Revoke 1MDB’s business licence, says Rafizi

Bank Negara should cancel all financial licences issued to 1Malaysia Development Bhd if the Attorney-General continues to refuse to prosecute the state investor, PKR said today. Party secretary-general Rafizi Ramli also lauded the move by Bank Negara Malaysia to revoke the permissions granted to 1MDB for investments abroad totalling US$1.83 billion and directing the company to repatriate the funds. In a statement today, the Pandan MP said the issue was raised some time ago, especially from the anti-money laundering perspective. He said with the power of prosecution lying solely with the A-G, there was a high possibility that any investigations conducted by the central bank would not result in 1MDB being charged. As such, he said, Bank Negara should invoke all its powers against the state investor by cancelling any licences issued to 1MDB for operating its financial business. He said the central bank should also cancel all permits or approvals for fund transfers given to the company and to reject any future application for such transfers. “If the Attorney-General’s Chambers refuses to use its power to prosecute, then Bank Negara should use its authority to ensure the 1MDB issue does not prolong and affect the economy. “And one way to do that is to scuttle its financial operations ‎and practice of money transfers which are governed by Bank Negara. “When 1MDB is hindered from taking loans and moving funds around, I am certain Datuk Seri Najib Razak will have no choice but to close 1MDB and settle its financial problems once and for all,” Rafizi said. 1MDB is owned by the Ministry of Finance and Najib is chairman of its advisory board. – October 10, 2015.