Sunday, October 11, 2015

Is Zeti just doing her job or was she so scorned by the AG?

With updates at posting's end


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.



Updates:

Zeti continuously slept on the job, A Voice, 12 Oct:-

31 comments:

damansaraman said...

Are we orchestrating our own anti-Semitism hypocrisy?

Anonymous said...

Ulterior motives? Mala fide?

Anonymous said...

Brenden Pereira would have been so proud of you, Rocky. Even Kali

Anonymous said...


Mackik,

Let me unconfuse you, ya.

Even if the ringgit was worth 2 to the USD, what does that have to do with the criminality that BNM has pointed out TWICE and has been studiously ignored by the 24-hour replacement A-G?

The exposure of Arul Kanda's lies subsequently (and his unconvincingly feeble attempts to wave it away) make it all the clearer that the whole Cayman-BSI debacle is that the heart of this.

Massive fraud against the Malaysian people is the issue here, you see?

Your argument is valid as telling a rape victim, "hey never mind, the stock market is up!" HUH???

PS: This is very telling, isn't it? This is what kicked off the whole mess. Some people in the Board could not stomach the corruption.

"KUALA LUMPUR, July 11 — The hurried signing in 2009 of 1Malaysia Development Berhad’s (1MDB) now-aborted deal with PetroSaudi International (PSI) had led to two board members resigning from the Finance Ministry-owned company, investigators have revealed.

According to The Star today, former 1MDB chairman Datuk Mohd Bakke Salleh and board member Tan Sri Azlan Mohd Zainol quit in protest after US$700 million (RM2.6 billion) that was meant for the 1MDB-PSI joint venture were diverted to another company without the board’s approval."

Kudos to Zeti for standing firm.

She's luckier that the people who were sacked, transferred, arrested or intimidated in order to cover this corrupt mess.

You seem to have forgotten them completely.

Anonymous said...

Seems like Najib must be defended at all cost. Anyone in the way will be painted as villain

Anonymous said...

"If you ask me, the timing of the Bank Negara Malaysia's statement sucked as it was telling."

----
If you ask me, the timing of AG Gani Patail's termination sucked as it was telling. No, Rocky?



"The market was too busy counting their profits"

-----
Rocky wont tell that the market was actually recovering their previous losses. Rocky wont tell the Budget Day is coming soon and obviously a window dressing to make stock market and currency look better than worse. Otherwise, what was the rm20 billion Najib announced few weeks ago for? Wait la a few weeks after Budget Day only can know whether another rm20 billion will vanish in thin air and the foreign investors laughing away.

Now, about the Gani's departure, the arrest of MACC guys, the transfer of police personnel, the scuttling of PAC, the Task Force derailment, the missing witnesses 5 of them, their timing sucked as telling, no Rocky?

And oh, lets vote A voice as our new gabenor. Who is he anyway, whatever? How about the other guy, your friend the ex-Cimb who bungled on the 2.6 billions SWIFT code? He will make a good deputy eh. All your bankers and ex bankers friends suck.

Anonymous said...


The investigation papers submitted by Bank Negara and the contents therein are their property.

They recommended certain actions against 1MDB officials or even the company itself. The Public Prosecutor's job is to study the evidences compiled in the investigation papers and determine whether the evidence had disclosed any criminal offences as pointed out by BNM or not. BNM has their own lawyers and they are more well versed in Banking matters than the DPPs in the AG Chambers. I tend to believe the recommendations put forth by BNM more than those half-past six DPPs or Federal Counsels who have scant knowledge of banking laws compared to BNM's experts.

In this case, Apandi doesn't agree with BNM's recommendation and everybody knows why. He was appointed by Najib and is there to protect Najib.

What can BNM do?

For one thing, Bank Negara could disclose publicly the result of their investigations and the recommendations that they put forth to the AG's chambers. And they could also disclose the reasons why they ask for the review of the original decision. And further, they could get a second opinion from other corporate lawyers who are well versed in banking laws to debunk the AG's decision. The AGC's or Apandi's decision should not be accepted at face value without being challenged and thoroughly scrutinized.

Anonymous said...

La ni bantai ZETI pulak. Yang AG tu macam mana?

Defend Najib at all costs?

Anonymous said...


In view of all the improprieties committed by the PM over the controversial 1MDB fiasco, Bank Negara must uphold its duty and responsibilities with no holds barred.

Well done, Bank Negara. We Malaysians stand steadfast with you to ensure that the rule of law is followed.

Doing the right thing in the face of oppressive and unconscionable forces, and we know it requires great courage.

In these dark times, we need more people like you who stand fearless in the pursuit of justice and truth.

It must be borne in mind that the world is watching, therefore Bank Negara must maintain and conduct its duty with the highest professionalism expected of them. This is regardless of anyone or any institution that may stifle its responsibility.

