc).
For the four abuse of power charges, the former Pekan MP is alleged to have committed the offences at AmIslamic Bank Bhd’s Jalan Raja Chulan branch in Bukit Ceylon, Kuala Lumpur, between Feb 24, 2011, and Dec 19, 2014.
On the 21 money laundering counts, the accused is purported to have committed the offences at the same bank between March 22, 2013, and Aug 30, 2013. - Mkini

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