Bank Negara Governor Zeti should resign


July 16, 2015

COMMENT: I have not known any Bank Negara Malaysia Governor who has compromised the independence of our central bank. Governors Aziz Taha and Ahmad Don resigned when former Prime Minister Mahathir Mohamad interfered in the affairs of Bank Negara. Governor Jaffar Hussein did not and, as a result, he took the fall when the Bank suffered huge foreign exchange losses in 1992 that technically bankrupted our bastion of financial integrity and independence, requiring the guarantee of the Malaysian government to continue its operations.

ZetiGovernor Zeti is the first to compromise Bank Negara. Not just that, she has condoned every 1MDB decision made by the Prime Minister who is also the Finance Minister and, therefore, failed miserably as Financial Advisor to the Government and regulator of our banking system. First of all, she should not have allowed some Malaysian  banks to finance 1MDB and 1MDB management to transfer massive amounts of  the loan proceeds or keep them overseas. In addition, she did not take action against 1MDB for transferring money into Najib’s personal bank accounts to fund the UMNO-BN GE 13 campaign. WSJ revelations merely confirm that Governor Zeti has let the country down.

She should resign. In stead, she shamelessly clings to her job and continues to serve a corrupt and dishonest Prime Minister who should be charged for criminal breach of trust and countless abuses of power. Governor Zeti is  a member of the special task force, which will likely give our Prime Minister a clean bill of health. It is plain to see that  she cannot be part of the quartet since she is an interested party who has plenty to answer for failing to do her duty as bank regulator.–Din Merican

Governor Zeti should resign

by Navina Vivekanandan@www.freemalaysiatoday.com

Zaid Ibrahim has expressed his disappointment that Bank Negara Malaysia (BNM) Governor Zeti Akhtar Aziz did not resign before the damaging allegations by The Wall Street Journal (WSJ) involving the Prime Minister and 1Malaysia Development Berhad (1MDB) surfaced.

“She (Zeti) should have said ‘thank you very much, I don’t want to be part of this’. But she is a part of this (WSJ allegation),” said Zaid in an exclusive interview with FMT today (July 15). The former Law Minister felt that the highly respected governor has now jeopardised her reputation as a banking system regulator internationally.

“Why did she get embroiled in this? I’m sure she knew about this.” A total of RM2.6 billion in 1MDB-linked funds was alleged to have been deposited into the personal bank accounts of Prime Minister Najib Razak ahead of the 13th General Elections according to the WSJ report. The movement of those funds particularly since it involved billions of ringgit, should have caught the attention of Bank Negara.

All investments exceeding RM50 million per calendar year and any offshore borrowings exceeding RM100 million by resident entities, requires the central bank’s approval.

When asked for his thoughts regarding the investigations into the WSJ allegations, Zaid scoffed at it, saying he was convinced nothing would come out of it. “It is a waste of time, I feel sorry for Zeti out of the four (those heading the special task force). Zeti’s got a good name internationally.”

A special task force has been set up to look into the WSJ allegations, and apart from Zeti, include the Attorney-General; Inspector-General of Police and the head of the Malaysian Anti-Corruption Commission (MACC).

38 thoughts on “Bank Negara Governor Zeti should resign

  1. Everything compromised for certain people but for ordinary people all are subjected to various laws available .Todays paper a company director was charged under money laundering Acts involving rm25 millions what about rm2 Billions . If goverment have intergrity Zeti must be sacked causing miserable to the public. We already know that Zeti doesnt have integrity because she refused to reconise that she has committed an offended .If no action from both sides we can deduce that everything compromised which the law a laughing stocks .

  2. Dear Zeti,

    Please do the right things. Save your legacy.
    Just tell the whole truth.
    We deserve to know whatever it is. Ramadhan is the opportune time to do the good deeds.

    Selamat Hari Lebaran.

