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.
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
09 October 2015
Looks like Zeti has bigger pair of balls than all the male minister combined hahaha ......you go gal
ReplyDeleteTun Majid has no balls at all. IT is not up to the AG Chambers to decide right or wrong its up to the court.
ReplyDelete8 billion ringgit is a big amount. The AG Chambers must be corrupt to ignore Bank Negara investigation and request for prosecution.
The Constitution says that Malay Rulers through the King can purge the AG Chambers of corrupt officials.
The Council of Malay Rulers want those involved charge. And the AG says 8 billion gone is too bad...
ReplyDeleteSomebody needs to initiate criminal proceedings against the AG. Maybe some brilliant lawyers out there can create a plausible angle.
London bridge is falling down. I love this movie.
go Zeti go! fight for the truth! 100% behind you!
ReplyDelete
ReplyDeleteZeti for Minister of Finance a la LaGarde. That would be awesome.
Minister with some technical abilities rather than your typical UMNO guys yang tak sekolah.
Apandi.....at the age of 65 you should know better.... but sadly you still need someone to overule your principle and your dignity.. you are really stupid idiot....this is about our country not najib and the moron.
ReplyDeleteGreat development. Hopefully Zeti and BNM can carry this through till the end.
ReplyDeleteHopefully, the Council of the Malay Rulers are aware of these developments and will take the appropriate cleansing action when the time is right.
ReplyDeleteOnce in a blue moon, a gallant lady steps forth for God and nation,
Madame Zeti, for thee:
Sungha Jung plays Bolero
https://www.youtube.com/watch?v=gYfcVMnsUlQ
Finally Zeti and BNM has come through for all Malaysians!
ReplyDeleteLepas ni ada orang yg di bersarakan atas sebab kesihatan
ReplyDeleteFor whatever he was worth..Oh how I missed dear old Karpal Singh!!
ReplyDeleteAzmi arshad kata this statement makes no sense. You can read his piece courtesy of salahudin at another brick in the wall. Really clutching at straws. Did you read the latest expose by SR about the minutes of meeting chaired by lodin? When they try to discredit something, new info hits the street. This is the last lap. Kudos for being on the right path daus. C ya
ReplyDelete1MDB CEO does not deny the minutes, so just goes to show these people are now scared of denying this, that and everything, because every time they deny it, a fresh piece of evidence comes up to prove they are lying. Nowhere to turn to save their skins.
ReplyDelete
ReplyDeleteIn 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.
"Bank Negara confirmed our findings on the purloined US$1.83 billion by demanding this exact sum of money back and baldly stating that it had recommended criminal proceedings against 1MDB for allowing the PetroSaudi scam to proceed:
ReplyDelete“The Bank concluded that permissions required under the ECA [Exchange Control Act] 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”.[Bank Negara Statement]
Despite this plain speaking by Bank Negara, Arul Kanda still attempts to say that our allegations are “unfounded” and that our evidence is “possibly doctored” — whilst not suing us.
Halmi confirmed to the bank that the beneficial owner of the account which received the $700m was not PetroSaudi but Good Star Limited – belonging to Jho Low
As Tony Pua has pointed out in his statement on the matter this weekend, there is only one explanation for the failure of the Board and Management to conduct due diligence over the decisions of 1MDB, which is that the fund’s special terms of incorporation meant that there is in fact only one decision-maker authorised to make investments – this is the sole shareholder, the PM/ Minister of Finance Najib Razak, who had disguised himself as the mere Chairman of the Advisory Board.
In fact the constitution of 1MDB means that the role of the Board is mere window dressing, hence their side-lining from the PetroSaudi deal and other future expenditures that succeeded in running up a staggering RM42 billion of debt in less than five years:
“According to Clause 117 of the 1MDB Memorandum and Articles of Association (M&A), the Prime Minister’s written approval must be obtained for “any financial commitment (including investment), restructuring or any other matter … It is clear their [the Board] appointment was only for show. They are mere stooges working for the powers that be. No Board worth their salt would have tolerated the degree of transgressions which took place within the company which included embezzlement and misappropriation of billions of ringgit.” [Tony Pua media statement]
GENGHIX KHAN
https://medium.com/@sarawakreport/arul-spins-a-changing-story-as-we-publish-more-documents-he-can-t-deny-b7594ff52f4f
The BNM statement is perfect. Concise, right to the point, factual but at the same time hard hitting on the head of the new AG.
ReplyDeleteThe new AG was smart in having the relevant AGC statement point out that it was the Datuk Tun Majid who acted upon, considered and decided no wrong doing and later reviewed BNM request for such and decided the same. He'd be the new AG if anything happens to Apandi during Najib's remaining tenure - does anyone know if Apandi has a kidney problem requiring daily dialysis treatment that they used as the excuse to remove Gani Pattail from the AG's post?