Zeti continuously slept on the job
Another Brick in the Wall
Attorney General statement said the report submitted and application for review by BNM was in insufficient to bring a legal case on 1MDB for alleged offense under para (4) of Part 1 of the Fifth Schedule of Exchange Control Act.
In her statement here, Tan Sri Zeti Akhtar Aziz noted AG’s sole power under the constitution to make assessment and initiate criminal proceeding. Zeti admitted:
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.
It means Zeti tidor and simply in 2015 approved 1MDB based on as she alleged now as “inaccurate or without complete disclosure” in their assessment to approve in 2009-11.
That is 4-6 years later.
Through the years of 2011-2015, 1MDB, still maintaining respect for the BNM, claimed in their public response here that they provided information on “the use of those funds have been described in detail in the notes to 1MDB’s publicly available financial statements dated 31.03.2009 to 31.03.2014”.
Failing to find evidences on 1MDB for more serious crime and failed to charge 1MDB for a Exchange Control misdemeanor, BNM decided to bypass AG and abuse their power to:
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.
Zeti slept on the job in the same manner she slept when RM 2.6 billion came into the country and into one bank account; BNM audits all banks.
In desperation to cover what we said as the burden too heavy for her, she is trying to ensure her legacy is untarnished. She has to do another blame game on AG and 1MDB to cover-up her incompetency by pinning anything on 1MDB and take the law into her own hand.
Knowing well the USD1.83 billion will settle one third of 1MDB debt, the revocation is intended to start a Bank default, bankrupt 1MDB and cause a financial market meltdown. This is outright economic sabotage!
Any clause in SOSMA for it?
Power abuse
In the first place, it is an encouraging development to know more specifics on the investigation.
Police and MACC is still having trouble with witnesses on the SRC investigation. No wonder MACC Commisioner was furious with themacai trying to hide away.
However, 1MDB had “fully cooperated” with BNM investigation by “submitting written answers and sharing relevant documents’, and cooperated to allow “detailed witness statements being recorded” from past and present 1MDB members of the BOD and officers.
BNM had submitted their report but the evidence is viewed not to hold up in court. Thus it is most unfair on Zeti to abuse her power.
Zeti approved 1MDB application to invest abroad in 2009-11, and was responsible to monitor or at least go through the reports submitted by 1MDB through out 2011 to 2015.
“As the banker and adviser to the Government, Bank Negara Malaysia provides advice on macroeconomic policies and the management of public debt [read website here].”
Zeti slept on the job and failed to realise 1MDB was not prudent in their debt management.
Obviously, she is acting based on public allegations by Tun Dr Mahathir, Tony Pua, now silent Rafizi, Sarawak Report, The Edge, and many others. Thus far they have provided no proofs of their allegations except spins, propaganda and even fake money trail.
It is Tony Pua that is constantly barking on the debt rearrangement plan with IPIC. 1MDB has continuosly responded [read here, here,here, here and here]. Tony is backing Zeti and his evil intention is glaring [read TMI here].
Coincidently, Tony was using it as a diversion to redirect attention from investigation into his involvement with Clare Rewcastle Brown, Xavier Justo, Dato Tong Kooi Ong and Ho Kay Tat. He can’t run and risk trouble with the law.
