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Tuesday, August 4, 2015

NAJIB & ROSMAH CLASH OVER ZETI? Ringgit feels the heat as Umno intrigue boils over

NAJIB & ROSMAH CLASH OVER ZETI? Ringgit feels the heat as Umno intrigue boils over
KUALA LUMPUR - Investors continued to bail out of Malaysia's currency amid a deepening political crisis and speculation that Prime Minister Najib Razak would next sack Bank Negara governor Zeti Aziz, in an alleged bid to cover his tracks in the RM42 billion 1MDB corruption scandal.
At 9am on Tuesday, the ringgit hit a fresh 17-year low of 3.8665/8695 against the U.S. dollar versus 3.8510/8550 on Monday. Citing political uncertainty, market analysts are not discounting the possibility the ringgit may plunge to as much as 4.00 over the next 3 months.
Despite newly-appointed Deputy Prime Minister Zahid Hamidi having refuted reports Zeti would be arrested, red-hot speculation has resurfaced that Najib's controversial wife Rosmah Mansor is behind the latest push to get Zeti detained.
Lending credence to these concerns is the Inspector General of Police Khalid Bakar's comment on Monday that he did not rule out summoning Zeti and MACC deputy chief commissioner Mohd Shukri Abdul.
"I think Najib is aware of the implications of sacking Zeti or forcing her resignation. Her role in the 1MDB crisis is less than exemplary but she is still a very respected figure in the local and overseas financial figure," an Umno watcher told Malaysia Chronicle.
"Bank Negara people say Najib has asked Zeti to stay on. That's why Zahid, after Najib's consent, promised not to 'kacau' (harass) her. Rosmah is again pinpointed. She is said to be still upset as Bank Negara officers were part of the task force probing 1MDB and they revealed to the Attorney General's Chambers."
It must be stated that Rosmah has denied being involved in any move to oust Zeti and her lawyers have threatened to sue Asia Sentinel, a regional news portal that first reported the allegation.
Zeti in a dilemma
The scorching report from Asia Sentinel went viral after Rosmah threatened to sue
Zeti herself is feeling the heat after the Malaysian Anti Corruption Commission yesterday said 'donors' had deposited RM2.6 bil into Najib's personal bank accounts. Amid accusations it was 'whitewashing' for Najib, the MACC insisted the money was not linked or diverted from the debt-laden state-owned fund 1MDB.
"Zeti is in a dilemma. The donation will get her in trouble under the AMLA (Anti-Money Laundering Act). Is she willing to play ball for Najib? Is that why the IGP commented that the police might question her. These are the questions floating around town and causing speculation. To many, the IGP's warning is a threat and it comes as a surprise after Zahid's denial she would be probed. The IGP is perceived to be taking his orders from Rosmah, rather than Najib or Zahid," said the political source.
"As for Najib, he and Rosmah might even fight over the issue. The pressure on them is so intense. Najib, despite his crackdown and detaining top civil servants, is actually signing his own death warrant. The entire civil service is on the point of revolt against both husband and wife. They should be careful their last days in power is coming up instead of using the IGP to bully the people."
The source was referring to the recent arrests of 3 high-level staff - MACC deputy public prosecutor Ahmad Sazilee Abdul Khairy, ex-MACC adviser Rashpal Singh and an officer from Attorney-General's Chambers Jessica Gurmeet Kaur.
Contacted by the media on Monday, the IGP had said he would not rule out the same fate from befalling Zeti and MACC deputy chief commissioner Mohd Shukri Abdull.
Civil service revolt
The high-handed police action has triggered a red-hot retort from MACC special operations director Bahri Mohamad Zin, who warned of a 'hidden hand' after he himself was grilled by a special team from the police headquarters.
Bahri was investigated by the police under Section 124 of the Penal Code for activities detrimental to parliamentary democracy.
According the Bahri, the MACC had been probing the activities of SRC International, a 1MDB-linked firm allegedly involved in transferring RM42 million into Najib's personal bank accounts.
"Our DPP (Ahmad Sazalee Abdul Khairi) was arrested at 1am (on Saturday)," he lamented, adding that the move left him puzzled.
"I think the police won't do mad work like this is if there was no instruction for them to do so," he said. - Malaysia Chronicle

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