KUALA LUMPUR - A retired veteran newsman today questioned Bank Negara Malaysia’s (BNM) refusal so far to disclose the results of a Singaporean regulator’s probe on debt-ridden 1Malaysia Development Berhad (1MDB).
Datuk A. Kadir Jasin urged the Malaysian central bank to use the Monetary Authority of Singapore’s (MAS) probe to clear off both its and 1MDB’s reputation, if the investigations are positive.
“If the investigation results are positive for 1MDB, why is Bank Negara not (menguar-uarkannya) publicising it (and) instead hiding behind confidentiality?
“If the MAS report is positive, publicise it to clean 1MDB’s name and free Bank Negara itself from accusations of oversight!” the former group editor-in-chief of New Straits Times wrote in a blog post today.
Pointing out that the Thailand arrest of former PetroSaudi director Xavier Andre Justo became a “huge capital” for the government and the prime minister’s supporters in the 1MDB issue, Kadir questioned BNM’s silence on the MAS findings.
On May 26, BNM confirmed receiving a report from MAS on its probe of a complaint lodged by BSI Bank about a 1MDB account, which caused controversy here when it was revealed that the US$1.103 billion (RM3.985 billion) kept in it was in “units” and not cash as previously claimed.
But BNM Governor Tan Sri Dr Zeti Akhtar Aziz declined to make the contents of the MAS report public as it would jeopardise cooperation from the international community and halt all 1MDB probes, adding that the information will be passed to the relevant enforcement agencies in Malaysia.
Former prime minister Tun Dr Mahathir Mohamad previously insisted that the MAS report contained information to show 1MDB lied about having cash in BSI Bank.
On May 21 Putrajaya admitted that the US$1.103 billion redeemed from 1MDB’s Cayman Islands account had been mistakenly described as “cash” instead of just assets by the investment firm.
Explaining the matter, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah confirmed that the redemption, now parked in Singapore’s BSI Bank, is in the form of “units” and not US dollars as previously claimed by 1MDB CEO Arul Kanda Kandasamy.
The US$1.103 billion is the second tranche of funds in 1MDB’s Cayman Islands foray, which totalled US$2.32 billion.
On June 3, BNM said it has started its own formal enquiry and had issued a legal directive for information from 1MDB to examine whether any of the central bank’s rules and legislation had been violated, with statements taken from those involved in the firm’s governance.
BNM said it initiates formal probes when money approved by the bank is not used for the indicated purpose or when false information is given, or when there is a failure to comply with the approval conditions.
1MDB, a brainchild of Prime Minister Datuk Seri Najib Razak, is currently the subject of investigations by the Auditor-General’s Department and Parliament’s Public Accounts Committee. - Malay mail
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