As no one is above the law, and for the sake of safeguarding this country's interest and welfare, anyone found guilty for breaching the Federal Constitution must bear the same consequence.

Discharge your duty fully without fear or favour; bearing in mind that criminals and those responsible must pay a high price for misconduct and breach of trust the nation had entrusted them with.

Zeti has nothing more to lose as her contract will expire anyway. She might as well right all the wrongdoings once and for all and go down fighting. We will appreciate it more if she is willing to tell all.

Anonymous said...

Really, ah, Latuk?

You are quoting "bujai" (a blogger who cannot even string a proper english sentence to save his former job) & "a voice" (who hasn't got a voice, just an echo!)

Those 2 are your sources???

Really!!!???

Anonymous said...

http://www.themalaysianinsider.com/malaysia/article/economy-ringgit-will-recover-if-najib-goes-says-dr-mahathir

Zeti said ringgit will recover if no 1MDB
Mahathir said ringgit will recover if no Najib
Bru said ringgit will recover if no Zeti and Mahathir

Hehe

Shahrizal Kamal said...

Datuk,

You ought to publish your post after get stories from people of both sides: the AG people and the BNM people.

But you opted in quoting fellow bloggers who seems aligning themselves with the AG.

Come on la.....

Anonymous said...

I concur

Anonymous said...

Raja Petra Kamaruddin (RPK) has a very good point here. AGC is investigating money laundering and embezzlement in 1MDB, BNM is talking reporting that was made regarding investment in 2009 - 2011 in 1MDB.

RPK -
The statement from BNM, however, talks about inaccurate reporting or reports without complete disclosure of material information. The AGC, however, was investiating allegations of money laundering and embezzlement and they did not find any evidence of that alleged crime. And that is why the AGC did not pursue the matter — because 1MDB did not commit the crime of money laundering and embezzlement.

So we have a situation here where BNM is talking about one thing and the AGC is talking about another. This, however, appears to be missed by most people. Or did they really miss it or are they intentionally trying to confuse the whole issue?

1MDB explained that the whole issue centres around the matter of the US$1.83 billion that it had sent overseas back in 2009-2011 as equity and murabaha loan investments in a joint venture with PetroSaudi after getting BNM’s approval. 1MDB then explained that the use of those funds have been explained in detail in the notes to 1MDB’s publicly available financial statements dated 31st March 2009.

1MDB went on to explain that in September 2012 the US$1.83 billion was converted into fund units valued at US$2.318 billion. This US$2.318 billion was then redeemed in 2014 and 2015 and then utilised to reduce 1MDB’s debts. “The remaining US$940 million of fund units,” 1MDB explained, “are guaranteed by Aabar and have been ear-marked for a ‘debt for asset swap’ with its ‘AA’ rated parent, IPIC, as part of the 1MDB rationalisation plan.”

Tony Pua says that the money should be brought back to Malaysia. Dr Mahathir says 1MDB has too many debts and that these debts should be reduced. So who does 1MDB listen to, Tony Pua or Dr Mahathir? How do you do both at the same time when you can only do either one or the other: pay your debts or bring the money back?

One even more important point to note is that all this happened in 2009-2011. What was BNM doing in 2009-2011 when 1MDB’s accounts declared all this and it was something that was already known back then and not something that was discovered only now? It appears like there are people who are trying to sabotage 1MDB’s rationalising and debt reduction program because if 1MDB succeeds in doing this then there will be no more ‘modal’ to use against the Prime Minister.


http://www.malaysia-today.net/did-zeti-fire-a-killer-shot-against-najib/

Anonymous said...


@ 3:16 p.m.

The reason RPK's "logic" fails is simple, but only IF you are keeping up with the facts of the case.

"One even more important point to note is that all this happened in 2009-2011. What was BNM doing in 2009-2011 when 1MDB’s accounts declared all this and it was something that was already known back then and not something that was discovered only now?" he asks.

The whole Petrosaudi scam was not exposed until much later. Hence, 1MDB’s documents from this period (even they conned Deloitte as well) are a deliberate concealment of the truth; hence, this is what BNM is talking about. Further, the entire BSI deception that led to the freezing of the account and a complaint from MAS to BNM (the missing piece is the puzzle) is most certainly far more recent - from this year, actually.

RPK's small handful of groupies aren't too bright, so they will miss the point completely.

Actually, Arul Kanda is right:

1MDB has "explained" the issue a dozen times.

It's what they haven't explained that matters.

Read this:

http://satdthinks.blogspot.my/2015/07/just-units-pre-pac-questions-for-arul.html

Then, read the parts of the BOD minutes that Arul is now admitting is genuine.

Like, really read and digest what he said.