  3. The stain and moral decay spreads from the 1PM downward and outward to the rest of the regime and the country.

    Following the path of Nigeria i.e. an oil-rich kleptocracy riven by ethnic strife, religious extremism and violence, massive corruption, crime-ridden, great inequality in income and wealth (with “Wa Benzi” driving on the pot-holed roads, protected by their private security guards — people of the Mercedes Benz, who live behind fortified homes)

  4. It is serious for Malaysia. As Zaid points out, Zeti – up to now – has had a good name internationally. Of how many Malaysians prominent in Government can this be said? Extraordinarily few, if any, unfortunately. So her degradation, for that is what it amounts to, reflects disproportionately on the country’s reputation, already so batters.

  5. It’s very disappointing to read all these happenings in our country today. All sorts of news confusing people to divert the main agenda 1MDB.

    Zeti has sold the country for selfish gain and to cover someones misdeeds. I am very much puzzled as to the integrity of our BNM Governor whose father Ungku Aiziz is well refuted Professor. She should have stood for her principles if she had any.

  6. “……. Zeti’s got a good name internationally.”—-@Zaid.

    What’s in the name? A mere form, not substance.

  7. Chilon of Sparta got something to say to Governor Zeti

    “Prefer punishment to disgraceful gain; for the one is painful but once, but the other for one’s whole life.”

  8. Even the auditor general Amrin Buang should resign for keeping quiet and not clarifying to the 2nd Finance Minister’s claims that USD 700 million was not actually transferred to the Prime Minister’s bank accounts.

  9. Zeti must resign. Malaysians are more educated now . You cannot fool them. You have disgraced yourself to the whole world. If you had resigned earlier the moment you knew the truth the world would have still respected you. One who abets a criminal is a bigger criminal – What more BANK NEGARA!!

  10. One US secretary of State, I do not remember who, said this. Identify all those people working for government who are regarded by the powers that may be and the main stream media as intelligent, hard working, cooperative and get rid of them.

  11. It is easy for many here to call for Zeti to resign. Talk is easy. How many would do likewise if one is in Zeti’s shoes?

  12. Dato Din,
    The ownership of at least two accounts implicated in the 1MDB affair has never been denied, or disputed. Such being the case, there is no reason why their links to the company cannot be established. If Zeti, or any of her inspectorate staff, cannot perform the task, I am prepared to do it for them. I was BNM Bank Supervision staff for 18 years and such an assignment was basic to us then.

  13. Nope, she shouldn’t resign as yet. She should take responsibility for the present sorry state of affairs. And she will. She has strength of character and technically sound.

    Leaving now, will leave a hole-in-the-head as her deputies don’t have the cojones to take on Jibros pillaging and looting. Tell me, what happened after, those preceding Governors left on ‘Principle’? It got worse – until even a mamak with gunny sacks of cash kept in his cupboard meant the UMNOb slush fund (Octo-Diam2 runner) became a replacement governor.. Zeti, to my knowledge, has never been a ‘Runner’. She didn’t need to.

    I don’t think she ‘condoned’ anything. Hers are sins of omission and not commission. She couldn’t have stopped what was not revealed to her.

    Emotionalism is not Professionalism, and trying to pin the FUBAR !MDB debacle on her is like playing ‘pinata’ – pining a donkey’s tail – on a paper mache filled with worms.

  14. Could it be that she couldn’t resist Najib’s demands to keep one eye closed because she had already done it for Mahathir, and, in pre-Internet days, got away with it?

  15. Zeti….which is more important. ..you pride and dignity or money. If you have any conscience, you should resign and expose the truth. If it is money, which I am sure is not lacking in your hold, you do not require the present job or position albeit it may pay you well. What is money or position if you lose your pride, dignity, shame to the family, and worse your misdeeds will always be in the lips of the rakyat and the international community. …all the years of your good work is now vanished…maybe due to your own stupidity of supporting one man for fear of losing your job. I hope I am wrong in my assessment.

  16. Hi guys

    Just how many should resign? There was call against most senior cabinet members, dpm and pm. There is aleo ines one’s aimed at cec, macc, igp, ag and now governer. Get the ye pic? Who shld r un the country then. Where are the next liners? Can they actually take over?

