Why no statement from Bank Negara on Bank Rakyat investigation?

When the news first broke, it was difficult to gain access to DBKL's website.

Now that it is accessible, no point trying to beat about the bush. The only Dato Seri at the top management of DBKL, other than the Datok Bandar himself, is Executive Director (Project Management), Dato Seri Syed Afendy Ali bin Syed Abid Ali.

In that position, he has access to developers and is in the position to make life difficult for them. The allegation he owned 31 condos is rather far fetched. It needs proof and the allegation has to undergo due process in court. Should it be true, it is indication of how greedy and blatant the corrupts are these days.

So FT Minister Dato Seri Tengku Adnan Tengku Mansor was right to acted fast andsuspend him. Syed Afendy was released from remand last Friday. Otherwise, he could come to work this morning and to put it in a cryptic way, "do the necessary". The corrupts are willing to do anything.

Today, the Managing Director of a GLC Bank is due to be released. Did we hear of Bank Negara Malaysia (BNM) or in the case of non-commercial Banks, any relevant Ministries with duplicating authorities made the same announcement as Ku Nan?

None ...

Guess let's not beat about the bush too.

There are too few GLC Banks around. After texting few bankers, including CEOs, most of the GLC Bank CEOs are around at the end of the week and over the weekend. The ones not around have matters to attend to abroad.

One banker located along Jalan Sultan Ismail told outright it is Bank Rakyat. It only means the alleged MD is Dato' Mustafha Haji Abdul Razak.

If there is to be any crap like this, it will be the non-commercial bank with cross jurisdiction like Bank Rakyat.

It makes sense since Bank Rakyat have been embroiled in many controversies. The bank has always been involved in controversies since the day Muhammad Ali came to town to box at Stadium Merdeka. It has not subside yet.

Latest episode involved the removal of it's former Chairman, Tan Sri Sabaruddin Chik by Dato Hasan Malek and concequently, his expose of Deepak. Heard there is more than just Deepak and his name throwing. Anyway so much for altruism ...

Saturday Utusan Malaysia here reported a Tan Sri leading the Bank "dipercayai terlibat dalam kes salah guna kuasa dan penyelewengan projek penerbitan buku". This is interesting because it could mean there is more than just the text book misappropriation but other power abuse cases.

There is only one Tan Sri on the Board of Directors of Bank Rakyat and that is Jeneral Tan Sri Dato' Sri Abdul Aziz Haji Zainal (B). Does it mean there could be alleged power abuses like giving big loans expected to be NPL to friends but still endorsed by the BOD?

Just asking ....  

Nevertheless, it is puzzling that BNM did not issue any statement. They are supposed to be the principal regulator and supervisor of the financial system and Bank Rakyat falls under DFIs.

Should they not be stepping in and now that a Tan Sri in the Bank has been "dikenalpasti" and "dipercayai", many in Bank Rakyat could "do the necessary". If BNM is still sleeping on the job despite having a new Governor that is supposed to be younger and by right, not fall asleep in office, this is a dereliction of duties.

Come Monday, the Managing Director or whoever is the Tan Sri leading the Bank could "do the necessary" like paper shredding.

It was heard that in the last few hours before the raid and after news Jalil Ibrahim was found dead, the last top management around at BMF Hong Kong office was literally doing exactly that in those hey days.

Someone inside Bank Rakyat could move or transfer out officers and staff. Immediately, they could send some abroad for long long long courses.

Suddenly, without any winds blowing, there is a major organisational restructuring conjured and executed immediately. Such exercise would initially involved consultation and gathering of feedback from the lower level of the organisation. Lower staff would have got wind of such intention and everyone should be nervous as to who will get the boot and what the compensation will be like.

Major decisions such as that will have to undergo proper due process. It is a major exercise and it cannot be done at the spurt of the moment. But if the MD and Tan Sri leading the Bank are involved, such a remote possibility could be realised and be a reality.

For instance, they could be planning a sudden incentive in some form of "gratituity" for the management, officers and staff to get their cooperation to shut their mouth.

An announcement could be made to tell all the staff that they would be retrenched and rehired into a newly established organisation. The excuse could be to cut off the past and start afresh with a new book and business model. The past problems will be left behind in the old Bank and being addressed one by one.

The prospect of being instant millionaires would shut them up and be willing accomplice. 

It is also a remote possibility but given time, it is not a bad plan to pre-empt the worms from the many bad loans that would eventually come out in the open. If it is known later, can always blame on past Chairman and management. Convenient to blame politicians.

It would not be a surprise that the MD was already or in the midst of putting it in motion last Friday when he was arrested and remanded by MACC. Over the weekend, the Tan Sri "dipercayai terlibat dalam kes salah guna kuasa dan penyelewengan projek penerbitan buku" could be pushing all these through.

If the BOD of Bank Rakyat are capable of "alleged power abuses like giving big loans expected to be NPL to friends but still endorsed", what is to stop them? The corrupts are greedy and blatant these days.

It sounds remote, bizarre and far fetch. A milder, selective and more strategic and effective plan of actions could be done.

BNM is under pressure for allegation that it had sabotaged 1MDB by telling Banks to pull the loans. Before Malaysia Today exposed it, this blog had first wrote about it here. Former Governor's name is bandied about in the public sphere but Dato Nor Shamsiah could remain quiet.

So it would be good PR for  new management of BNM to say something and act swiftly to stop any attempts to cover-up or harass suspected whistleblowers or bribe to shut mouths.