Your inevitable conclusion, Mr 3.16pm, is that 1MDB has been lying through its teeth.

Hence BNM is perfectly right to haul them up.

It may take more than one fat old hooker in a beret to dispel the cold, hard evidence.


Anonymous said...


I think Zeti is being too soft.

BNM had submitted its papers to the AGC on 21 August. The evidence of wrongdoings at 1MDB would have been so clearcut that the Bank must have been under an expectation that the AG would do the natural thing and press charges. Instead, the AG sat on the matter over 3 weeks (Sept 11) and returned the cause papers marked NFA. Now the question on everyone's mind is this...why did the AG not make a public announcement at the material time that it did not find any wrongdoing at 1MDB and the matter was NFA?

BNM can't be faulted on this aspect as they would have been naturally disappointed with the decision of the AG not to charge. This explains their appeal submitted on October 1 for a review of the case which was also unsuccessful.

It needed a royal rebuke for the AGC to quickly come up with a statement that the matter was NFA.

Now that BNM has revoked certain investment permissions given to1MDB, lets see the consequential effects.

If I borrow RM50 from someone based on false pretences, and they want it back, is it any answer to reply:

"Oh sorry, I spent it. Too bad."

The world doesn't work that way, nor does the law.

Zeti should public with everything she knows - including what she passed to MACC & PRDM.

Anonymous said...


"One individual, in particular, who can only have known better was a vocal member of the 1MDB board, whose comments are also registered in these revealing minutes of January 2015.

This was none other than the fund’s former Chief Executive, Shahrol Halmi, who knew exactly why there was no actual money in BSI’s Singapore accounts.

It was he, after all, who had presided over the theft of US$700 million from 1MDB back on day one of the so-called 1MDB PetroSaudi joint venture. He had likewise signed off two further major ‘loans’ to PetroSaudi – US$500 million in September 2010 and then US$330 million that went straight from 1MDB into the Jho Low company Good Star Limited in 2011, according to documents obtained by Sarawak Report from the Bank Negara investigations into investments by the fund.

These payments total US$1.83 billion, which significantly represents the sum referred to by the Chief of Bank Negara Zeti Akhtar Aziz when she issued a damning statement on Thursday condemning the Attorney General’s refusal to issue proceedings against the theft and demanding that 1MDB should indeed repatriate the money."

I think Jibby boy better be careful.

If the SR allegations are true, it offers a complete explanation of why, how and when 1MDB furnished "false or misleading information on material matters". That is HOW THE SCAM WAS PULLED OFF. See?

If the SR allegations are untrue, they should have been sued a year ago in London.

Blocking the site and making a fool of yourself with Interpol doesn't cut it, bro.

PS: "AGC is investigating money laundering and embezzlement in 1MDB?" No, it isn't, and wasn't. The former A-G was about to charge Jibby based on MACC info on SRC. Please don't mix everything together.


Anonymous said...

Thank you very much for questioning the integrity and professionalism of BNM - certainly everyone shares your view (of course!) that our central bank is naughty and is playing politics relating to 1MDB.

Nevertheless it does appear to be somewhat strange that similar accusations were not been leveled against BNM for other matters (i.e. other than 1MDB) in the past.

Sanitarium said...

A voice was probably someone working in a bank but is not a banker. He becomes a banker by virtue of working in a bank. By your logic, mak cik cleaner yg kerja kat maybank pun banker. he says he is an ex currecy trader bla bla bla, then when we call him out, he says there are many who contribute to the site. No balls. You have balls but dumb like a log.

Anyways, you should KISS. instead of trying to twist and wriggle. I dont understand how you, fat khir, din (sued for 5m by AA) can read between the lines when it is literally clear as day. Instead of quoting and sucking each other dry with non sense articles, why not bring hardproof bro. This is unbecoming of you. Sold your soul?

Ini pusing pusing "a voice here...", "zakhir states....", "read more at unspinners..."

Bosan la rocky. Patutla asek sakit je. Renung renungkan

Anonymous said...


Datuk,

"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."

"The Voice" is indeed a superb banker, his shining moment being when he had to bank RM5,000,000.00 into Tony Fernandez's account for defaming AirAsia. It was a good piece of banking, especially for AirAsia.

But although "The Voice" is a famous banker based on this incident alone, I think the global financial community trusts Tan Sri Zeti more.

I am just guessing.


Anonymous said...


"Raja Petra Kamaruddin (RPK) has a very good point here"......no, Raja Petra Kamaruddin is talking through his backside. Why? He says "1MDB’s accounts declared all this and it was something that was already known back then"......right?

Ok this is the whole crux of the issue. What 1MDB never declared was the illegal transfer of money to a company called Good Star, and a subsequent re-transfer to a company called Bridge Partners.....that was a mere front.