  17. Narayan,
    The Buck stop at Mohd najib bin Razak

    Saturday Night Massacre saw the resignation of Attorney General, Richardson and his Deputy, Ruckelshaus resigned when they refused to sack Cox, Special Prosecutor. Halderman and Erlichmann, Nixon top Hench men resigned way before……….Yet, America still survives

    As for the Lupus stating that Zeti as quoted:

    ” I don’t think she ‘condoned’ anything. Hers are sins of omission and not commission. She couldn’t have stopped what was not revealed to her.”

    Lupus,
    Wow, that means Wong Kan Seng, Singapore Home Minister should be vindicated over the lapse of security breach where Mat Selamat escaped from Singapore.
    He apologised 3 times and yet Singaporeans hung him dry by reducing voter supports from 65% to 53%.
    Gosh, Malaysians are beri generous

    Ktemoc still thinks that Najib is a hero…….Hahahahaha.

  18. Few years back
    Bank Negara exposed a money-laundering case involving a money changer for the sum of RM10 million to London
    The owner of the money was the MB of Negri Sembilan
    The money changer was charged and fined and lost his licence
    The MB of Negri Sembilan is still MB today…. apo nak dikato?

  19. Dear Narayan 9:30 pm

    Plenty of potential next liners —- from PR as well as from the ranks of the
    1 million plus Overseas Malaysians (including those in the Little Red Dot
    down south).

  20. As I’ve written before, Zeti takes after her father. The man had an uncanny ability to bend with the wind because he never ever stood for anything… totally unprincipled and self-serving to the very end. It was under his indifferent watch that the slow motion destruction of MU started – and we see the ruins now.

    The acorn, as we know, does not fall far from the tree.

    She will not resign but will stay to justify the grand cover up with the inanities she is known for.

  21. /// Reality July 16, 2015 at 5:07 pm
    It is easy for many here to call for Zeti to resign. Talk is easy. How many would do likewise if one is in Zeti’s shoes? ///

    Well, the Assistant Governor Datuk Abdul Murad Khalid resigned on 1 Feb 1999.

    Some 1MDB directors also resigned because US$700 million were diverted without their approval.

  22. Best central banker in asia?
    Urgh by a long distance!
    Next time his underlings come to the bank to talk down to commercial bankers go tell them to clean up own shop first

  23. We can count on the fingers of one hand how many have been honorable enough to take responsibility and mwa cuppa. In reality, it will end up as NTF, until the next big scandal erupts. Life goes on. Sadly, our country is plagued by the cycle of infinite loop,and taking us deeper into the pit if doom. We sorely need a redeemer!! To save us

  24. Guys and Gals,
    But then with so many stupid voters, Najib and Rosmah will be saved

    Another fitting song by Spitting Image

  25. “TrisTan July 17, 2015 at 7:08 am

    As I’ve written before, Zeti takes after her father. The man had an uncanny ability to bend with the wind because he never ever stood for anything… totally unprincipled and self-serving to the very end. It was under his indifferent watch that the slow motion destruction of MU started – and we see the ruins now.”

    I agree.

    A clue would be going back to how she rose to her position. I believe there were others more senior. Perhaps it has to do something to do with the decision by Dr M to fix the exchange rate during the financial crisis.

  26. When a chair remains in a position of semi permanence for too long, cobwebs begin to accumulate whereby it also has a tendency to lose its purpose, from that of a functionary to that of ceremony!

    There ought to be a law to limit the term of all senior positions in government service to prevent complacency!

  27. I like the phrase “the slow motion destruction of MU stated” used by Tris Tan to describe the deterioration of Universiti Malaya. och also uses the right term “complacency” to describe the attitude of some of our big bosses. I suppose many would be complacent, especially when they are confident that their positions will not be rocked. Chung Tat Lim.

  28. Pingback: Bantuan Dana Pendidikan Untuk Mahasiswa | Kuliah Via Blog

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