|First real test after 15 years?|
"As an investigative authority, the Bank is duty bound to conduct its investigations with the highest professional care and diligence. The Bank at all times expects full and accurate disclosure of information by applicants in considering any application under the ECA. On its part, the Bank concluded that permissions required under the ECA 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."
If you ask A Voice, an ex-banker himself, Zeti Akhtar Aziz, the Governor of Bank Negara since May 2000, is not tested and hasn't been doing her job. In fact, she has been sleeping on the job, has failed to do anything effective to do right by the ringgit, and is now playing the blame game, the blogger writes in Royal rebuke exposed more of Zety's incompetence, Oct 9.
More important, the chart tells us that the country's foreign exchange ringgit market is not stable and not conducive for the sustainable growth of the Malaysian economy. Does it indicate Zeti doing anything?
If still defensive, we can only repeat this quote, "We must not let other people's limited perceptions to define us." At least you should appreciate as to why we are adamant to say Zeti is a smart academics but crumbles under pressure.
There are more indicators of her incompetence ...
If you ask me, the timing of the Bank Negara Malaysia's statement sucked as it was telling.
It sucked because it was issued just as the ringgit was enjoying its best weekly rally since 1998. It was as if the central bank had gone out of its way to dampen that spirit!
And it was telling in the sense that the statement was issued immediately after the Attorney-General's Chamber, exercising transparency as demanded by a rather curious Conference of Rulers' "pre-council" communique last week, disclosed that the AG had thrown out Zety's recommendation for action against 1MDB not once but twice!
As for the Central Bank of Malaysia (CBM), the investigation was conducted into 1MDB for an offence under paragraph (4)(b) of Part 1 of the Fifth Schedule to the Exchange Control Act 1953 namely, knowingly or recklessly making a statement which is false in a material particular. The investigation paper (IP) was submitted to the AGC on 21 August 2015.
Having studied the IP, the Deputy Solicitor General 1, Datuk Tun Abd Majid bin Tun Hamzah, decided that there was no offence committed by the 1MDB officials and directed that no further action should be taken. The IP was returned to CBM on 11 September 2015. Hence the decision had been communicated to CBM on the same day.
However, on 1 October 2015 CBM transmitted a letter of request to AGC to have the decision reviewed. Having considered the request and the fact that there was no new evidence made available, the Attorney General decided to maintain the decision made earlier.
Was the multi award-winning Zeti offended by this? Apparently, she was.
Seasoned journo Bujai said the Bank Negara statement shows "how bad relations between the two entities are. The picture given was that both did not cooperate in the ongoing investigation". - Nothing peculiar, Oct 10.
Fortunately, the market was too busy counting their profits to be distraught by the central bank's statement. As of yesterday, the ringgit consolidated the week's gains and some analysts expect the local currency to test the 3.90 level this coming week. Sounds unreal, right, especially when you recall Zeti herself saying that the ringgit may only recover once the 1MDB issue has been resolved - TMI, Sept 21.
Zeti continuously slept on the job, A Voice, 12 Oct:-