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Saturday, June 24, 2017

Paramount, too, to maintain BNM’s integrity in 1MDB probe

YOURSAY | ‘Surely 1MDB deserves a RCI as much as the forex scandal does.’
Anonymous_1419577444: Bank Negara Malaysia (BNM) has stressed the importance of preserving the central bank's integrity, following the cabinet's decision to form a royal commission of inquiry (RCI) into the 1980s foreign exchange scandal.
I couldn't agree more with BNM on this. The central bank's integrity is paramount. Findings from matters that occurred more than 25 years ago will serve as lessons learnt.
Also, there are very recent allegations that some Malaysians have purportedly committed "money laundering" on an international scale. The movements of extremely large sums of money apparently went through Malaysia's financial system to the financial systems in other countries, and naturally would implicate BNM.
A number of countries have taken action against some of these "money launderers" and are working on further actions against other suspects and the properties involved.
Perhaps, BNM can enlighten Malaysians on what it has to done to investigate these recent allegations, what were the results, and what actions have been taken to protect BNM's integrity.
Kim Quek: This contemptible statement by BNM must have been written by an Umno propagandist. But instead of raising BNM’s image, as it appears to do, it has exposed this central bank as the greatest hypocrite.
BNM has steadfastly closed both eyes to the billions of illicit cash that have allegedly gone in and out of Prime Minister Najib Abdul Razak’s accounts in AmBank, but now jumps to enthusiastically support a RCI on an ancient foreign exchange scandal, a move which is clearly an undisguised political conspiracy to divert attention from the raging 1MDB infamy, and to harass former PM Dr Mahathir Mohamad, who is now a strong opponent of Najib.
BNM governor Muhammad Ibrahim, will you please stand up to answer to the nation whether this statement reflects the true intent and sentiments of your bank?
Enggang: What is the BN's interest in forming this RCI after almost two decades, if not for political motives?
Why ignore the elephant in the room? The 1MDB fiasco should have its own RCI, but which leader would want to go to jail? Or for that matter, any person?
The motivation for the RCI for the forex losses is clear. This would give Malaysian Official 1 (MO1) a chance to pin down the most bitter critic of the 1MDB fiasco and destroy the opposition front, which is poised to challenge the BN in the next general election.
Mosquitobrain: Holy cow. The present bank governor should go back to university and teach history instead of being the guardian of the nation’s wealth. He prefers to look backwards at the ghost of 25 years past, rather than looking at the present 1MDB mega-scandal.
1MDB funds have allegedly gone into the pockets of MO1 and his cronies. What legitimacy, integrity and credibility is BNM talking about?
Let's get real.
Ckthe: Yes, what a joke! Billions of ringgit have been siphoned out, and the worst money laundering case in Malaysian history happening right under the eyes of BNM, and now the BNM says it’s of paramount importance to maintain its integrity.
Anonymous #37634848: BNM’s "integrity"? Did you approve the RM2.6 billion to be deposited in Najib's bank account and then allegedly moved it out to tycoon Jho Low’s proxy account?
What about the US$3.5 billion transferred to a fake Aabar account in the Caymans? Did BNM clear it? That is a drop in the ocean for all the dirt swept under the carpet.
Worldly Wise: Yes, what about the money laundering from about 2011 in our banks and misappropriation in the sum of US$4.5 billion by MO1 as stated by the US Department of Justice (DOJ)? Will that not damage BNM's image?
Anonymous 2342611447832424: BNM said it is paramount to maintain integrity at all time. I don't really see them practicing what they preach, as can clearly be seen from the way they are handling the 1MDB case.
BNM's rules and regulations were breached, directives ignored, but no actions were taken until it became a national issue. Even the amount that 1MDB was fined is kept from public knowledge.
Large chunks of money flowed freely, but no questions were asked. Did they do anything at all when more than RM1 billion allegedly went into MO1's account in Ambank?
I thought only politicians issue noisy rhetoric. But it seems all of our important institutions are doing the same.
Kim Quek: With regards to Pakatan Harapan’s coming emergency meeting on June 28 to discuss DOJ’s latest suit to confiscate additional 1MDB-linked assets, I suggest that Pakatan seriously considers a joint application to the court for an order of mandamus on the cabinet to advise the Agong to convene a RCI on the 1MDB infamy, which is now universally regarded as the greatest kleptocracy scandal the world has ever seen.
Compounded by the complete impotence of all our law-enforcing institutions - the Malaysian Anti-Corruption Commission (MACC), police, Attorney-General’s Chambers and Bank Negara - to act on this scandal, such a RCI becomes an urgent and absolute necessity to avert disastrous political and economic consequences arising from consequential collapse of public morals and public confidence, and the disintegration of rule of law, in addition to horrendous leakage of public funds.
The people are now earnestly looking to Pakatan to provide the leadership and initiative to promptly check such a dangerous plunge of the nation.
Drngsc: In welcoming the government's move to set up a RCI into the foreign exchange losses scandal, Opposition Leader Dr Wan Azizah Wan Ismail stressed that a similar commission must be formed to look into 1MDB.
This is correct. If the forex fiasco deserves a RCI, surely 1MDB deserves a RCI even more. It is more recent, and still going on. The losses are higher, and many of the players are still very much alive and still abusing their position.Moreover, foreign investors may have forgotten about forex losses since it happened more than 25 years ago.

However, they freshly remember 1MDB, as many countries are still actively pursuing it. Surely 1MDB deserves and need a RCI.- Mkini

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