BNM were given the full set of these documents in June 2015 from the Edge. They have checked and are obviously satisfied that the documents are correct. That is why A Pandi has to cover-up......because the so called "fake allegations" are now being corroborated as true by BNM.

BNM's mistake was in assuming that a 100% MOF owned entity headed by Najib (whose signature is required on all 1MDB deals) would not tell blatant lies. Two sets of auditors rang the alarm bells, they were sacked......two Datuks on the BOD resigned because they knew something was fishy.

BNM should refer to how Najib songlap when in Mindef, then they will not make mistake of trusting his involvement......

Mazlan said...

Its interesting to see you try do a hatchet job on Zeti- especially regarding the Ringgit decline.
This is the BNM Governor that has received accolades around the world by financial experts and other Central Bank Governors.
The BNM has a far greater understanding of financial legal issues than clearly AGC. Also BNM clearly stated that 1MDB misled and did not give accurate disclosures of why they were going to use the money they wanted to send overseas.
I think people have far more faith in the integrity and ethics of the BNM Governor than they do in the recently parachuted AG and I dare say yourself.

Anonymous said...

rocky, first and foremost, i admire your openness for criticisms.

pls note the comments left by anon 11.17am,and two comments 11.21am. i believe they're frm the same person. how do u respond?

Anonymous said...

Where is the money, Rocky ? Don't insult our intelligence.

Anonymous said...

Brazen, brazen, brazen.....Brazen Sky ! Good, Good, Good....Good Star ! Aa, Aa, Aa....Aaabar ! Is that where the money went to ?

Anonymous said...

Takde hal klu zety pun tak terer nak manage the currency. replace aje dia. tapi skandal 1mdb jangan la nak cover plak.. dah terang2 salah. takde hal la dengan mahyudin yassin ka, dr mahathir ka, shafie apdal ka.. derang pun dah x jadi menteri.. biarkan derang bising.. . klu x tahan tangkap je mereka.. tapi kesalahan 1mdb jgn tak dakwa pulak.. kami rakyat nak sapa2 yang salah.. tetap salah.. klu nak ungkit kesalahan dr mahathir yang dulu2 pun boleh.. dakwa skandal dia.. tapi jangan skandal 1mdb buat senyap jer..
amacam rocky bru.. dulu aku follow gak rocky .. rancangan kembara cina yg rocky pergi tu under tajaan 1mdb pun aku minat sangat.. tapi klu 1mdb buat salah.. salah tetap salah rocky..

Anonymous said...

Sudah2 lah Datuk Bru. Buat malu dunia kewartawanan aje. Don't bring yourself to low lah Datuk. Masa u preach to the wartawan2 muda, u cakap kena tegas & berani. Sekarang ni bunyi lain macam pulak.

Anonymous said...

Folks , just look at the bigger picture .

1) Someone stole 1MDB document , doctored it and threatened his employer ... Zeti did nothing .
2) An unscroupulous , opposition leaning , media tycoon bought this document and threatened and sabotaged this country .... Zeti did nothing .
3) An unscroupolous opposition politician , working together with the tycoon , further doctored the document and threatened the govt and PM ... Zeti did nothing .
4) An elder statesmen , sensing opportunity to give knock out punch at PM , used this stolen and doctored document to paint bad image on PM .... Zeti did nothing .
5) The elder statesmen strongmen and machai , went all over the world to sabotaged Malaysia and the PM .... Zeti did nothing .

But ...

When Arul came forward to explain and corrected the wrong perception and understanding about 1MDB .... Zeti want him to be punished.

My goodness , what has happened to Zeti ?
She is no longer the sharp minded , clear thinker and patriotic person that we knew .

Dear Mdm Zeti ... go and take that much needed rest . It is high time already .

PN

RD. said...

Looks like the Ringgit is appreciating when there are indications that Malaysia is going to sign the TPPA. Even Rafidah Aziz said that TPPA is 'good' for a tiny country like Malaysia.

With the TPPA signed, then we would probably encounter problems with China, especially in the vicinity of Pulau Layang-Layang, where we have the Navy personnel, stationed. After-all, China have been harassing US' staunch allies; Vietnam and Philippines over islands in the Spratly too. It's the same with other US allies, such as South Korea and Japan. Russia seems to be on the side of China.

After signing the TPPA, Malaysia would probably not be considered as Non-Aligned Movement (NAM) anymore. Thanks to Najib.

tong_kosong said...

Aiyooo Datuk Rocky

What happened to you?

So cheap today. Did they bought you?

You are not young anymore.... hope you will not regret what you write today.

But I do respect your personal choice.

Only I missed few years ago Rocky Bru

Anonymous said...

Dato you are really going all the way. All the way.

So the saying when u stick your neck out you stick it out all the way rite?

Hurray!

Rock sucks