Ooh La La. Things are moving fast after the Rulers’ statement on 1MDB.
Fresh from the attorney general clearing 1MDB for the second time after Bank Negara had submitted its investigation paper on 1MDB, the central bank has decided to act.
Bank Negara has revoked three permissions granted to 1MDB under the ECA for investments abroad totalling USS1.83bn. It has also issued a direction under the Financial Services Act 2013 to 1MDB to repatriate the amount.
Now, the big question is, will 1MDB be able to bring back the money?
What other options are there for Bank Negara and other agencies to do the right thing with regard to 1MDB? For a start, on what basis was 1MDB given an extension in filing its audited financial statements.
Bank Negara’s statement:
Ref No : 10/15/06
Embargo : For immediate release
Statement on 1MDB
The Attorney General’s decision with respect to the investigations on 1Malaysia Development Berhad (1MDB) relates to Bank Negara Malaysia’s recommendation to initiate criminal prosecution against 1MDB for breaches under the Exchange Control Act 1953 (ECA). It is to be noted that under the Federal Constitution, the decision to initiate criminal prosecution lies solely with the Attorney General.
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.
Therefore, the Bank has revoked three permissions granted to 1MDB under the ECA for investments abroad totalling USD1.83 billion and also issued a direction under the Financial Services Act 2013 to 1MDB to repatriate the amount of USD1.83 billion to Malaysia and submit a plan to the Bank for this purpose.
The Bank will continue to extend its full cooperation to ongoing investigations by the Royal Malaysia Police and the Malaysia Anti-Corruption Commission.
Bank Negara Malaysia
09 October 2015
|Please help to support this blog if you can.
Read the commenting guidlelines for this blog.
Zeti bounced the problem to the AGC who then found a nonsense excuse that bounced the problem back to BNM. Most heads of agencies would then just let it it die a natural death.. Why did Zeti decide to act instead when she has stated 1MDB does not pose a systematic risk? Its clear she thinks 1MDB is responsible for the MYR depreciation. She now basically pull the trigger that makes it a bigger problem for everyone who has been complicit – showing confidence has completely eroded for those who are not part of Najib’s feudal team. We have a… Read more »
The Malaysian Anti-Corruption Commission (MACC) is in the midst of investigating the most powerful person in the country, says outgoing deputy chief commissioner Datuk Seri Zakaria Jaafar. He said this person was investigated in relation to Finance Ministry-owned firm SRC International Sdn Bhd, and a sum of money worth RM2.6 billion.
Abu Kassim is back, but will he bow to pressure from Najib?
1MDB said it could not repatriate the money home as it has invested all overseas.
Yet Najib is urging Malaysian companies to bring home their foreign fund to help our economy?
Each time he travels overseas on his private jet, he could be moving his wealth off shore.
Today he flies off to Indonesia after telling MCA to ensure Chinese support as no closure of vernacular schools….same techniques first alarm then sooth you all?
Snake oil seller soothes anxiety & wrath of MCA fellas with MalayaNusantara Snake Oil.
But the momentary effect of ‘slippery’ snake oil will always dissipate after a few contentious rubbing of more sore-inducing ‘attrition’.
Better seek an acupuncturist to pinpoint the exact causes of national problems & to unplug the stumbling blockages to a healthy multi-cultural nation.
By calling to account 1MDB actions at this late stage is self defeating if the intention is to recover the $1.83 billion USD. Zeti should have done what she is empowered to do as a Central Banker as soon as 1MDB flaunted the law not after the royalties scoldings. I bet 1MDB would’t be able to recall the amount unless (someone) reimburse his il gotten gains. Time for Malaysian Taxpayers to take class actions against Arul & 1MDB board members, najib & the AG.
This latest directive by Bank a Negara did not get reporting on 8pm news on TV1 and TV3. Hardly any mention on Utusan and BH today. So Najib is still having a strong grip on malay media, and able to influence the Malays, particularly the rural ones?
Apparently it has no impact on Najib as TV1 this morning telecast live the launching of Hari Sukan Malaysia at UiTM Shah Alam where Najib and Rosmah demonstrated to Rakyat their aerobic exercise movements!
Still able to dance to the tune of Rm2.6 billion?
What kind of humans are these two?
Karma Laws, pls act fast.
The two is human beyond readonable doubt.
rajraman. This 2 have no concious but not only the 2.Most of their supporter bought with our money.
rajraman.Karma Laws seldom or never act.If act also they already enjoy to the fullest.Whatever extra life they have i call bonus life.After dead i don’t want to know about Karma.Some idiots blame the Devils for all their wrong doing.I don’t see they are posses together from top to the bottom of Organized Politics.Is Hadi Awang also poses?
That ex-Selangor MB who bought that Bali-styled bungalow & eventually jailed for corruption is a classic example of Karma Law in operation, my friend.
You don’t have to believe (sans religious compulsion or bias) but you can see it happened here.
I am happy Karma Laws operate regardless of who, religious background or devil / no devil.
See how the boomerang flies.
Najib is not afraid of karma as the beauty of Islam is that all sins could be cleansed by visiting the holy land Mecca?
I say it’s extremly rare the work of Karma works in Malaysia or even the world.Out of 1000 maybe 1 in Malaysia Politics.
