KUALA LUMPUR, Feb 24 – Referring to the witness testimony in an ongoing trial in New York in relation to the approval given by Bank Negara Malaysia for IMDB in 2009 to invest abroad, the central bank on Wednesday issued a statement clarifying its procedures in the said investment.
“All investments abroad by resident entities are subject to the requirements under the Exchange Control Act 1953 that was in force prior to 2013 (since replaced by the Financial Services Act 2013). These requirements and criteria governing such investments are transparent and published on
“All submissions made by 1MDB, including the said application, were subject to the same approval criteria and internal governance process that apply to any submission by other entities to BNM.”
Bank Negara also addressed previous reports on information received from foreign financial intelligence units (FIUs) with respect to the accounts belonging to the husband of a former Governor.
“On this, BNM has furnished information to the relevant law enforcement agency in April 2016 in accordance with our responsibilities under the Anti-Money Laundering, Anti-Terrorism Financing
and Proceeds of Unlawful Activities Act 2001.”
Meanwhile, in the latest development, The New York Times reported that the IMDB trial will take a break so that the defense can take study new documents.
According to the paper, prosecutors in the case, which involves former Goldman Sachs executive Robert Ng who has been charged with bribery and money laundering, and the Malaysian fund, found 15,000 emails and other documents they need to turn over.
“In a letter filed with the court late Tuesday, federal prosecutors said they had just become aware that about 15,000 emails and other documents belonging to the government’s star witness, Timothy Leissner, were never turned over to the defense. They added that the belated discovery of those documents was an “inexcusable error” and that they were open to a delay in the trial, which began on Feb. 14,” The New York Times reported.
The judge presiding over the case was reported to have said that ample of time will be given to the defense to study the documents following a request reportedly from one of Robert Ng’s lawyers “for charges to be dropped.”
The full report on the trial’s development is available on the The New York Times’ website.