The Toyol get 1 year jail for millions ringgit corruption of Public Money.He still a richman after release.For sure more his hidden.
rajraman. The poor die in jail for a can of sardine.Then the Karma itself not fair my friend.To slow Karma act the more abusive the human being.
Karma Laws are not solely confined to an earthly cause & effect. We know too little of what is beyond this 3-dimensional existence, our knowledge limited by our 5 senses, intellect & mind. We know little of what spiritual judgement awaits each living thing after death, an inescapable doorway. Can you say what is beyond this Universe or to put it in real time, this life on planet Earth or more precisely this bangsat life in Malaysia? The fact is we are just a tiny speck in a larger realm, which is not constricted by time, matter & space. We… Read more »
Also do read the TMI page yesterday: EUROMONEY magazine blasts our useless Central Bank Governor by name and tells us how bad our long term economic outlook is….. the reasons are always a complex matrix of people and situations, some beyond our control like falling petroleum prices, but she has let us down horribly.
Zeti is doing this too late, like the coward she is. Where was all this when the MACC was gutted, when the then AG was doing his job… all more vulnerable than the Governor of our Central Bank, an International Figure who would be watched for and watched over by even foreign nations……. she was SILENT. FOR MONTHS. And now she offers this, to the current compliant AG? Even before MDB blew up, why was Bank Negara not raising discreet questions and investigations… which makes me wonder how many more of the rich and famous she favours or is a… Read more »
What has Zeti and the BNM done on the allegation of illegal outflow of currency from our shores which involved amongst others powerful personalities? But then, Malaysia is not an ordinary country where one is rewarded for doing the rightful things; but instead many people have been penalized for merely doing their jobs or refusing to keep their eyes closed or their mouth shut. Recent development of events have seen an AG being sacked without undergoing due process, MACC officers who were involved in the MACC investigation were hauled up or arrested by the police under the pretext of being… Read more »
She is safeguarding her pencen?
Probably one of her considerations, just like many others including the group of moderate retired civil servants (G25). After all, they are for all intents and purposes just ordinary people (definitely not great ones) like us who have to look after our own basic needs which amongst others our own rice bowls and families. Above all, how many people are prepared to stick their necks out and pay the heavy price of losing their comfort zone for a cause that may, in all probability, turned out to be an exercise in futility at the end of the day? On this,… Read more »
Perlis mufti Asri Zainul Abidin has prayed that God will reward Bank Negara governor Zeti, following BNM’s unheeded calls for 1MDB officials to be prosecuted for breaching the Exchange Control Act 1953.
“May Allah reward the Bank Negara Malaysia governor handsomely for her efforts in saving the country from traitors and criminals.
“This is a big jihad,” Asri said in a Facebook posting.
Anil, I think you need to modify your statement to better reflect the real situation.
“For a start, on what basis was 1MDB given REPEATED extensionS in filing its audited financial statements.”
It is the 6th time, according to YB Tony Pua
Yes, good point.
see what ag will? or dog bury the bone??
Bank Negara makes its stand very clear now.Now no one can accused Zeti she not doing her job. ( I also suspected she not doing her job earlier). The big billions dollar question will PDRM and MACC will open the donation file? rajraman. Trillions dollar question why AG cleared Najib although Bank Negara found out the outflow of 1MDB illegals? After Trillions dollar question one simple question,AG was appointed based on Najib recomendation to Agong.Will Agong sack AG? If Agong used his power where this a golden opportunity to make thing rights by sacking AG then we can see a… Read more »
Zeta needs the affirmation of Sultans to bravely speak her mind & do her designated job.
Does she also need Hang Tuah?
Prof Khoo Kay Kim has said that Hang Tuah is a myth.
Hang Tuah is a myth b’cos he came from China.
This professor is apologetic to the sons of the earth & lying thro’ his teeth.
Tak berani mengaku yang sebenar.
sori , all because steven yang was around. now he away for holidays with donations from 2.5 billions. she can do with backing. ha2
Even the Sultan degree Najib don’t care.
HANG TUAH no longer alived.Jebat the people’s warrior killed by Hang Tuah and now even their name was killed by UMNO. Dead man also they killed from our history.That is UMNO.
“Rule of law” should apply to all citizens (and corporate entities).
Including those temporarily occupying high political office.
Phua Kai Lit,
There is no rules of laws applied to who occupying political office.
rajraman. That’s the biggest problems.The Crooks and Liars at the top of the Pyramid scheme. The rest follows.
Where there is money politics, the rule of law is subjective or worst turns to rule of the jungle of predators.
Only the rule of Karma Laws run its course, unperturbed or corrupted by mortals.
The show begins.
But DPM said he has met US authorities but 1MDB was not mentioned by John Kerry, FBI, CIA and claimed that 1MDB was not a big issue to them at all in US.
We can conclude that BN has told the US that Malaysia will sign TPPA?
The return of Zeti: The Empire strikes back…!
Zeta fights back, Darth Jeep trembles.
Galactica Malaya Confederation (of righteous minded) reverberates with anticipation of justice & order to finally be reclaimed from the Evil Forces entrenched in Putrefied-Jaya.
The Final Armageddon is fast approaching the Desert Storm of Planet Malaya.
May the Good Spirit of Galactica prevails.
Astro on demand star wars movies may lose out to real life battle in Bolehland in term of reality, brutality, murder, cronyism, Alibaba bodek bodek …… no need to pay just tune in to underworld to uncover if karma takes its course !